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:
Spirometer is a medical device used to measure the air capacity of the lungs in terms of volume of air inhaled or exhaled by the patient. It is used to diagnose obstructive and restrictive lung diseases such as asthma, chronic obstructive pulmonary disease (COPD), and cystic fibrosis. Spirometer measures the volume and flow rate of inhaled and exhaled air by the patient. There are various types of spirometers such as table top spirometer, handheld spirometer, and PC-based spirometer used for clinical and home healthcare applications.
Market key trends:
Rising prevalence of respiratory diseases such as asthma and COPD around the world is driving the growth of spirometer market. According to the latest Global Initiative for Asthma 2022, around 262 million people suffer from asthma globally. Moreover, according to the World Health Organisation data, over 65 million people suffer from COPD globally. Spirometer helps in the diagnosis and monitoring of these respiratory diseases and also aids in evaluating the efficacy of treatment. Technological advancements in spirometers such as smartphone connectivity, wireless technology, and touchscreens are enhancing user experience and driving adoption. Additionally, increasing awareness regarding respiratory health and growing number of pulmonary function tests conducted are augmenting the demand for spirometers. Home spirometry is gaining popularity for self-monitoring of respiratory conditions and also benefits in reducing hospital visits during the pandemic, thereby propelling the market growth.
Porter's Analysis
Threat of new entrants: The threat of new entranters is moderate as the spirometer market requires technical expertise and experience and has some regulatory compliances.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of numerous players providing similar products at competitive prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are few raw material suppliers for components used in spirometer devices.
Threat of new substitutes: The threat of new substitutes is low as there are no close substitutes for spirometers used in respiratory diagnostics.
Competitive rivalry: The competitive rivalry is high due to presence of numerous international and domestic players.
SWOT Analysis
Strength: The spirometer market offers growth opportunities owing to increasing prevalence of respiratory diseases and growing geriatric population.
Weakness: High installation and maintenance costs of technologically advanced spirometers hampers its adoption in low-resource settings.
Opportunity: Increasing healthcare expenditures and rising awareness regarding early detection of respiratory disorders boost the market growth.
Threats: Stringent regulatory approvals and reimbursement policies pose significant challenges for market players.
Key Takeaways
The global Spirometer Market Growth is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing cases of chronic obstructive pulmonary disease (COPD) and asthma.
Regionally, North America dominates the global spirometer market and is expected to grow at CAGR of 8% during 2023-2030. This is attributed to advanced healthcare infrastructure and availability of reimbursement policies in the region. Europe accounts for second largest market share owing to rising healthcare spending and respiratory disease burden in countries like Germany, U.K and France.
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.
For more insights, read- https://www.pressreleasebulletin.com/spirometer-market-trends-size-and-share-analysis/
Spirometer Market report published by Value Market Research, which studies the future outlook of the market.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the spirometer market include Benson Medical Instruments, Chest M.I., Fukuda Sangyo, Hill-Rom Inc., Jones Medical Instrument Company, Medical International Research, Midmark Corporation, NDD Medizintechnik AG, Schiller AG, Vitalograph, Vyaire Medical, Welch Allyn Inc., etc.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Spirometer Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/spirometer-market/download-sampleMarket DynamicsThe market is mainly driven by the rising prevalence of respiratory disorders and enhancing healthcare infrastructure.
In addition to this, growing urbanization and changing lifestyles in the emerging regions, tobacco consumption amongst professionals has risen significantly, has resulted in a raised occurrence of lung disorders in these regions.
Further, increasing awareness for sophisticated diagnostic techniques among consumers is catalyzing the growth of the market.
