(I-BusinessNews.Com, October 24, 2020 ) According to the new market research report Spirometry Market is expected to reach $1,285 million by 2025 from $799 million in 2020, at a CAGR of 11.1%. 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.
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North America is the largest regional market for spirometer products market
The global 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.
Hospitals segment to register the highest growth rate in the Spirometry Market during the forecast period.
Based on end user, the Spirometry 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.
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The consumables and accessoriessegment accounted for the largest share of the spirometer market, by product segment, in 2019
Based on product, the spirometer products 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.
The major players operating in this Spirometry Market are Hill-Rom, Inc. (US), Midmark Corp. (US), Futuremed (US), COSMED (Italy), MGC Diagnostics Corporation (US), Vyaire Medical (US), Medical International Research (Italy),Vitalograph (UK), ndd Medical Technologies (Zurich), Inc., Schiller AG (Switzerland), Jones Medical Instrument Company (US), Sibelmed (Spain), MIR, Recorders and Medicare Systems (India), Smiths Medical (US), Medline (US), Teleflex (US), CONTEC (China), Fysiomed (Belgium), Medikro (Finland), Sdi Diagnostics (US), CHEST M.I. (Japan), Inc, FUKUDA SANGYO Co. Ltd. (Japan), Clarity Medical (India), and Guangzhou Medsinglong Medical Equipment Co., Ltd. (China).
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spirometer products market Opportunity: Emerging economies
Emerging economies such as India, Brazil, China, and South Africa provide significant opportunities for players in the spirometry devices market. Of the top 20 most polluted cities in the world, 14 are in India. The use of spirometers for monitoring lung health is at a very low level in these countries.
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