Boost the Growth of the Spirometer Market

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Boost the Growth of 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: -

Spirometer is a device used to measure the volume of air inhaled and exhaled by the lungs. It is commonly used to detect and monitor conditions such as asthma and chronic obstructive pulmonary disease (COPD). Spirometers measure the forced vital capacity (FVC) and forced expiratory volume (FEV1). There are mainly three types of spirometers: - benchtop spirometers, handheld spirometers, and portable spirometers. Benchtop spirometers are more accurate but less portable, while handheld and portable spirometers are compact, lightweight, and highly portable making them ideal for remote monitoring of respiratory conditions.

Market key trends: -

One of the key trends in the spirometer market is the increasing adoption of remote respiratory monitoring. Due to the ongoing COVID-19 pandemic, there is a growing demand for remote monitoring to reduce hospital visits and risk of transmission. This is driving leading players in the market to launch innovative connected spirometers and respiratory monitoring platforms. For instance, in 2020, Vyaire Medical launched the pulmonary function testing module in its myVitalData patient monitoring platform, enabling remote monitoring of respiratory measures. Similarly, in 2021, SDI Diagnostics launched its SDI Health at Home program to provide remote spirometry and respiratory monitoring. The shift towards remote testing and continuous monitoring of respiratory parameters is expected to drive significant growth in the global spirometer market over the forecast period.

Porter’s Analysis: -

  • Threat of new entrants: - The spirometer market requires high investments in research and product development. Regulatory standards for approval also acts as a barrier for new companies.
  • Bargaining power of buyers: - Buyers have moderate bargaining power due to presence of multiple established players offering a variety of products at different price points.
  • Bargaining power of suppliers: - A few key component manufacturers exert some level of bargaining power, however established players have integrated supply chains to mitigate the threat.
  • Threat of new substitutes: - There is no substitute for spirometers currently in lung function diagnostic market. New technologies may emerge as substitutes over the long term.
  • Competitive rivalry: - The market is moderately competitive with major players differentiating based on product portfolio and technological capabilities.

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 chronic respiratory diseases. The market size for 2023 is estimated to reach US$ 1,148.7 Mn.

North America dominates the global spirometer market, owing to high healthcare spending and presence of major players. Asia Pacific is expected to witness fastest growth due to rising healthcare awareness, healthcare infrastructure development and economic growth in major countries.

Key players operating in the spirometer market are 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.

 

Read More - https://www.trendingwebwire.com/spirometer-market-share-and-demand-analysis/

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