Pune, India, Aug. 24, 2022 (GLOBE NEWSWIRE) -- The global pulmonary function testing systems market size was valued at USD 136.6 million in 2021. The market is projected to grow from USD 141.8 million in 2022 to USD 190.2 million by 2029, exhibiting a CAGR of 4.3% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “Pulmonary Function Testing System Market, 2022-2029.”
Key Industry Development:
March 2022: KoKo PFT engaged in a three-year collaboration with MAGNET GROUP. This collaborative contract allows admission to all respiratory and pulmonary function testing systems of the company.
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Report Scope
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 4.3 % |
| 2029 Value Projection | USD 190.2 Million |
| Base Year | 2021 |
| Market Size in 2022 | USD 141.8 Million |
| Historical Data for | 2018 to 2020 |
Drivers and Restraints:
Growing Alertness About Initial Diagnosis and Advancements of PFT Systems to Impel Market
Pulmonary Function Tests are non-invasive tests that analyze the functioning of the lungs. The tests measure capacity, lung volume, gas exchange, and flow rates and regulate the treatment for definite lung disorders.
PFTs are extremely beneficial in recognizing the preliminary-stage irregularities in asymptomatic patients and in assessing the damage to the lungs before any signs and symptoms develop. Owing to these aspects, pulmonary function testing systems have become fundamental among physicians for screening and identification of pulmonary ailments.
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Regional Insights:
North America to Lead Stoked by Increasing Usage of Devices
The North America market was worth USD 57.0 million in 2021 and is estimated to grow at a significant CAGR during the forecast period. The growth is owing to the speedy implementation of portable PFT systems and the rising utilization of these devices in physician groups (clinics) in the region.
Europe is estimated to expand at a moderate CAGR during the forecast timeframe. The growth is owing to the surging number of patients suffering from COPD and asthma and the bolstering number of appointments to independent physician clinics to identify these viruses.
The market in Asia Pacific is anticipated to grow at the highest CAGR during the forecast period. The market growth across the region is attributed to the budding consciousness considering the usage of pulmonary function tests through PFT systems and the surging concentration on improving hospital infrastructure.
COVID-19 Impacts:
COVID-19 Pandemic Decelerated the Pulmonary Function Testing Systems Market Growth in 2020
The COVID-19 pandemic led to a reduced demand for Pulmonary Function Testing (PFT) systems during the forecast period. This is attributed to the prominent reduction in the implementation of PFT systems during the peak time of COVID-19. Nevertheless, after the easing of lockdown in a few nations, the PFT systems were reinstated in the healthcare units with RT-PCR tests. The global market perceived a sluggish growth rate of 1.4% in 2020, when compared to 3.3% in 2019.
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Segments:
Complete PFT Systems Segment to Hold a Chief Share owing to Rising Implementation in Hospitals
Based on type, the market is segmented into portable PFT systems and complete PFT systems. In 2021, the complete PFT systems segment held the largest pulmonary function testing systems market share and is estimated to expand at a major CAGR during the forecast period, 2022-2029.
Hospitals Segment to Continue Domination Due to Growing Patient Visits
Based on end-user, the market is segmented into hospitals, physical examination (diagnostic) centers, physician groups (clinics), and others. The hospitals segment held the largest market share and is estimated to broaden at a moderate CAGR during the forecast period.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
| Segmentation | By Type
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| By End-user
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| By Geography
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Report Coverage:
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
Competitive Landscape:
Partnerships among Companies to Secure their Brand Values in Global Market
Prominent players in the market are constantly opting for effective strategies to promote their products and establish their positions in the market. One such strategy is to launch new products by partnering with other companies to extend their reach to end-users.
List of Key Players Mentioned in the Report:
- ndd Medizintechnik AG (Switzerland)
- COSMED srl (Italy)
- MGC Diagnostics Corporation (U.S.)
- PulmOne Advanced Medical Devices (Israel)
- CHEST M.I., Inc. (Japan)
- VYAIRE MEDICAL, INC. (U.S.)
- KoKo PFT (U.S.)
- Medical Electronic Construction (Belgium)
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Table of Content from Pulmonary Function Testing Systems Market:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments (Mergers, Acquisitions, Partnerships)
- Incidence and Prevalence of Asthma and COPD
- Key Industry Trends
- Regulatory Policies
- Impact of COVID-19 on the Market
- Global Pulmonary Function Testing System Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Portable PFT Systems
- Complete PFT Systems
- Market Analysis, Insights and Forecast – By End-user
- Hospitals
- Physical Examination (Diagnostic) Centers
- Physician Groups (Clinics)
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Market Analysis, Insights and Forecast – By Type
- North America Pulmonary Function Testing System Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Portable PFT Systems
- Complete PFT Systems
- Market Analysis, Insights and Forecast – By Type
- Europe Pulmonary Function Testing System Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Portable PFT Systems
- Complete PFT Systems
- Market Analysis, Insights and Forecast – By End-user
- Hospitals
- Physical Examination (Diagnostic) Centers
- Physician Groups (Clinics)
- Others
- Market Analysis, Insights and Forecast – By Type
- Asia Pacific Pulmonary Function Testing System Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Portable PFT Systems
- Complete PFT Systems
- Market Analysis, Insights and Forecast – By End-user
- Hospitals
- Physical Examination (Diagnostic) Centers
- Physician Groups (Clinics)
- Others
- Market Analysis, Insights and Forecast – By Type
TOC Continued…
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