Spirometer Market Worth USD 716.8 Million at 4.7% CAGR by 2027 Backed by Presence of Established Manufacturers in North America

Pune, Sept. 18, 2020 (GLOBE NEWSWIRE) — The global spirometer market size is expected to showcase an exponential growth by exhibiting a CAGR of 4.7% between 2020 and 2027. This is attributable to the increasing focus on technological advancement in spirometer owing to the rising prevalence of chronic respiratory diseases globally. Fortune Business Insights, in its latest report, titled, “Spirometer Market Size, Share & COVID-19 Impact Analysis, By Product Type (Devices, Software, Accessories & Consumables), By Type (Volume Measurement and Peak Flow Meters), By Application (Chronic Obstructive Pulmonary Disorder (COPD), Asthma, and Others), By End User (Hospitals, Diagnostic Centers, Homecare Settings, Physician/Primary Care Offices or Clinics, and Other Facilities), and Regional Forecast, 2020-2027,” observes that the market stood at USD 504.2 million in 2019 and is projected to reach USD 716.8 million by 2027.A spirometer is a type of apparatus that is used to measure the volume of air inhaled and exhaled by the lungs. It is used to diagnose COPD, asthma, and other respiratory conditions that affect breathing in patients. Additionally, it is used to periodically monitor the patient’s lung condition and check whether the treatment for his chronic lung condition is aiding in to breathe better.
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What does the Report Include?The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborations that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.COVID-19 Leads to Disruption in Supply Chain of Medical DevicesThe global pandemic has led to the unavailability of locally sourced raw materials and parts across the globe. This has largely impacted the supply of medical devices, especially from the distributors in China. In addition to this, the shutting down of several Pulmonary Functions Tests (PFTs) labs, and testing centers, among others in the affected areas are expected to impact the number of patients opting for chronic obstructive pulmonary disease (COPD) treatment. This is expected to hinder growth to some extent. However, safety guidelines issued by international healthcare organizations such as the American Thoracic Society to follow amid the COVID-19 are expected to increase the test volume measurement and the demand for spirometer in the near future.
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DRIVING FACTORSTechnological Advancement in Products to Surge DemandThe increasing prevalence of chronic respiratory diseases is propelling the demand for advanced spirometer across the globe. Lung function tests are vital to evaluate the proper functioning of the lungs and the increasing technological advancements are enabling the companies to invest in the development of advanced diagnostic tools. Moreover, favorable government support is driving the start-ups to develop innovative spirometer devices. This is expected to bode well for the growth of the global spirometry market during the forecast period. For instance, in January 2020, the U.S. Food and Drug Administration approved NuvoAir’s connected spirometry device for sale across the country. The portable device provides accurate indications of the prevalence of cystic fibrosis, asthma, and COPD in the patient. SEGMENTATIONVolume Measurement Segment to Remain at the Forefront Backed by Increasing Application for DiagnosticThe volume measurement segment, based on type, is expected to remain dominant owing to the increasing demand for volume measurement tests to detect respiratory diseases.
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REGIONAL INSIGHTSNorth America to Remain Dominant; Presence of Established Players to Aid GrowthAmong all the regions, the market in North America is expected to dominate and hold the largest global spirometry market share in terms of revenue during the forecast period. The North America market was valued at 252.6 million in 2019. This is attributable to the presence of established players that are focusing on developing advanced spirometer in countries such as the U.S. in the region.Asia-Pacific is anticipated to showcase an exponential growth backed by the increasing number of companies entering the untapped Asian countries that presents lucrative business opportunities between 2020 and 2027.COMPETITIVE LANDSCAPEProduct Launches by Major Companies to Consolidate Their Market PositionsThe market comprises of several major companies that are striving to maintain their stronghold by introducing advanced spirometer and expand their product portfolios. Additionally, the other key players are adopting strategies such as merger and acquisition, partnership, and collaboration to maintain their presence and gain a competitive edge over their rivals. This is further expected to bode well for the growth of the global spirometer market in the forthcoming years.
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Industry Development:August 2020 – Queset Medical, Inc., a leading distributor of supplies for testing devices, announced the launch of its PFT Anti-Viral Filters range that complies for the guidance for spirometer testing during the novel coronavirus.List of the Companies Operating in the Spirometer Market:ndd Medizintechnik AG (Zurich, Switzerland)COSMED srl (Rome, Italy)MGC Diagnostics Corporation (Minnesota, U.S)Morgan Scientific (Massachusetts, U.S)Chest M.I., Inc. (Tokyo, Japan)VYAIRE (Illinois, U.S)Ganshorn Medizin Electronic GmbH (Niederlauer, Germany)Medical International Research (MIR) (Rome, Italy)Other Players
Table of Contents:IntroductionMarket ScopeMarket SegmentationMarket MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Industry Developments – Mergers, Acquisitions, and PartnershipsRegulatory Scenario for Key CountriesNew Product LaunchStatistics on Prevalence of Respiratory Disorders for Key CountriesTechnological Advancements Pertaining to SpirometerImpact of COVID-19 on the Spirometer MarketTelespirometry  – Qualitative and Quantitative InsightsGlobal Spirometer Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By Product Type Devices Software Accessories & ConsumablesMarket Analysis, Insights and Forecast – By Type Volume Measurement Peak Flow MetersMarket Analysis, Insights and Forecast – By Application Chronic Obstructive Pulmonary Disorder (COPD) Asthma OthersMarket Analysis, Insights and Forecast – By End User Hospitals Diagnostic CentersHomecare SettingsPhysician/Primary Care Offices or ClinicsOther FacilitiesMarket Analysis, Insights and Forecast – By Geography North America Europe Asia Pacific Latin America Middle East & Africa