Pune, India, Sept. 28, 2022 (GLOBE NEWSWIRE) -- The global spirometer market size is expected to reach USD 789.0 million in 2028, exhibiting a CAGR of 5.2% during the forecast period. The market valuation amounted to USD 528.6 million in 2020 and reached. The rising cases of respiratory disorders will have an excellent effect on the spirometer market growth in the forthcoming years, states Fortune Business Insights, in a report, titled “Spirometer Market, 2021-2028.”
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Spirometer Market Report Scope & Segmentation :
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 5.2% |
| 2028 Value Projection | USD 789.0 Million |
| Base Year | 2020 |
| Market Size in 2021 | USD 554.5 Million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 139 |
Driving Factor:
Increasing Prevalence of COPD to Drive Market
COPD is the world's third-biggest cause of death, putting a major strain on patients and healthcare systems. In the U.S., it is among the largest causes of death, impacting around 16 million people, according to the National Heart, Lung, and Blood Institute. Tobacco smoking is a key risk factor for COPD. Other environmental exposures, such as air pollution and biomass fuel exposure, may, nevertheless, have serious health consequences. The rising prevalence of the condition is a worrying trend that will fuel demand for diagnostic devices over the projection period. Thus, boosting the growth of the spirometer market.
Supply Chain Disruptions in Healthcare to Affect Market Dynamics
The new coronavirus has had a significant impact on global healthcare market dynamics. The medical equipment supply chain around the world have been disrupted as a result of the pandemic. For example, some of the market's main participants are experiencing supply problems, particularly from Chinese wholesalers. On the other hand, due to a lack of locally sourced raw materials or parts, the production processes of some market participants have been hampered. For example, Vitalograph, a spirometry equipment maker located in Ireland, has had production challenges since some parts are sourced from China.
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Highlights of the Report:
- In-depth information about the challenges, opportunities, and market trends.
- Elaborate details regarding the growth drivers and obstacles that the market may come across during the forthcoming years.
- List of notable factors influencing the market across the world.
- Extensive analysis of the latest bets for the market.
Market Segments:
Based on product type, the market is classified into devices, software, and accessories & consumables.
Because of the introduction of advanced software solutions for testing procedures, the software segment is expected to increase significantly.
Volume measurement and peak flow meters are two types of meters available in the market. In the year 2020, volume measurement devices dominated the market. The device's dominance can be attributed to its ability to produce precise results while being simple to use.
The market is divided into three categories based on application: chronic obstructive pulmonary disease (COPD), asthma, and others. Hospitals, diagnostic centers, home care settings, physician/primary care offices, and clinics are the end-user segments of the market.
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Regional Insights:
Rising Incidence of Asthma to Promote Growth in North America
In 2020, the North American market stood at USD 265.0 million and will capture substantial percentage of spirometer market share by 2028. The rising prevalence of chronic obstructive pulmonary disease, asthma, and other respiratory disorders has contributed to this region's domination. This has put a greater financial strain on the healthcare system, prompting the development of precision equipment to address the problem. The respiratory disease COPD, for example, is the fourth biggest cause of mortality, according to the Global Initiative for Chronic Obstructive Lung Disease (COPD) 2020 study, and the disease is putting a great strain on healthcare systems to lower its prevalence.
Major Companies Focus on Distribution Network to Strengthen Position
Because of the varied product portfolio and impressive distribution network of big corporations in developed and emerging nations, the market is consolidated. Companies such as ndd Medizintechnik AG and COSMED srl, among others, have recently released market-leading products.
Notable Development:
June 2020: AireHealth Inc. announced a strategic merger with BreathResearch. This joint venture will concentrate on the creation of a virtual care platform for respiratory illnesses.
June 2021 – ERT announced the launch of ERT iSpiro Virtual Visits, which enables real-time coaching during at-home pulmonary function tests (PFT). With iSpiro Virtual Visits, ERT delivers on its commitment to offer customer and patient-oriented innovations that enable decentralization.
The Report Lists the Key Companies Profiled in the Market Report:
- ndd Medizintechnik AG (Zurich, Switzerland)
- COSMED srl (Rome, Italy)
- MGC Diagnostics Corporation (Minnesota, U.S)
- Morgan Scientific (Massachusetts, U.S)
- Chest M.I., Inc. (Tokyo, Japan)
- VYAIRE (Illinois, U.S)
- Ganshorn Medizin Electronic GmbH (Niederlauer, Germany)
- Medical International Research (MIR) (Rome, Italy)
- Other Players
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Table Of Contents:
- Introduction
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Regulatory Scenario for Key Countries
- New Product Launch
- Statistics on Prevalence of Respiratory Disorders for Key Countries
- Technological Advancements Pertaining to Spirometer
- Impact of COVID-19 on the Spirometer Market
- Telespirometry - Qualitative and Quantitative Insights
- Global Spirometer Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Devices
- Software
- Accessories & Consumables
- Market Analysis, Insights and Forecast – By Type
- Volume Measurement
- Peak Flow Meters
- Market Analysis, Insights and Forecast – By Application
- Chronic Obstructive Pulmonary Disorder (COPD)
- Asthma
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Diagnostic Centers
- Homecare Settings
- Physician/Primary Care Offices or Clinics
- Other Facilities
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Spirometer Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Devices
- Software
- Accessories & Consumables
- Market Analysis, Insights and Forecast – By Type
- Volume Measurement
- Peak Flow Meters
- Market Analysis, Insights and Forecast – By Application
- Chronic Obstructive Pulmonary Disorder (COPD)
- Asthma
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Diagnostic Centers
- Homecare Settings
- Physician/Primary Care Offices or Clinics
- Other Facilities
- Market Analysis, Insights and Forecast – By Country
- U.S.
- By Type
- Volume Measurement
- Peak Flow Meters
- By Type
- Canada
- By Type
- Volume Measurement
- Peak Flow Meters
- By Type
- U.S.
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