July 15, 2024
Spirometer Market

Growing Prevalence Of Respiratory Diseases To Fuel Demand In The Spirometer Market

The global spirometer market is estimated to be valued at US$ 1,148.7 Mn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

A spirometer is a medical device that is used to measure the air capacity of the lungs. It measures the volume of air inhaled and exhaled along with breath flow and breath hold time. There are two types of spirometers – tabletop and handheld spirometers. Tabletop spirometers are more precise and are used in hospitals and clinics for lung function testing. Handheld spirometers are portable devices used for home diagnosis of respiratory diseases. Spirometers are widely used in the diagnosis and management of chronic respiratory diseases such as asthma, pneumonia, chronic obstructive pulmonary disease (COPD), cystic fibrosis among others. They help in detecting and monitoring the progression of lung diseases and evaluating the effects of medication over time.

Market key trends:

One of the key trends in the spirometer market is the emergence of portable handheld devices. Handheld spirometers are more portable, convenient and affordable than traditional table-top devices. They allow physicians to perform lung function testing at the point-of-care and provide on-the-spot reports. This has increased accessibility of lung testing. Another trend is the integration of smartphones with spirometers which allows sharing test results digitally. This enables remote monitoring of respiratory conditions. Rising adoption of digital healthcare and telehealth is expected to drive demand for smartphone-linked spirometers. Advancements in technology are leading to development of portable, easy-to-use and low-cost spirometerswhich is augmenting their adoption. This is encouraging self-monitoring of respiratory health worldwide.

Porter’s Analysis

Threat of new entrants: The spirometer market requires high initial capital investment for R&D and production of medical devices which makes the threat of new entrants moderate.
Bargaining power of buyers: The spirometer market has large number of buyers including hospitals, diagnostic centers, pathology labs which gives them moderate bargaining power.
Bargaining power of suppliers: A few major players dominate the supply side of key components like sensors, software which gives them significant bargaining power over buyers.
Threat of new substitutes: There exist limited substitutes for spirometers as it is an essential medical device used for pulmonary function tests.
Competitive rivalry: The spirometer market is consolidated in nature with few large global players intensifying competition.

Key Takeaways

The global Spirometer Market Growth is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing prevalence of respiratory diseases such as COPD and asthma.

Regional analysis

North America dominates the global spirometer market holding over 35% share owing to availability of advanced healthcare facilities and higher adoption of spirometers for diagnosis in the region. Asia Pacific is anticipated to exhibit the fastest growth rate over the forecast period supported by growing geriatric population, increasing healthcare expenditures and rising awareness.

Key players

Key players operating in the spirometer market include Koninklijke Philips N.V., SCHILLER, Midmark Corporation, Smiths Medical, Vyaire Medical, Inc., SDI Diagnostics, Nihon Kohden Corporation, COSMED srl, Fukuda Sangyo Co. Ltd., Medicare Systems, MGC Diagnostics Corporation, LabTech, Vitalograph, Futuremed, Geratherm Medical AG, Guangzhou Medsinglong Medical Equipment Co., Ltd, Aluna, and Welch Allyn.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it