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(Publishing-NewsWire.com, October 27, 2021 ) According to the new market research report Spirometer Market is projected to reach USD 1,285 million by 2025 from USD 799 million in 2020, at a CAGR of 11.1%.
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Growth in this market is largely driven by the rising global incidence of respiratory diseases, increasing aging population, and the technological shift in spirometer devices towards smartphone-based data acquisition. On the other hand, dependence on patient and other human interventions for data will hinder the growth of this market and will remain a challenge.
Based on product, the Spirometer Market is segmented into devices, consumables & accessories, and software.The consumables and accessories segment accounted for the largest share of the market in 2019. The rising incidence of respiratory diseases and the growing geriatric population are the key factors driving the growth of this product segment.
Based on end user, the market is segmented into hospitals, clinical laboratories, home care settings, and industrial settings. The hospitals segment is expected to account for the highest share in 2019. Rapidly growing aging population, the increase in reimbursements for clinical tests performed in hospitals, and the launch of advanced spirometer devices are the factors driving the growth to this market during the forecasted period.
The spirometer market isconsolidated in nature. The major players operating in this market are Hill Rom (US), Vyaire Medical (US), Fukuda Sangyo (Japan), Chest MI (Japan), Schiller AG (Switzerland), MGC Diagnostics (US), Medical International Research (Italy), ndd Medical Technologies (Switzerland), Vitalograph (UK), and Midmark Corporation (US).
Hill-Rom is the largest player in the spirometer market. The company focuses on the development of devices, consumables, accessories, and software required to perform spirometer tests. These products are sold under the brand Welch Allyn. The company also invests a significant amount on research and development activities.
Vyaire Medical is a pioneer in the spirometer market. As a result, it has a strong foothold in the spirometer devices market. The company was formed by a partnership between BD and Apax Fund Partners, when BD divested its respiratory care business. Apax Fund Partners took over the complete holdings of Vyaire Medical in 2019. Vyaire Medical has a global distribution network and has a good brand reputation among end users.
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The global spirometer market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World (RoW). The North American market is expected to account for the highest market share in 2019. The large share of this market segment can be attributed to the increasing incidence of chronic respiratory diseases and the rising adoption of technologically advanced devices in the region.
Mr. Aashish Mehra
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Mr. Aashish Mehra