July 19, 2024
Spirometer Market

Spirometer Market is estimated to Witness High Growth Owing To Rising Occurrence of Chronic Respiratory Diseases

The 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: –

A spirometer is a medical device that is used to measure the volume of air inhaled and exhaled by the lungs and helps in detecting restrictive and obstructive lung diseases. It measures the amount and speed of air that can be inhaled or exhaled. Spirometers detect lungs conditions like asthma, emphysema, chronic bronchitis, and cystic fibrosis among others. It provides accurate and reproducible results that assists doctors in diagnosis and treatment of respiratory conditions.

Market key trends: –

The Global Spirometer Market is projected to witness significant growth during the forecast period, owing to the rising prevalence of chronic respiratory diseases like asthma, COPD, and other lung disorders. As per the data by the World Health Organization (WHO), around 235 million people suffered from asthma across the world in 2018. Additionally, according to the Centers of Disease Control and Prevention (CDC), around 16 million Americans are diagnosed with COPD. Thus, growing prevalence of respiratory diseases has boosted the demand for spirometers. Other factors favoring market growth include rising tobacco smoking, growing geriatric population, and technological advancements in spirometry instruments.

Porter’s Analysis: –

  • Threat of new entrants: – The threat of new entrants is moderate as the spirometer market requires heavy R&D investments and established distribution channels. However, scope for low-cost alternatives exists.
  • Bargaining power of buyers: – The bargaining power of buyers is high as spirometers are standardized products and buyers can seek substitutes easily. This forces existing players to maintain competitive pricing.
  • Bargaining power of suppliers: – The bargaining power of suppliers is moderate as key components such as sensors and software can be sourced from multiple suppliers.
  • Threat of new substitutes: – The threat of new substitutes is low as spirometers have well-established usage and alternatives lack performance.
  • Competitive rivalry: – Intense due to presence of major global players.

SWOT Analysis: –

  • Strengths: – Wide applications in diagnostics and monitoring respiratory diseases. Growing adoption in point-of-care facilities.
  • Weaknesses: – High costs of technologically advanced devices limiting adoption in developing regions. Lack of skilled professionals in certain areas.
  • Opportunities: – Rising cases of respiratory diseases and sedentary lifestyles expanding market potential. Growing healthcare investments in emerging nations.
  • Threats: – Reimbursement issues and pricing pressures hampering revenue growth. Intense competition affecting pricing and profit margins.

Key Takeaways: –

The Global Spirometer Market Size is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing prevalence of respiratory diseases. North America is expected to dominate the market over the forecast period owing to presence of major players, robust healthcare system and technological advancements. Asia Pacific is expected exhibit fastest growth owing to growing respiratory diseases, healthcare investments and expanding medical device industry.

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.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it