Pulmonary Function Testing Systems Market Professional Insights and Growth Analysis by Material, Applications, Manufacturing Details and Scope Report 2018-2023

Pulmonary Function Testing Systems Market Scenario:

As per latest data released by Market Research Future (MRFR), the global market for pulmonary function testing (PFT) systems will exhibit a strong CAGR of 8.20% CAGR from 2018 to 2023. Tests involved in assessing pulmonary function are non-invasive and mainly performed to identify respiratory issues. In recent years, 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.

Competitive Landscape

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.

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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.

For the scope of the research, MRFR’s report offers a comprehensive segmental analysis of the global market for pulmonary function testing systems

PFT systems can be used to conduct various test types which include spirometry, lung volumes, gas exchange testing, maximal voluntary ventilation, oxygen titration test, high altitude simulation testing, and others. The spirometry segment accounted for the largest share in 2017 with a market value of USD 649.6 Mn. The spirometry is the most common pulmonary function test, and the segment is anticipated to grow at the fastest pace, witnessing a CAGR of 10.24% during the assessment period.

Components in the PFT systems market have been segmented into software, hardware, and services. The software segment accounts for the most significant segment with a market share of 43.1%. Meanwhile, the hardware segment is expected appreciate at a rapid pace and register the highest CAGR of 9.03% during the review period.

Applications of PFT systems are found in asthma, chronic obstructive pulmonary disease, restrictive lung disease, chronic shortness of breath, and others. Chronic obstructive pulmonary disease has the largest share of the global market with a value of USD 840.6 Mn in 2017 and an anticipated CAGR of 8.53 for the review period. Meanwhile, the asthma segment is expected to witness the highest growth with a CAGR of 8.97%.

End-users of pulmonary function testing systems are segmented into hospital/clinical laboratories, diagnostic laboratories, and others. Hospitals & clinical laboratories have been found to be the largest end-users of pulmonary function testing systems and are closely followed by the diagnostics laboratories segment. Diagnostics labs are expected to grow at the highest CAGR of 9.89% during the forecast period.

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Demand for PFT services has increased significantly thereby driving the growth of the pulmonary function testing systems market. Other factors that are reflecting favorably on the market include rising prevalence of lung cancer, rapidly expanding geriatric population, increased occurrence of obesity and increasing healthcare expenditure.

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.

Global 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.

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This release was published on openPR.