Spirometry Market Overview:
The global Spirometry market is witnessing a significant rise in its revenues, mainly due to the rising occurrences of respiratory diseases such as asthma and COPD. Besides, the growing rate of diagnosis processes conducted for the detection of interstitial pulmonary fibrosis fosters the growth of the market. Moreover, the increasing exposure to risk factors and the ever-increasing population is driving a large share of the market.
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According to Market Research Future (MRFR), the global Spirometry market is expected to garner a valuation of USD 1,106.76 MN by 2023, registering 10.03% CAGR over the assessment period (2018-2023). Factors such as the increasing healthcare expenditures and technological advances in respiratory care devices are estimated to support market growth over the forecast period.
Drivers & Restraints:
Spirometry is a medical test to evaluate lung functions vital for detecting asthma, COPD, and other breathing disorders. Spirometry is also performed for therapeutic reasons for asthma, chronic obstructive pulmonary disease, and restrictive lung disease. Growing exposure to risk factors, including smoking and pollutants such as chemicals, fumes, and dust, is fostering the growth of the market, increasing the prevalence of respiratory diseases.
On the other hand, factors such as the high cost of tests that require different spirometers and reimbursement limitations are inhibiting the growth of the market. Nevertheless, factors such as the growing government initiatives to spread the awareness and funding support to drive R&D required to improve diagnostics techniques and devices would support the growth of the market throughout the assessment period.
Global Spirometry Market – Segments
The analysis is segmented into five main dynamics to widen the scope of understanding,
By Product : Table-top Spirometry, Hand-held Spirometry, and Desktop (PC) Spirometry, and others.
By Technology : Flow Measurement Spirometry (Pneumotachograph System and Mass Flow Meter), Volume Measurement Spirometry, Peak Flow Meter (PFM), and others.
By Application : Diagnostic (Asthma, COPD, Interstitial Pulmonary Fibrosis, others), Treatment Monitoring, and others.
By End-user : Hospitals & Clinics, Research & Academic Institutes, Diagnostic Centers, Home Care, and others.
By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Global Spirometry Market – Regional Analysis
North America dominates the global Spirometry market with the growing prevalence of respiratory diseases such as asthma, COPD, interstitial pulmonary fibrosis, and others. Besides, the huge technological advancements and rising adoption of Spirometry devices for improved diagnosis processes drive the regional market growth. Also, factors such as the availability of state-of-the-art facilities & infrastructure and growing awareness are fostering the demand in the regional market.
Additionally, the presence of large payers, high healthcare expenditures, and expanding rebate on diagnostics is further promoting the growth of the regional market. The North American Spirometry market is estimated to create a valuation of USD 444.99 MN by 2023, registering 10.25% CAGR during the forecast period.
Europe stands second in the spirometry market, growing rapidly. Factors such as the presence of large medical device companies in Germany and increasing healthcare expenses substantiate the growth of the regional market. Moreover, the proliferating healthcare industry and developed infrastructure in the region are major factors that are driving the market growth further. The European spirometry market valuation is expected to climb up to USD 322.33 MN by 2023, posting 10.25% CAGR throughout the review period.
The Asia Pacific Spirometry market has been witnessing significant growth, demonstrating the tremendous potential for future growth. Low diagnostic costs and large unmet clinical needs for respiratory diseases in the region provide ample opportunities for market growth. The valuation of the APAC Spirometry market is estimated to reach USD 247.52 MN by 2023, registering 10.64% CAGR during 2018-2023.
Global Spirometry Market – Competitive Landscape
Highly competitive, the Spirometry market appears to be fragmented due to the presence of several well-established players. There is a definite shift towards the hospital testing department, which dominates a large market share. As a result, players rely on their collaborations and partnerships with hospitals to increase market penetration of their products. Besides, these players employ numerous distributions channels and engage healthcare payers such as insurance companies to enhance their competitive share.
Players leading the global Spirometry market include NDD Medical Technologies, Inc. (US), Carefusion Corporation (US), Nihon Kohden Corporation (Germany), Vitalograph (UK), MGC Diagnostics Corporation (US), Schiller AG (Switzerland), Hill-Rom Holdings, Inc. (US), COSMED Srl. (Italy), Midmark Corporation (US), Koninklijke Philips N.V. (Netherlands), and Smiths Medical Inc. (US), among others.
Industry/ Innovation/ Related News:
December 04, 2019 —- VivaLNK Connected Health Solutions (the US), a leading global provider of wearable medical solutions for continuous patient monitoring, announced scoring a CE mark for its multi-vital medical wearable sensor, SDK. VivaLNK mentioned that it had landed a Class IIa medical device CE Mark for its multi-vital medical wearable sensor & software development kit. The new technology allows researchers & clinicians to continuously stream a patient’s respiratory rate, ECG rhythm, heart rate, and RR interval & three-axis acceleration.
The company also mentioned that it has recently signed a deal with Current Health (the UK), a leading healthcare technology company for the distribution of VivaLNK that offers axillary temperature and spirometry measurements capabilities sighting on the European market. The company also claims that its sensors have been integrated into clinical trial monitoring and heart failure detection as well.
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