Spirometer Market to Reach $1.47 Billion, Globally, by 2027 at 3.5% CAGR: Allied Market Research
Rise in incidences of respiratory diseases, technological advancements in spirometers, and growth in geriatric population fuel the growth of the global spirometer market
PORTLAND, Ore., April 20, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Spirometer Market by Type (Hand-Held and Table-Top), Technology (Volume Measurement and Flow Measurement), Application (Asthma, COPD and others), and End User (Hospitals and Clinics, Home Healthcare and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global spirometer industry garnered $1.07 billion in 2019, and is estimated to reach $1.47 billion by 2027, manifesting a CAGR of 3.5% from 2020 to 2027.
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Prime determinants of growth
Rise in incidences of respiratory diseases, technological advancements in spirometers, and growth in geriatric population fuel the global spirometer market. However, lack of awareness regarding respiratory diseases and availability of substitutes for spirometer restrain the market growth. On the other hand, growing preference for home healthcare and impact of covid-19 on the market create new opportunities in the coming years.
Covid-19 Scenario
- As the spread of Coronavirus (COVID-19) persists throughout the global community, the key market players are supporting the health systems and healthcare professionals actively.
- Respiratory diseases are among the leading causes of death across the globe. Furthermore, chronic obstructive pulmonary disease (COPD) is the third-most-leading cause of death. This has augmented the demand for spirometers.
The table-top segment to continue its leadership status throughout the forecast period
By type, the table top segment accounted for the largest share in 2019, holding nearly four-fifths of the global spirometer market, and is projected to continue its leadership status throughout the forecast period. This is due to its characteristic of delivering precise results, coupled with higher number of installations in hospitals, clinics, and laboratories. However, the handheld segment is estimated to register the highest CAGR of 4.1% from 2020 to 2027, owing to rising demand for hand-held spirometer, along with bolstering expansion of the healthcare industry in countries, such as India, China, Mexico, and the U.S., is expected to propel the product demand in the extended run.
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The COPD segment to maintain its lead position during the forecast period
By application, the COPD segment contributed to the highest share in 2019, accounting for nearly three-fifths of the global spirometer market, and is expected to maintain its lead position during the forecast period. This is attributed to growth in prevalence of COPD across the globe and early diagnosis of COPD offered by spirometer. However, the asthma segment is estimated to witness the fastest CAGR of 4.0% from 2020 to 2027, owing to rise in incidences of asthma among the population.
North America to dominate the market throughout the forecast period
Based on region, North America held the highest share in 2019, accounting for nearly two-fifths of the global spirometer market in terms of revenue, and is projected to maintain its dominance by 2027. Moreover, the Asia-Pacific region is expected to witness the largest CAGR of 4.2% during the forecast period. This is due to owing to expeditiously improving healthcare systems and rise in healthcare expenditure and awareness regarding benefits of this technology.
Leading market players
- SCHILLER, Hill-Rom, Inc.
- Midmark Corp.
- Vitalograph
- COSMED srl
- MGC Diagnostics Corporation
- Smiths Medical
- Vyaire Medical
- Teleflex
- NSPIRE HEALTH INC.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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