A spirometer is a medical device used to measure lung function quantitatively by measuring the volume of air inhaled/ exhaled by the lungs and the speed of exhalation. Spirometers are usually used in clinical settings to diagnose respiratory diseases like asthma, pneumonia, and cystic fibrosis. Global data suggests over a hundred million people suffer from chronic respiratory diseases such as chronic obstructive pulmonary disease and asthma. Rising awareness regarding these conditions has boosted demand for diagnostic devices like spirometers among patients and healthcare professionals.
The global spirometer market is estimated to be valued at US$ 1148.7 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing spirometer market is primarily attributed to the rising prevalence of chronic respiratory diseases across the globe. According to the WHO, chronic obstructive pulmonary disease (COPD) is now the third leading cause of death worldwide, killing over 3 million people in 2019. The increasing global burden of respiratory illnesses is a key factor fueling demand for affordable and accurate diagnostic tools like spirometers. Additionally, advancing technologies are helping companies develop compact and portable devices that can improve diagnosis in smaller clinics and at-home use. However, high costs associated with advanced spirometer devices may limit market growth potential in price-sensitive regions during the forecast period.
SWOT Analysis
Strength: Spirometer helps in early diagnosis of lung diseases such as asthma and COPD. Portable spirometers offer convenience of use as they are compact and easy to carry. Growing elderly population prone to respiratory diseases increases demand for spirometers.
Weakness: High cost of sophisticated spirometers limits their adoption in home settings. Availability of alternative pulmonary function tests acts as a restraint. Poor reimbursement policies in developing nations hampers market growth.
Opportunity: Untapped regions in Asia Pacific and Latin America provide lucrative opportunities. Advances in microelectronics lead to development of portable spirometers. Rising pollution levels globally increases risk of respiratory problems.
Threats: Presence of local unwired players offering low cost substitutes. Stringent regulations for new product approval.
Key Takeaways
The global spirometer market is expected to witness high growth. The market size is forecast to reach US$ 1,831.2 Mn by 2030 from US$ 1,148.7 Mn in 2023, expanding at a CAGR of 8.5% during the forecast period.
North America dominates the spirometer market owing to growing prevalence of respiratory disorders, availability of advanced healthcare facilities and favorable reimbursement policies. Asia Pacific exhibits the fastest growth in the spirometer market due to rising elderly population, increasing pollution levels and growing health awareness.
Key players operating in the Spirometer market are Brooks Automation Inc., Entegris Inc., Tokyo Electron Limited, Lam Research Corporation, ASML Holding N.V., Applied Materials Inc., Hitachi High-Tech Corporation, AMAT Applied Materials AG, KLA Corporation, Mattson Technology Inc., Tokyo Seimitsu Co. Ltd., Advantest Corporation, Ultratech, MKS Instruments Inc., Novellus Systems. The market is highly consolidated with top players competing on the basis of product design and innovation.
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