According to research report the global Spirometer Market is expected to reach USD 1,047 million by 2023 from USD 655 million in 2018, at a CAGR of 9.8%.
The report studies the market on the basis of product type, mechanism, application, end user, and region. Market growth is largely driven by the rising global incidence of respiratory diseases, global population, and technological advancements in spirometer devices.
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By product type, the spirometry equipment market is segmented into consumables & accessories, devices, and software. The consumables & accessories segment accounted for the largest share in 2018. The rising incidence of respiratory diseases and the growing geriatric population are the key factors driving the growth of this product segment.
Based on application, the spirometry equipment market is segmented into COPD, asthma, and other applications. Among these, the COPD segment accounted for the largest share of the spirometry equipment market in 2018. The large share of this segment is mainly due to the high and growing prevalence of COPD globally and the easy diagnosis of COPD offered by spirometry.
By end user, the spirometry equipment market is segmented into hospitals, clinical laboratories, home care settings, and industrial settings. Hospitals accounted for the largest share of the spirometry equipment market in 2018 while the home care settings segment is expected to register the highest growth during the forecast period. The growing requirement for personalized lung monitoring is a key factor driving the growth of the spirometry equipment market for home care settings.
The spirometry equipment market is geographically segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia is expected to register the highest CAGR in the market during the forecast period. The high growth in this region can primarily be attributed to the rising geriatric population, high burden of respiratory diseases such as COPD and asthma, growing per capita income, increasing investments in the healthcare industry by key market players, rising demand for cutting-edge technologies, expansion of private-sector hospitals to rural areas in various APAC countries, and the presence of high-growth markets such as Japan, China, India, South Korea, Taiwan, Australia, and Singapore.
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Key players in this market can explore the possibilities of expanding to the emerging economies of India and Brazil. These countries are going through a phase of rapid industrialization, leading to increasing pollution levels. This has created a need for monitoring lung conditions regularly, which increases the demand for spirometers.