Pune, India, May 29, 2019 (GLOBE NEWSWIRE) -- The global spirometry market is expected to exhibit a CAGR of 10.03% over the forecast period from 2018 to 2023, according to the latest research report published by Market Research Future (MRFR). The global spirometry market is mainly driven by the growing prevalence of lung conditions such as asthma and chronic obstructive pulmonary disease (COPD), which has driven awareness about these diseases, leading to a growing demand from the spirometry market.
Spirometry is a test conducted through spirometers to check the lung capacity and function of an individual. The growing government support to regular medical checkups and the growing government funding for obtaining instruments such as spirometers is likely to be a major driver for the global spirometry market over the forecast period. The growing government support for educating people about conducting home spirometry tests to gauge and monitor their own lung function is likely to be a major driver for the global spirometry market over the forecast period.
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The growing air pollution levels in urban centers around the world have become a major health hazard in recent years, with the increasing vehicle ownership and increasing urban population driving the air pollution figures way past anything that can be considered a healthy environment to live in. Rising vehicle ownership and the lax attitude of government bodies towards environmental testing, especially in underdeveloped regions around the world, has led to a growth in air pollution levels over the last few decades. This has driven the global prevalence of asthma and COPD, among other pulmonary and respiratory diseases, at a steady rate over the last few years. The growing prevalence of asthma and COPD in developed regions such as North America and Europe is likely to be a major driver for the global spirometry market over the forecast period.
The growing medical devices industry is also likely to be a major driver for the global spirometry market over the forecast period, as this is likely to drive consistent product innovation in global spirometry market over the forecast period. Rapid growth in the demand for more precise, more advanced medical devices has been a significant driver for the global medical devices industry over the last few years, leading to steady funding towards the development of product advancements and innovations. This is likely to lead to steady growth of the global spirometry market over the forecast period, as the development of more precise and comprehensive diagnostical tools is likely to drive the demand for spirometry operations in developed regions.
Competitive Analysis:
Leading players in the market include Smiths Medical Inc., Vitalograph, Midmark Corporation, CareFusion Corporation, Schiller AG, NDD Medical Technologies Inc., Nihon Kohden Corporation, MGC Diagnostics Corporation, Koninklijke Philips N.V., Hill-Rom Holdings Inc., and COSMED srl.
Segmentation:
The global market is segmented by product, technology, application, end user, and region.
Products in the global spirometry market include table-top spirometry, hand-held spirometry, and desktop (PC) spirometry. Table-top spirometry is likely to account for the largest share in the global spirometry market over the forecast period, having accounted for a dominant market share of 49.9% in 2017.
Based on technology, the global spirometry market is segmented into volume measurement spirometry, peak flow meters (PFM), and flow measurement spirometry. Flow measurement spirometry dominates the global spirometry market and accounted for 50.3% of the global spirometry market in 2017.
By application, the spirometry market is segmented into diagnostic and treatment monitoring.
By end-use, the global Spirometry Market is segmented into research & academic institutes, diagnostic centers, hospitals & clinics, and home care. Hospitals are likely to remain the leading end users in the global spirometry market over the forecast period, with the segment expected to exhibit a strong 9.52% CAGR over the forecast period. However, the research and academic institutions segment is likely to exhibit the highest CAGR, with the segment expected to grow at a 10.35% CAGR over the forecast period.
Browse the market data and information spread across 120 pages with 178 data tables and 18 figures of the report “Spirometry Market- Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/spirometry-market-6539
Regional Analysis:
The Americas dominates the global spirometry market, mainly on the back of the dominant share of the U.S. and Canada in the global spirometry market. The growing geriatric population in the U.S. and Canada and the growing availability of high-end medical devices and diagnostic systems in North America are likely to drive the spirometry market in the Americas region over the forecast period. The Americas market is expected to reach a valuation of USD 445 million by 2023, exhibiting a strong 10.25% CAGR over the forecast period.
Europe is likely to reach a valuation of USD 322.33 million over the forecast period due to the steady growth in the prevalence of lung diseases in the region.
Asia Pacific is expected to exhibit the highest CAGR of 10.64% over the forecast period.
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