Global Market for Pulmonary Function Testing (PFT) Systems Market will exhibit a strong Growth of 8.20% CAGR from 2018 to 2023. Tests involved in assessing pulmonary function are non-invasive and mainly performed to identify respiratory issues.
Market Scope
Issues related to respiration has increased to a substantial level partly due to factors such as climate change, rising air pollution and increased consumption of cigarette. PFT systems are used for measuring lung volume, capacity, the rate of flow and gas exchange. The information derived from the test are accurate and help in diagnosing certain lung disorders as well as determining treatment or therapeutics for them.
Demand for PFT services has increased significantly thereby driving the growth of the pulmonary function testing systems market. Other factors that are reflecting favourably on the market include rising prevalence of lung cancer, rapidly expanding geriatric population, increased occurrence of obesity and increasing healthcare expenditure.
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The EU-28’s standardised death rate for diseases of the respiratory system was 78.3 deaths per 100 000 inhabitants in 2014. The rate of pulmonary diseases has witness a considerable uptick, making PFT systems an important medical device. However, these systems have a high price-tag, which is hampering their penetration in developing countries.
Changing life style and environmental effects are making individuals highly susceptible to various types of chronic diseases including pulmonary diseases. This continues to create application opportunities for PFT systems.
Pulmonary Function Testing Systems Market Leading Companies
some of the companies currently leading the worldwide Pulmonary Function Testing (PFT) Systems Market are,
- Vyaire Medical Inc
- COSMED srl
- Medical Equipment Europe GmbH
- Schiller
- Medical Electronic Construction
- CHEST M.I. Inc
- ECO MEDICS AG
- MGC
- Diagnostic Corporation
- and ndd Medical Technologies.
Market Segmentation
Pulmonary Function Testing Systems Market report include an in-depth segmental analysis of the market based on type, test type, component, application, end-user, and region.
On the basis of type, the market is segmented into complete PFT systems and portable PFT systems. The former will continue to outperform the later throughout the assessment period. In 2017, the complete PFT system accounted for more than 53% share of the market. The segment is projected to surge at 9.05% CAGR till 2023.
On the basis of test type, the market is segmented into spirometry, gas exchange testing, lung volume, oxygen titration test, maximal voluntary ventilation, and high-altitude simulation testing. Among these, the spirometry segment is expected to remain highly lucrative over the next couple of years. The stood at a market valuation of USD 649.6 million 2017 and is expected witness a double-digit CAGR during the assessment period.
Based on component, the market has been segmented into software, hardware and service. The software segment in expected to remain highly attractive over 2023. In 2017, the segment accounted for over one-third share of the market.
Based on application, the market has been segmented into chronic shortness of breath, chronic obstructive pulmonary disease, restrictive lung disease, asthma. The chronic obstructive pulmonary disease segment currently holds the top position and the trend is likely to continue beyond 2018.
Based on end-user, the market is segmented into diagnostics laboratories and hospital/clinical laboratories. The hospital/clinical laboratories segment accounted for 42.3% share of the market in 2017.
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The report offers insights on the leading market players and evaluates their current market share. Company information with regards to revenue, segmental share, geographical income, SWOT, growth strategies, new product launch, M&A activities, and the latest R&D initiatives.
Pulmonary Function Testing Systems Market: Regional Analysis
In the report, the pulmonary function testing systems market has been covered across regions such as North America, the Middle East & Africa (MEA), South America, Europe and Asia Pacific (Asia Pacific).
The market in Americas is most lucrative and also makes a considerable contributes in terms of revenue. In 2017, the Americas collectively accounted for 39.0% market share followed by Europe and Asia-Pacific with 31.9% and 21.1% market share respectively.
The Americas market for pulmonary function testing systems is divided into North and South America with the North American market having a high concentration of developed economies. The Americas market leads the global market in terms of market size due to the ongoing innovation in diagnostics combined with the high prevalence of pulmonary diseases. The U.S accounts for the most important country-level market in the region. Europe has the second most significant market. Increasing initiatives to support the growth of PFT systems and devices due to increasing prices of the same have greatly impacted the market positively. However, reimbursement restrictions in the region with regards to medication will likely limit the development of the market over the assessment period.
The Asia Pacific is primarily led by country level markets such as Japan, China, India, and Korea. The region has been recognized for its potential for growth and the opportunities it represents. The presence of a massive patient population is expected to lead to rapid growth for the global pulmonary function testing systems market. High focus on the development of healthcare and the demand for pulmonary devices are expected to result in growth.
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LIST OF TABLES
Table 1 Market Synopsis
Table 2 Primary Interviews
Table 3 Global Pulmonary Function Testing Systems Market By Type, 2015 To 2023 (USD Million)
Table 4 Global Complete PFT Systems Market By Region, 2015 To 2023 (USD Million)
Table 5 Global Portable PFT Systems Market By Region, 2015 To 2023 (USD Million)
Table 6 Global Pulmonary Function Testing Systems Market By Test Type, 2015 To 2023 (USD Million)
Table 7 Global Pulmonary Function Testing Systems Market For Spirometry By Region, 2015 To 2023 (USD Million)
Table 8 Global Pulmonary Function Testing Systems Market For Lung Volume By Region, 2015 To 2023 (USD Million)
Table 9 Global Pulmonary Function Testing Systems Market For Gas Exchange Testing By Region, 2015 To 2023 (USD Million)
…to be Continued.
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