(PharmaNewsWire.Com, November 16, 2021 ) According to the new market research report Spirometer Market is projected to reach USD 1,285 million by 2025 from USD 799 million in 2020, at a CAGR of 11.1%.
Growth in this market is largely driven by the rising global incidence of respiratory diseases, increasing aging population, and the technological shift in spirometer devices towards smartphone-based data acquisition. On the other hand, dependence on patient and other human interventions for data will hinder the growth of this market and will remain a challenge.
Executive Summary > Spirometers Market, By Product, 2020 Vs. 2025 (USD Million) > Spirometers Market, By Mechanism, 2020 Vs. 2025 (USD Million) > Spirometers Market, By Application, 2020 Vs. 2025 (USD Million) > Spirometers Market, By End User, 2020 Vs. 2025 (USD Million) > Spirometers Market, By Region, 2020 Vs. 2025 (USD Million)
Based on product, the Spirometer Market is segmented into devices, consumables & accessories, and software.The consumables and accessories segment accounted for the largest share of the market in 2019. The rising incidence of respiratory diseases and the growing geriatric population are the key factors driving the growth of this product segment.
Based on end user, the market is segmented into hospitals, clinical laboratories, home care settings, and industrial settings. The hospitals segment is expected to account for the highest share in 2019. Rapidly growing aging population, the increase in reimbursements for clinical tests performed in hospitals, and the launch of advanced spirometer devices are the factors driving the growth to this market during the forecasted period.
Driver: Rising Incidence of respiratory diseases
Respiratory diseases are among the leading causes of death in the world, making up five of the top 30 causes. Chronic obstructive pulmonary disease (COPD) is the third-most-leading cause of death. Early detection and diagnosis can go a long way in treating these diseases. Spirometry is a key technology in this aspect and assists in understanding the severity of the infection and avoids misdiagnosis. Thus, with the increasing incidence of such respiratory diseases, the spirometers market can be expected to witness growth. Age reduces the efficacy of vital body organs and processes.
Opportunity: Emerging economies
Emerging economies such as India, Brazil, China, and South Africa provide significant opportunities for players in the spirometry devices market. Of the top 20 most polluted cities in the world, 14 are in India. The use of spirometers for monitoring lung health is at a very low level in these countries.
The spirometer market isconsolidated in nature. The major players operating in this market are Hill Rom (US), Vyaire Medical (US), Fukuda Sangyo (Japan), Chest MI (Japan), Schiller AG (Switzerland), MGC Diagnostics (US), Medical International Research (Italy), ndd Medical Technologies (Switzerland), Vitalograph (UK), and Midmark Corporation (US).
The global spirometer market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World (RoW). The North American market is expected to account for the highest market share in 2019. The large share of this market segment can be attributed to the increasing incidence of chronic respiratory diseases and the rising adoption of technologically advanced devices in the region.
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