July 21, 2024
Spirometer Market

Global Spirometer Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Respiratory Diseases

The 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: –

The spirometer market includes medical devices used to measure lung function and capacity by measuring how much and how quickly air can be exhaled or inhaled. Spirometers help diagnose and monitor various diseases related to the respiratory system such as asthma, bronchitis, emphysema and other chronic obstructive pulmonary diseases (COPD). These devices are available in different types such as desktop, handheld, and PC-based spirometer depending on their portability and applications. Spirometers find their major applications in hospital settings, diagnostic laboratories, home healthcare facilities and others.

Market Dynamics: –

The growth of the spirometer market is majorly driven by increasing prevalence of respiratory diseases such as asthma, COPD and others. As per the estimates of World Health Organization (WHO), over 300 million people worldwide currently suffer from asthma, while approximately 3 million people die each year from COPD. Moreover, growing geriatric population worldwide is also favoring market growth as elderly people are more prone to developing respiratory disorders. Additionally, improving healthcare infrastructure and increasing healthcare expenditure across various countries are further propelling the demand for spirometers. However, high costs associated with advanced lung function tests limit the use of spirometers, especially in low and middle-income countries.

SWOT Analysis: –

  • Strength: – Spirometer provides accurate and reproducible measurements of lung function. It allows measuring vital capacity and airflow rates which help diagnose respiratory diseases. The devices are portable and easy to use.
  • Weakness: – High cost of sophisticated spirometer devices limits their use in resource poor settings. Reliance on skilled technicians for calibration and maintenance of devices.
  • Opportunity: – Rising cases of chronic respiratory diseases like asthma and COPD especially in developing nations presents growth opportunity. Growing geriatric population prone to lung issues opens new markets.
  • Threats: – Alternative lung function tests pose competition. Strict regulations and certifications increase entry barriers.

Key Takeaways: –

The Global Spirometer Market Demand is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing prevalence of respiratory diseases. As per American Lung Association 2020 report, around 25 million Americans suffer from asthma. Growing air pollution and smoking has increased chronic lung conditions significantly.

Regional analysis: – North America dominates the global spirometer market owing to high healthcare spending and awareness about respiratory care. Asia Pacific exhibits fastest growth driven by large patient pool, growing medical tourism and healthcare infrastructure development in India and China.

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. Key players focus on new product innovation, geographic expansion and mergers to gain market share.

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