Spirometer Market Size to Surpass USD 891.5 Million by 2030, exhibiting a CAGR of 5.5%
As per the report by Fortune Business Insights, the global spirometer market size is projected to reach USD 891.5 million in 2030, at a CAGR of 5.5% during the forecast period, 2023-2030
Spirometer Market
Pune, India, Nov. 20, 2023 (GLOBE NEWSWIRE) — The global spirometer market size is expected to expand from USD 613.3 million in 2023 to USD 891.5 million by 2030, exhibiting a CAGR of 5.5% over the study period. A spirometer is deployed for the diagnosis of chronic obstructive pulmonary disease (COPD), asthma, and other conditions that impact breathing.
Fortune Business Insights™ provides this information in its research report, titled “Spirometer Market, 2023-2030”.
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Key Industry Development:
October 2022: NuvoAir announced a partnership with ArtiQ to allow automated quality control of spirometry data in clinical trials.
Key Takeaways:
- Increased test volume measurement and demand for devices, market is anticipated to grow steadily during the forecast period.
- The increasing prevalence of the disorder is an alarming situation worldwide that is expected to propel the demand for diagnostic devices.
- The market expansion can be credited to the growing technological innovations in diagnostic tools.
- The segment is expected to grow at a significant CAGR during the forecast period.
- The market size in North America stood at USD 293.0 million in 2022.
List of Key Players Mentioned in the Report:
ndd Medizintechnik AG (Switzerland), COSMED srl (Italy), MGC Diagnostics Corporation (U.S.), Morgan Scientific (U.S.), Chest M.I., Inc. (Japan), VYAIRE (U.S.), Ganshorn Medizin Electronic GmbH (Germany), Medical International Research (MIR) (Italy)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5.5% |
| 2030 Value Projection | USD 891.5 million |
| Base Year | 2022 |
| Market Size in 2023 | USD 613.3 million |
| Historical Data | 2019-2021 |
| No. of Pages | 139 |
| Segments Covered | By Product Type, Type, Application, End-User, and Region |
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/spirometers-market-100486
Segmentation:
Surging Investments by Major Companies Fuelled the Devices Segment Growth
Based on product type, the market is categorized into software, devices, and accessories & consumables. The growing investments by start-ups and major in the development of devices for the effective management of respiratory disorders propelled the segment growth.
Ease of Handling of Volume Measurement to Foster Segment Growth
By type, the market is bifurcated into peak flow meters and volume measurement. The volume measurement segment accounted for the largest spirometer market share in 2022. The ease of handling of the device is driving the volume measurement segment growth.
Rising Incidence of Pulmonary Infection Impelled Chronic Obstructive Pulmonary Disorder Segment Growth
In terms of application, the market is segmented into asthma, chronic obstructive pulmonary disorder (COPD), and others. The segment dominated the market in 2022, owing to the growing prevalence of pulmonary infections.
Rise in Healthcare Spending to Foster Hospitals Segment Growth
By end user, the market is classified into diagnostic centers, homecare settings, hospitals, physician/primary care offices or clinics, and other facilities. The hospitals segment is expected to register the largest share during the forecast period. The uptake of advanced pulmonary function testing solutions due to the growing healthcare expenditure is driving the hospitals segment growth.
By region, the market is segmented into the Asia Pacific, Europe, Latin America, the Middle East & Africa, and North America.
By Product Type
- Devices
- Software
- Accessories & Consumables
By Type
- Volume Measurement
- Peak Flow Meters
By Application
- Chronic Obstructive Pulmonary Disorder (COPD)
- Asthma
- Others
By End User
- Hospitals
- Diagnostic Centers
- Homecare Settings
- Physician/Primary Care Offices or Clinics
- Other Facilities
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Drivers and Restraints:
Increasing Investment Opportunities to Boost the Market Growth
One of the major factors propelling the spirometer market growth is surge in investment opportunities. The top companies are emphasizing investments in the development of advanced devices due to the rising demand for accurate devices for assessing lung function.
Despite such growth opportunities, the lack of skilled professionals may hamper product adoption, impeding the market growth.
Regional Insights:
North America Dominated Due to Growing Prevalence of COPD
North America spirometer market accounted for the largest share in 2022. The surging incidence of COPD is driving the regional expansion.
The Asia Pacific market for spirometer is expected to witness exponential growth during the forecast period due to growing heavy investments by companies, which is poised to increase the demand for advanced products.
Competitive Landscape:
Prominent Players Forge Partnerships to Reinforce their Market Position
The leading companies operating in the market are focusing on various competitive strategies to enhance their position. Joint ventures, mergers and acquisitions, and product innovations are a few of these strategies. Several companies are also emphasizing partnership strategies to retain their industry standing.
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FAQs
How big is the Spirometer Market?
Spirometer Market size is USD 613.3 million in 2023 and projected to grow USD 891.5 million by 2030.
How fast is the Spirometer Market growing?
The Spirometer Market will exhibit a CAGR of 5.5% during the forecast period, 2023-2030.
Related Links:
Pulmonary Function Testing System Market Size, Share, Growth Industry Report.
Respiratory Devices Market Share, Size, Demand, and Forecast.
Chronic Obstructive Pulmonary Disease Drugs Market Size, Share, Growth Industry Report.
Exam Room Equipment Market Share, Size, Demand, and Forecast.
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