The global pulmonary function testing system 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.
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A strategic partnership was agreed upon by Mayo Clinic and the Association of Breath Diagnostics in March 2019 for designing and developing a new system. This new system will detect and analyze lung cancer by taking the exhaled breath of the patient as a test sample. These types of pulmonary testing devices are used for measuring the functioning and capacity of the lungs along with gas exchange, rate of breath flow, lung volume, and other aspects. Such advancements in the medical technology is likely to bode well for the global pulmonary function testing systems market, says Fortune Business Insights in their recent report.
Increasing Awareness about Pulmonary Diseases to Help Market Show Rapid Growth in Asia Pacific
In 2016, a study conducted the American Academy of Allergy, Asthma, and Immunology estimated about 8.3% of children of the total population in the U.S. suffer from asthma. The rising prevalence of lungs and breathing disorders are anticipated to help North America generate huge revenue to the market. This is likely to remain the same in the forthcoming years on account of the presence of better healthcare infrastructure and medical facilities in its developed nations.
On the other side, Asia Pacific is expected to offer lucrative growth opportunities in the forecast period owing to the increasing investments in the expansion of healthcare infrastructure and the discoveryof technological advancement for various diagnostic procedures. In addition to this, the rising awareness about pulmonary problems and the availability of treatment options is likely to help this region grow at a faster rate in the future.
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Increasing Investment inMedical Robots For Detection Of Lung Disorders to Favor Market Growth
Over the past couple of years, market vendors of pulmonary testing systems had successfully implemented various strategies that have helped expand their business, subsequently bolstering growth witnessed in the market. Some of these innovations include:
January 2018 – A U.K. based company namely Owlstone Medical invested a considerate amount of money in the designing and development of cancer breathalyzer test in January 2018. They also tried to develop new devices for idiopathic pulmonary fibrosis patients.
November 2018 – To increase the sale of their newly developed pulmonary function testing medical robot, Auris Health increased its investments in November 2018. This is anticipated to generate greater revenue in the near future.
Some of the companies operating in the global pulmonary function testing system market are mentioned below:
- COSMED Srl
- Medisoft Group
- Medical equipment Europe GmbH
- Ganshorn Medicine Electronic
- MGC Diagnostics Corporation
- SCHILLER AMERICAS INC.
Key Segmentation of Pulmonary Function Testing Systems Market:
By System Type
- Complete PFT Systems
- Portable PFT Systems
By Test Type
- Gas Exchange Testing
- High Altitude Simulation Testing
By End User
- Hospitals & Clinics
- Diagnostic Centers
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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