Peak Flow Meters Market Size, Share, Growth, Forecast and Outlook (2024-2031)

Global Peak Flow Meters Market Projected to Reach US$ YY Million by 2031

The global peak flow meters market witnessed substantial growth in 2023, reaching US$ YY million, and is anticipated to continue its upward trajectory, projecting to reach US$ YY million by 2031. This growth is forecasted at a CAGR of YY% during the period from 2024 to 2031.

Peak flow meters, small handheld devices, play a crucial role in evaluating lung function by measuring the volume of air expelled. With two distinct ranges, these devices are pivotal in monitoring lung health over time, directly correlating lung effectiveness with the ability to exhale air.

Market Dynamics: Drivers & Restraints:

The market is primarily driven by the increasing prevalence of respiratory diseases such as COPD and asthma, propelling the demand for peak flow meters. For instance, in 2022, the American Lung Association reported that 11.7 million people in the US were diagnosed with COPD. Similarly, asthma prevalence, as stated by the American College of Allergy, Asthma & Immunology in 2023, stands at 7.7% among Americans. However, the high cost of these devices remains a significant restraint, potentially limiting accessibility, particularly for budget-constrained customers.

Segment Analysis:

The market segmentation is based on type, range, indication, end-user, and region. The Digital Peak Flow Meter segment is anticipated to lead the market growth, attributed to technological advancements and increased approvals for advanced devices. Notably, Alveofit's portable digital spirometer, alveoair, received FDA approval in September 2023, further reinforcing the dominance of this segment.

Geographical Analysis:

North America is poised to maintain a significant position in the market share, fueled by the rising prevalence of respiratory diseases and the presence of numerous medical device manufacturing companies. Moreover, initiatives like Tenovi's remote Peak Expiratory Flow Meter launch in April 2023 contribute to the region's dominance by enhancing awareness and accessibility to advanced devices.

COVID-19 Impact Analysis:

The COVID-19 pandemic has positively impacted the peak flow meters market growth, driven by increased awareness of respiratory issues among individuals. With hospitals facing closures during the pandemic, peak flow meters emerged as vital tools for diagnosing lung activity, particularly among patients with COPD, asthma, and other respiratory ailments.

Competitive Landscape:

Key global players in the market include Thermo Fisher Scientific Inc., Koninklijke Philips N.V., Rossmax International, B-Arm Medical, Sanrai IND, DS Medical, Henrotech NV, Flexicare Limited, Ecomed, and Tri-Anim Health Services, Inc., among others.

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