Press release
Spirometry Market 2019 is Expected to Grow A CAGR of 10.03% till 2023 | by Carefusion Corporation (U.S.), NDD Medical Technologies, Inc. (U.S.), Nihon Kohden Corporation (Germany), MGC Diagnostics Corporation (U.S.), Vitalograph (U.K.), etc
Spirometry Market
Spirometry Market – Highlights
The global spirometry market is expecting to touch a valuation of USD 1,106.46 million by 2023, according to Market Research Future (MRFR). The high prevalence of respiratory disorders is the major factor driving the market growth from 2018 to 2023 (forecast period). Rising cases of chronic obstructive pulmonary disorders (COPD), technological advances in respiratory care devices, and the expanding geriatric population are factors expected to spur market demand till 2023. As per a report by Asthma UK in 2016, nearly 1,410 people died from asthma.
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Government initiatives to curtail smoking habits, focus on breathing diseases, rising levels of air pollution, and adoption of spirometers at homes are factors likely to augur market growth. Awareness of reimbursement policies among the public and clinicians are projected to drive patients towards taking these tests. But high costs of spirometers can act as a deterrent against market growth.
Top Players:
Key players in the spirometry market include Smiths Medical Inc. (U.S.), Vitalograph (U.K.), MGC Diagnostics Corporation (U.S.), Hill-Rom Holdings, Inc. (U.S.), Schiller AG (Switzerland), COSMED srl (Italy), Midmark Corporation (U.S.), NDD Medical Technologies, Inc. (U.S.), Carefusion Corporation (U.S.), Nihon Kohden Corporation (Germany), and Koninklijke Philips N.V. (The Netherlands).
Segmentation:
The spirometry market can be segmented by product, technology, application, and end-user.
By product, the market is segmented into table-top spirometry, hand-held spirometry, and desktop (PC) spirometry. The table-top spirometry segment accounted for 49.9% market share in 2017, followed by hand-held (31%), and desktop (19.1%). This can be attributed to adoption of spirometers in hospitals and clinics. But the desktop segment is touted to register the highest CAGR of 10.58% during the forecast period owing to its rapid diagnosis rate and increasing use of computer-based applications.
By technology, the market covers flow measurement spirometry, volume spirometry, and peak flow meters (PFM). The flow measurement spirometry segment accounted for 50.3% share in 2017. This can be attributed to its lightweight nature and compact size. Its functionality based on the familiar table-top spirometer technology and lack of frequent calibration make it popular among clinicians. But the PFM technology can register 10.58% CAGR over the forecast period to reach USD 149.76 million by 2023.
Major applications of the spirometry market include diagnostic and treatment monitoring. The diagnostic segment is further sub-segmented into asthma, interstitial pulmonary fibrosis, and COPD. The diagnostic segment accounted for 68.93% share of the market in 2017, spurred by the prevalence of breathing diseases such as asthma. But the treatment monitoring segment can exhibit the highest CAGR during the review period to reach a valuation of USD 353 million by 2023. Its valuation in 2018 was suggested to be USD 214.12 million.
Key market end-users include hospitals & clinics, research & academic institutes, diagnostic centers, and home care. The home care segment is projected to enjoy a 9.90% CAGR to reach a valuation of USD 71.14 million by 2023 from USD 44.38 million in 2018.
Regional Analysis:
The spirometry market covers the latest trends and opportunities across Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas accounted for 39.74% share in the global market in 2017, followed by Europe and APAC. This can be attributed to economies such as the U.S. which are the earliest adopters of latest technologies coupled with the large patient pool suffering from respiratory disorders. The region is likely to enjoy a 10.25% CAGR over the forecast period.
The Europe spirometry market is expected to enjoy a CAGR similar to the Americas market over the forecast period to touch a valuation of USD 322.33 million by 2023. This can be credited to rising number of asthma cases and ballooned healthcare expenditure of nations such as Germany and France.
The MEA region can experience a respectable CAGR during the review period owing to improvements of healthcare infrastructure and enhanced healthcare budgets of Kuwait, Qatar, and Dubai.
The APAC region is expected to exhibit a 10.94% CAGR over the forecast period owing to high cases of chronic diseases, awareness of respiratory devices, and increased healthcare budgets of developed nations in the region. The growing geriatric populace in China and Japan can contribute to regional market revenue till 2023.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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