Spirometer Market Size Expected to Reach USD 789.0 Million by 2028, With 5.2% CAGR

Pune, India, March 08, 2023 (GLOBE NEWSWIRE) -- The global spirometer market size was USD 528.6 million in 2020 and is projected to grow from USD 554.5 million in 2021 to USD 789.0 million by 2028, exhibiting a CAGR of 5.2% during the 2021-2028 period. The rising cases of respiratory disorders will have an excellent effect on the spirometer market growth in the forthcoming years, states Fortune Business Insights, in a report, titled "Spirometer Market, 2021-2028."

Notable Development:

AireHealth Inc. announced a strategic merger with BreathResearch. This joint venture will concentrate on the creation of a virtual care platform for respiratory illnesses.

ERT announced the launch of ERT iSpiro Virtual Visits, which enables real-time coaching during at-home pulmonary function tests (PFT). With iSpiro Virtual Visits, ERT delivers on its commitment to offer customer and patient-oriented innovations that enable decentralization.

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Report Scope

Key Takeaways:

• Growing demand for accurate devices for lung function assessment, the major players are focusing on investments to develop advanced devices.
• The market size in North America stood at USD 265.0 million in 2020.
• The devices segment is expected to be the leading segment in this market during the forecast period.
• Constant innovations are one of the growth factors responsible for driving the market.

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Driving Factor:

Increasing Prevalence of COPD to Drive Market

COPD is the world's third-biggest cause of death, putting a major strain on patients and healthcare systems. In the U.S., it is among the largest causes of death, impacting around 16 million people, according to the National Heart, Lung, and Blood Institute. Tobacco smoking is a key risk factor for COPD. Other environmental exposures, such as air pollution and biomass fuel exposure, may, nevertheless, have serious health consequences. The rising prevalence of the condition is a worrying trend that will fuel demand for diagnostic devices over the projection period. Thus, boosting the growth of the spirometer market.

Market Segments:

Based on product type, the market is classified into devices, software, and accessories & consumables.   
Because of the introduction of advanced software solutions for testing procedures, the software segment is expected to increase significantly.

Volume measurement and peak flow meters are two types of meters available in the market. In the year 2020, volume measurement devices dominated the market. The device's dominance can be attributed to its ability to produce precise results while being simple to use.
The market is divided into three categories based on application: chronic obstructive pulmonary disease (COPD), asthma, and others. Hospitals, diagnostic centers, home care settings, physician/primary care offices, and clinics are the end-user segments of the market.

By Product Type

• Devices
• Software
• Consumables & Accessories

By Type

• Volume Measurement
• Peak Flow Meters

By Application

• COPD
• Asthma
• Others

By End-User

• Hospitals
• Diagnostic Centers
• Homecare Settings
• Physician/Primary Care Offices or Clinics
• Other Facilities

By Geography

• North America (By Product Type, By Type, By Application, By End-User, By Country)
• Europe (By Product Type, By Type, By Application, By End-User, By Country)
• Asia Pacific (By Product Type, By Type, By Application, By End User, By Country)
• Latin America (By Product Type, By Type, By Application, By End User, By Country)
• Middle East & Africa (By Product Type, By Type, By Application, By End User, By Country)

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Regional Insights:

Rising Incidence of Asthma to Promote Growth in North America

In 2020, the North American market stood at USD 265.0 million and will capture substantial percentage of spirometer market share by 2028. The rising prevalence of chronic obstructive pulmonary disease, asthma, and other respiratory disorders has contributed to this region's domination. This has put a greater financial strain on the healthcare system, prompting the development of precision equipment to address the problem. The respiratory disease COPD, for example, is the fourth biggest cause of mortality, according to the Global Initiative for Chronic Obstructive Lung Disease (COPD) 2020 study, and the disease is putting a great strain on healthcare systems to lower its prevalence.

Major Companies Focus on Distribution Network to Strengthen Position

Because of the varied product portfolio and impressive distribution network of big corporations in developed and emerging nations, the market is consolidated. Companies such as ndd Medizintechnik AG and COSMED srl, among others, have recently released market-leading products.

The Report Lists the Key Companies Profiled in the Market Report:

• ndd Medizintechnik AG (Zurich, Switzerland)
• COSMED srl (Rome, Italy)
• MGC Diagnostics Corporation (Minnesota, U.S)
• Morgan Scientific (Massachusetts, U.S)
• Chest M.I., Inc. (Tokyo, Japan)
• VYAIRE (Illinois, U.S)
• Ganshorn Medizin Electronic GmbH (Niederlauer, Germany)
• Medical International Research (MIR) (Rome, Italy)
• Other Players

FAQs

How big is the spirometer market?

Sspirometer Market size was USD 554.5 million in 2021. It is expected to reach USD 789.0 million by 2028.

Who are the key players in the spirometer market?

Some of the key market players in the spirometer market include are ndd Medizintechnik AG, COSMED srl, MGC Diagnostics Corporation, Morgan Scientific, Chest M.I., Inc., VYAIRE, Ganshorn Medizin Electronic GmbH, Medical International Research

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