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Spirometer Market Size, Demand, Trends, Top Companies, Growth Drivers And Forecast 2033
Spirometer Market Share
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According to The Business Research Company's, The spirometer market size has grown strongly in recent years. It will grow from $1.15 billion in 2023 to $1.24 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to increased prevalence of respiratory diseases, growing emphasis on preventive healthcare, aging population demographic, clinical research and evidence-based practices.
The spirometer market size is expected to see strong growth in the next few years. It will grow to $1.63 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to shift towards home healthcare, continue clinical research, medical reimbursement policies, occupational health monitoring. Major trends in the forecast period include remote monitoring and telemedicine, patient engagement and empowerment, digital health integration, personalized medicine and patient-centric care, market competition and innovation.
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Market Drivers and Trends:
Growing aging population is expected to drive the demand for spirometer market going forward. The aging population refers to a demographic group consisting of individuals who are elderly or in their later stages of life. The increasing geriatric demographic creates a greater demand for spirometry testing, as healthcare providers focus on managing respiratory health in older individuals. For instance, in October 2022, according to the data released by the World Trade Organization, a US-based international organization, from 2020 to 2021, the proportion of the population aged 60 and up increased from 1 billion to 1.4 billion. By 2050, the world's population of adults aged 60 and up will have doubled (to 2.1 billion). The number of people aged 80 or more is predicted to treble between 2020 and 2050, reaching 426 million. Therefore, growing aging population is increasing demand for spirometer market.
Technological advancement is a key trend gaining popularity in the spirometer market. Major market players are concentrating their efforts on creating spirometers with innovative technologies like portable wireless spirometers to gain a competitive edge in the market. For instance, on November 2021, Cipla Ltd., an India-based pharmaceutical company, announced the launch of Spirofy, a pneumatic-based portable and wireless spirometer, on World COPD Day. Cipla's Spirofy ensures high result accuracy and individual patient safety using bacterial viral filters (BVF). Spirofy is entirely wireless with good battery backup, making it suitable for use in outdoor camps, remote areas with power shortages, or simply providing physicians with flexibility and ease of use.
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Major Key Players of the Market:
Fukuda Sangyo Co. Ltd., Geratherm Respiratory GmbH, Jones Medical Instrument Company, Koninklijke Philips N.V., Ndd Medical Technologies Inc., nSpire Health Inc., Schiller AG, Sdi Diagnostics Inc., Sibelmed Sau, Smiths Medical Inc., Vitalograph Ltd., Vyaire Medical Inc., Welch Allyn Inc., Baxter International Inc., Benson Medical Instruments Co., Chest M.I. Inc., COSMED srl, Depisteo LLC, Henry Schein Inc., ICU Medical Inc., MGC Diagnostics Corporation, Midmark Corporation, Minato Medical Science Co Ltd., Nuvoair AB, OHD (SCHAUENBURG International, Philips Healthcare, Recorders & Medicare Systems Pvt Ltd., Teleflex Incorporated, Morgan Scientific Inc., Futuremed America Inc.
Spirometer Market 2024 Key Insights:
• The spirometer market size is expected to see strong growth in the next few years. It will grow to $1.63 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Surge In Chronic Respiratory Diseases Drives Demand For Spirometer Market
• Technological Advancements Propel Spirometer Market With Wireless Solutions
• North America was the largest region in the spirometer market share in 2023
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