A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global spirometer market was worth USD 802.0 million in the year 2020. The data generated by the study reveals that the market is estimated to grow at a CAGR of 11.1%, earning revenue of around USD 1,652.8 million by the end of 2027. Factors contributing to the market's growth include the growing prevalence of respiratory diseases and the increasing geriatric population. This age group is particularly susceptible to a variety of chronic respiratory illnesses, which can be easily detected with spirometers. According to Globe Ageing Network (WA) projections, the world had 703 million people aged 65 and up in 2019. By 2050, the geriatric population is predicted to reach 1.5 billion. Furthermore, technological advancements in the medical sector are further propelling the growth of the global spirometer market. For instance, the introduction of portable and compact spirometers with smart device connectivity allows clinicians and hospitals to gain access to patient data more quickly, which in turn is propelling the market growth.
Growing Prevalence of Various Infectious Diseases Driving the Global Spirometer Market
The emergence of various infectious diseases, which directly affect the health of the lungs and cause breathing problems, is one of the major factors influencing the growth of the global spirometer market. For instance, whooping cough which is caused by Bordetella Pertussis bacterium causes severe lung infection in which the individual suffers from violent and uncontrollable cough. Swine flu (H1N1) is also a respiratory disease caused by the Influenza-A virus. Several additional infections are wreaking havoc on the lungs' functionality, potentially leading to chronic ailments. As a result, testing and diagnosis of lung health have become critical.
The Flow-Sensing Segment Is Estimated to Boost the Global Spirometer Market in The Forecast Period
Based on the mechanism, the global spirometer market is divided into flow-sensing spirometers and peak flow meters. The flow-sensing category of spirometers held the biggest market share in 2020 and is expected to continue its dominance throughout the forecast period. The rising prevalence of various chronic diseases is one of the key factors contributing to the surging demand for flow-sensing spirometers. Spirometers are essentially used for measuring air inflow and outflow from the lungs to test their health. That is why flow-sensing spirometers are increasingly used in hospitals. However, the peak-flow segment is also estimated to witness a healthy CAGR during the forecast period.
Global Spirometer Market - By End-User
Based on end-users, the global spirometer market is categorized into hospitals, clinical laboratories, home care settings, and industrial settings. Among these, the hospital segment held the largest market share as the number of patients approaching hospitals for their health checkups and testing their lung functions is very high. Due to this, the demand for spirometers is very prominent in hospitals. However, with the growing trend of patients being treated at home, the use of spirometers in home-care settings is increasing, thus, driving up demand.
Global Spirometer Market - Regional Insights
Geographically, the global spirometer market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America holds the largest market share due to the developed healthcare infrastructure and high concentration of market players in the region. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. The increasing prevalence of respiratory diseases and the growing geriatric population, along with the development of healthcare infrastructure taking shape because of various government’s initiatives propels the growth of the spirometers market in the Asia-Pacific region.
Impact of COVID-19 on the Global Spirometer Market
The global spirometer demand was boosted by the COVID-19 outbreak. Nevertheless, due to lockdown and social distancing measures, the market had to face a setback as the production of spirometers was disrupted during the initial phase of the pandemic. Furthermore, the distribution channels were also halted as the imports and exports between geographical boundaries were temporarily suspended. This affected the overall business of the industry players besides negatively impacted the revenue of the spirometer market. After COVID-19, the market, however, is expected to witness a sudden boom driven by the fact that the virus seems to chronically affect the lungs of COVID-19 patients, necessitating life-long monitoring.
The leading market players of the global spirometer market are Vitalograph, Smiths Medical, Inc., Cosmed SRL, Jones Medical Instrument Company, Guangzhou Medsinglong Medical Equipment Co. Ltd., Medical International Research, MGC Diagnostics, Vyaire Medical, Fukuda Sangyo, Contec Medical Systems Co. Ltd., Medline Industries, Inc., Nihon Kohden Corporation, Labtech Ltd., Geratherm Respiratory AG, and other prominent players.
The market is occupied with both respiratory device manufacturers as well as standalone spirometer manufacturers. The market players are consistently indulging in introducing innovations and technological advancements into their products to stay ahead in the competition. They are essentially targeting developed countries like the US, Germany, etc. to expand their revenue share. Furthermore, the adoption of competitive strategies like partnerships, mergers and acquisitions, collaborations, and joint ventures are also very prominent in this market.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global spirometer market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global spirometer market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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