by The spirometer market comprises various medical devices that are used to measure the volume and flow of air entering and exiting the lungs. Spirometers help in diagnosing respiratory conditions like asthma, emphysema, chronic obstructive pulmonary disease (COPD), and other lung-related illnesses. These devices measure the parameters like forced vital capacity (FVC), forced expiratory volume in 1 second (FEV1), and the FEV1/FVC ratio. They find extensive usage in hospital settings, pulmonary function testing labs, physician offices, and other healthcare facilities. The growing prevalence of respiratory disorders and technological advancements in spirometer devices are fueling the market growth.
The Global Spirometer Market is estimated to be valued at US$ 1323.31 Mn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the spirometer market are The Quartz Corporation, Sibelco, Jiangsu Pacific Quartz Co., Ltd., High Purity Quartz Pty Ltd., Creswick Quartz, Nordic Mining ASA, Momentive Performance Materials Inc., Australian Silica Quartz Group Ltd., Fineton Development Limited, Solar Quartz Technologies, Covia Holdings Corporation, I-Minerals Inc., Russian Quartz LLC.
The growing incidence of respiratory diseases and rising pollution levels are fueling the demand for spirometer devices globally. As per the World Health Organization (WHO), COPD is projected to be the third leading cause of death worldwide by 2030. This growing disease burden will augment the need for diagnostic spirometry tests.
The major players in the Spirometer Market Size are expanding their presence across international markets to tap the business opportunities. Novel product launches catering to untapped regional demographics along with technology upgrades will further drive the global expansion of the spirometer market during the forecast period.
Market key trends
The Spirometer Market is trending towards wireless technology with the introduction of Bluetooth and Wi-Fi enabled portable spirometer devices. These wireless spirometers offer convenience of remote monitoring of lung health parameters through mobile apps. The analyzation of massive volumes of patient data using AI and cloud computing is also emerging as a key trend. Integration of advanced analytics enables early disease detection and effective management of respiratory illnesses through personalized treatment plans. Also, low-cost portable spirometers suitable for home-based care are gaining popularity as they aid self-monitoring and reduce healthcare costs through early treatment.
Porter’s Analysis
Threat of new entrants: Low barriers to entry due to availability of raw materials however established players have strong brand names and distribution networks.
Bargaining power of buyers: Moderate bargaining power due to availability of substitutes however performance and accuracy are important factors for buyers.
Bargaining power of suppliers: Low to moderate bargaining power of suppliers as raw materials are globally available however supplier concentration is moderate to high.
Threat of new substitutes: Low threat as spirometers are indispensable for respiratory disease diagnosis however smartphone apps pose some threat.
Competitive rivalry: High as major players compete on product features, pricing and service quality.
North America is estimated to account for the largest share of the global spirometer market in terms of value in 2024. High prevalence of respiratory diseases, large patient pool, developed healthcare infrastructure, and availability of reimbursement drive the North America market.
The Asia Pacific region is poised to register the highest CAGR during the forecast period of 2024-2031 in the global spirometer market. Rising geriatric population, improving access to healthcare facilities, increasing healthcare expenditure, and growing awareness about respiratory illnesses are key factors boosting the Asia Pacific market.
Geographical Regions:
North America is estimated to account for the largest share of the global spirometer market in terms of value in 2024. High prevalence of respiratory diseases, large patient pool, developed healthcare infrastructure, and availability of reimbursement drive the North America market.
The Asia Pacific region is poised to register the highest CAGR during the forecast period of 2024-2031 in the global spirometer market. Rising geriatric population, improving access to healthcare facilities, increasing healthcare expenditure, and growing awareness about respiratory illnesses are key factors boosting the Asia Pacific market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
