April 20, 2024
Spirometer Market

Pulmonary Function Testing (PFT) Segment Is The Largest Segment Driving The Growth Of The Spirometer Market

The global Spirometer Market is estimated to be valued at US$ 1,148.7 Mn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Spirometer is a device used to measure lung function primarily focused on measuring lung volume and how fast air can move in and out of the lungs. These devices help to diagnose and monitor diseases such as asthma, COPD, cystic fibrosis and other respiratory conditions.

Market key trends:

One of the key trends in the spirometer market is the rising adoption of smartphone-based spirometers. These devices connect wirelessly to smartphones and tablets via Bluetooth, allowing clinicians to monitor patients remotely. They offer more convenient, affordable and flexible testing compared to traditional devices. Furthermore, with technological advancements, newer spirometer models are portable, compact and provide accurate readouts of parameters like forced vital capacity and peak expiratory flow rates. They are also integrated with software for easy interpretation of results. Such innovations are expected to drive the market growth over the forecast period.

SWOT Analysis

Strength: Spirometers offer an affordable and accurate way to monitor lung health. They help detect breathing issues at an early stage.

Weakness: Spirometry tests require extensive training to perform and interpret properly. Errors during testing can provide inaccurate results.

Opportunity: Growing geriatric population and high prevalence of respiratory diseases like COPD and asthma have increased the demand for spirometry tests. Home healthcare and telehealth present new opportunities.

Threats: Alternatives like peak flow meters provide competition. Reliance on healthcare reimbursements also poses risks due to changing policies.

Key Takeaways

The global Spirometer Market Growth is expected to witness high growth, exhibiting a CAGR of 9.5% over the forecast period, due to increasing prevalence of respiratory diseases. The market size for 2023 is US$ 1,148.7 Mn.

Regional analysis:

North America dominates the spirometer market currently due to large patient population and supportive reimbursement policies. However, Asia Pacific is expected to grow at the fastest rate due to rising healthcare expenditure, healthcare infrastructure improvement and increasing pollution levels.

Key players operating in the spirometer market are Koninklijke Philips N.V., SCHILLER, Midmark Corporation, Smiths Medical, Vyaire Medical, Inc., SDI Diagnostics, Nihon Kohden Corporation, COSMED srl, Fukuda Sangyo Co. Ltd., Medicare Systems, MGC Diagnostics Corporation, LabTech, Vitalograph, Futuremed, Geratherm Medical AG, Guangzhou Medsinglong Medical Equipment Co., Ltd, Aluna, and Welch Allyn.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it