USD 1.10 billion
Report ID:
SQMIG35A2503 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|Tables:
92
|Figures:
76
Spirometer Market size was valued at USD 951.0 million in 2022 and is poised to grow from USD 1036.3 million in 2023 to USD 1989.1 million by 2031, growing at a CAGR of 8.52% in the forecast period (2024-2031).
An increase in the number of chronic respiratory diseases, a change in preferences for home care and new technologies are expected to boost the growth of the market. WHO estimates that 90% of the global population breathe poor air quality that contains pollutants and irritants that impact lungs in several ways.
The spirometry equipment helps identify respiratory diseases such as obstructive chronic lung disease, emphysema, asthma and other lung diseases in an occupational environment. The rising incidence and prevalence rates of COPD in the global population also mean that the screening of COPD condition will be required, which will propel the need for spirometry tests. For instance, in November 2021, in the European Respiratory Journal, the authors pointed out that it is predicted that 49,453,852 Europeans will have COPD in 2050, while in 2020, it was 36,580,965. In addition, Netherlands also expected to have the highest incidence of COPD at 14.6%. Furthermore, research carried out in January 2021 and published in PLOS ONE found that in France, 2.6 million Chronic obstructive pulmonary disease affects people with a projection to reach 2.8 million by 2025. Hence, the continuously rising number of COPD patients will strengthen the need for technologically advanced spirometers, which will further boost the market growth.
Another factor is the increasing number of active ageing because they need the products offered by the markets most of the time. This demographic group is more vulnerable to chronic respiratory conditions and spirometry serves to diagnose them. Also, raising the popularity of enhanced diagnostic procedures among consumers is also promoting market growth. There are many new technologies which have facilitated the clinicians and hospitals to monitor patient data easily; this includes advancements in the design of spirometers which are now small and portable and can be connected to smart devices. Moreover, the development of new products with greater efficiency also boosts the research and development activities to drive the market.
Global Market Size
USD 1.10 billion
Largest Segment
Hospitals and Clinics
Fastest Growth
Hospitals and Clinics
Growth Rate
10.20% CAGR
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Based on type, the market is segmented into Handheld, and Tabletop. By Technology, the market is segmented into Volume Measurement, and Flow Measurement. By Application, the market is segmented into Asthma, Chronic Obstructive Pulmonary Disease (COPD), Cystic Fibrosis, Pulmonary Fibrosis, and Others. By End User, the market is segmented into Hospitals and Clinics, Diagnostic Laboratories, Home Healthcare, and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
The handheld segment is the largest in the market, with USD 585.2 million in 2023, with a CAGR of 8.6% due to the increase in incidences of COPD and asthma, the increase in the global population of smokers, and the increased frequency of new product releases. For instance, in 2021, Cipla Limited launched Spirofy, a wireless spirometer that is portable and uses pneumotach technology, on World COPD Day. This launch is designed to COPD is diagnosed and is in tune with Cipla’s strategy of strengthening its leadership position in the Indian respiratory market. In addition, in September 2023, Alveofit got approval for the Alveoair portable digital spirometer from the US FDA. It increases confidence in the transportability of spirometers and can lead to the evolution of respiratory diagnosis by making powerful, precise instruments available to clinicians and patients.
The tabletop is a growing segment in the market, which represents revenue of USD 451.1 million in 2023. Clinics and hospitals are the major users of tabletop spirometers, which are the costliest of all the types. This market segment is likely to expand at a faster rate because of its versatility in the treatment of respiratory disorders, including asthma, COPD, and other pulmonary disorders. Meanwhile, portable spirometers have been developed and preferred because of their light weight and small size, which enables them to store several diagnostic test results and print the results on normal printers.
Analysis by Application
The asthma segment holds the largest share in the market and is valued at USD 548. 42 million in 2023, with the CAGR expected to be at 8.8%. In 2022, CDC has estimated, around 8.7% of adults aged 18 and 6.2% of children under 18 years are affected by asthma in united states. Moreover, it is possible to find approximately 4.9 million office visits for asthma annually, with asthma documented in the medical record only in 6.3%. In addition, 939,000 patients visiting the emergency department have asthma as the main diagnosis excluding chronic obstructive asthma.
In 2023, the COPD segment is growing market share, driven by its widespread prevalence globally and the straightforward diagnosis via spirometry. COPD's prevalence is estimated at approximately 7.6% in europe. Spirometry is pivotal for both diagnosing and monitoring COPD. Nevertheless, the rise of mobile applications such as ResAppDx, capable of diagnosing COPD and exacerbations caused by infections, presents a potential alternative that could constrain segment expansion. Additionally, in 2022, the American Lung Association reported that 11.7 million individuals, representing 4.6% of adults, received a COPD diagnosis. Spirometry remains the cornerstone for diagnosing COPD, capable of detecting the condition even before symptoms appear. Healthcare providers rely on spirometry results to assess the severity of COPD and set treatment goals.
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North America held the largest market share in 2023 with 38.04% due to increasing incidences of respiratory diseases. Asthma and COPD incidence has led to higher spirometer sales because of disease necessity and acceptance among hospital doctors. Also, the United States has been at the forefront of embracing technologies to reduce the incidences of COPD. Such factors indicate that the market has good potential for growth in the future for the given forecast period. Chronic respiratory diseases are prevalent in the United States, which increases the need to monitor the conditions through portable handheld spirometers.
The European market is growing at a higher rate during the forecast period owing to the rising number of product approvals from healthcare authorities. Government campaigns that seek to educate people on respiratory illnesses are also increasing the number of persons seeking diagnostic procedures. The well-developed hospital industry of Germany is also creating the need for sophisticated table-top spirometers for respiratory assessments. Spirometry devices used in hospitals, particularly those that are technologically advanced, are part of this market. Table-top spirometers give healthcare professionals the essential equipment to complete comprehensive respiratory evaluations and be able to diagnose different respiratory disorders. This increased demand for sophisticated spirometers is indicative of Germany’s continuing focus on providing quality health care and developing new medical technologies.
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Global Spirometer Market Drivers
Growing prevalence of respiratory diseases worldwide
Growing focus on public health initiatives and respiratory disease screening programs by governments
Restraints
High cost of advanced spirometers, coupled with limited insurance reimbursement
Risks in spirometry testing impact patient confidence and healthcare provider
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The market is competitive and driven by technological factors and the expansion strategies implemented in the markets. Businesses are concerned with the improvement of spirometry tools to increase precision, ease of use, and patient tolerance. New entrants are gradually increasing their presence with niche products and partnerships. This category of strategies entails forming partnerships, mergers, and acquisitions to enhance market position and leverage the increasing demand for respiratory diagnostic solutions in the global market.
Top Player’s Company Profiles in Global Spirometer Market
Global Spirometer Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the market is poised for significant growth, driven by several key factors. Rising prevalence of respiratory diseases globally, coupled with increasing awareness about the importance of respiratory health monitoring, is expanding the market demand. Technological advancements have led to a shift towards portable and user-friendly spirometers, catering to the growing trend of home healthcare solutions and remote patient monitoring. Integration of advanced monitoring capabilities, including real-time data access and analysis facilitated by technologies are enhancing the diagnostic precision of spirometry devices. However, the market faces challenges such as regulatory complexities, particularly in regions with stringent medical device regulations. Manufacturers must navigate these hurdles by ensuring compliance with quality standards and obtaining necessary certifications. Overall, with ongoing innovations and increasing adoption in healthcare settings worldwide, the Global Spirometer Market presents promising opportunities for growth and advancement in respiratory diagnostics.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 951.0 million |
Market size value in 2031 | USD 1989.1 million |
Growth Rate | 8.52% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Spirometer Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Spirometer Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Spirometer Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Spirometer Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35A2503
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