Spirometer Market by Products (Devices, Consumables & Accessories, and Software), Type (Flow-Sensing Spirometer and Peak Flow Meters), Application (COPD and Asthma), End User (Hospitals, Clinical Laboratories, and Homecare Settings)–Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global spirometer market was pegged at ~US$ 785 million in 2020. The market is expected to witness a CAGR of ~10.8% from 2021 to 2031.
Factors contributing to the growth of spirometer market include continuous technological advancements in spirometers and subsequent product launches. Moreover, the rising geriatric population and increasing incidence of respiratory diseases such as chronic obstructive pulmonary disease and asthma are other important factors driving the spirometer market growth. However, longer period required for performing this test is one of the factors hindering the spirometer market growth to a certain extent.
Rising geriatric population across the globe and increasing prevalence of respiratory diseases such as asthma, COPD, and chronic bronchitis are among the key factors propelling the growth of the global spirometer market. According to the Global Initiative for Chronic Obstructive Lung Disease statistics, respiratory diseases impose an immense worldwide health burden. 65 million people suffer from chronic obstructive pulmonary disease (COPD) and 3 million die from it each year, making it the third leading cause of death worldwide. The rise in the number of smokers is also one of the reasons for increasing number of patients suffering from respiratory diseases.
Many companies in the market are adopting strategies such forming collaborations and partnerships. Through these collaborations and partnerships, they can more effectively distribute and market their products across different parts of the world. For instance, in June 2020, MGC Diagnostics entered into a global distribution agreement with Monitored Therapeutics, Inc. (MTI). Through this partnership, the company will be able to provide customers access to critical remote patient monitoring platforms. These platforms also include MTI’s GoSpiro Spirometer, with Avatar-Assisted Technology. It delivers hospital lab quality Spirometry at home without the need of a technician. Thus, such developments are expected to fuel the growth of global spirometer market.
The prominent players in the spirometer market are focused on developing technologically advanced products and launching them in the market. For instance, in September 2020, Bedfont Scientific, a medical breath analysis company launched an incentive spirometer, Breathacise. Breathacise can be used to measure, train, and improve lung capacity. Companies are also focused on receiving approval for their products from regulatory bodies. For instance, in January 2020, NuvoAir (formerly Pond Healthcare Innovation) received a U.S FDA 510(k) approval for Air Next, a portable and connected home-use spirometer device. Air Next is a device that is specifically designed for patients with asthma, COPD or cystic fibrosis. Such new product approvals and launches are playing a pivotal role in fueling the growth of spirometer market.
Regionally, the global spirometer market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific region is expected to grow at a higher CAGR during the forecast period. Several factors contributing to the growth of the market in this region include the rising geriatric population, large population base, and increasing incidence of respiratory diseases. Moreover, increasing use of spirometer for diagnosis of COPD, asthma, and other respiratory diseases is also boosting the growth of spirometer market in the region.
Some of the prominent players operating in the global spirometer market include Teleflex Incorporated, Vyaire Medical, Inc., Chest M.I., Inc., Hillrom Services, Inc., Fukuda Sangyo Co., Danlee Medical Products, Inc., Smiths Medical, Schiller, Cosmed Srl, and Jones Medical Instrument Company, among others.