by A spirometer is a device used to measure the capacity of lungs and how fast air can be expelled from the lungs. It helps diagnose respiratory disorders like asthma, chronic bronchitis and emphysema. Rising prevalence of respiratory diseases globally is driving the demand for accurate diagnosis of lung function for effective management of diseases.
The global Spirometer Market is estimated to be valued at US$ 1148.7 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising prevalence of respiratory diseases is a major factor fueling the growth of the spirometer market. As per the World Health Organization (WHO), around 235 million people suffer from asthma globally, and approximately 65 million with moderate-severe chronic obstructive pulmonary disease (COPD). The growing number of patients suffering from respiratory diseases is increasing the demand for accurate diagnosis tools, thereby driving the market growth of spirometers. Moreover, technological advancements in spirometers like portable handheld devices and integrated software are making them more efficient and user-friendly. This is encouraging healthcare facilities and physicians to adopt spirometers for diagnostic purposes, thus augmenting the market expansion.
SWOT Analysis
Strength: Spirometers offer non-invasive and easy way to test lung functions. They provide accurate and quick results without any discomfort to patients.
Weakness: High cost of advanced spirometers limits their adoption in developing regions. Maintenance and calibration of spirometers also adds to the costs.
Opportunity: Rising pollution levels and growing geriatric population prone to respiratory diseases will boost the demand. Increasing awareness about early diagnosis is another growth driver.
Threats: Availability of cheaper substitutes and alternate lung function tests can hamper the market growth. Economic slowdowns may affect the healthcare expenditures.
Key Takeaways
The Global Spirometer Market Demand is expected to witness high growth. The global Spirometer Market is estimated to be valued at US$ 1148.7 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030.
The North American region currently dominates the market owing to rising pollution, sedentary lifestyle, and growing prevalence of chronic respiratory diseases. Asia Pacific is expected to grow at the fastest pace during the forecast period led by expanding healthcare infrastructure, large patient pool, and growing medical tourism in countries like India and China.
Key players
Key players operating in the spirometer market are Brooks Automation Inc., Entegris Inc., Tokyo Electron Limited, Lam Research Corporation, ASML Holding N.V., Applied Materials Inc., Hitachi High-Tech Corporation, AMAT Applied Materials AG, KLA Corporation, Mattson Technology Inc., Tokyo Seimitsu Co. Ltd., Advantest Corporation, Ultratech, MKS Instruments Inc., and Novellus Systems. These players are focusing on new product launches, collaborations, and geographic expansions to gain higher market shares.
