The Spirometry Market is anticipated to reach USD 849.53 million by 2030 at 10.90% CAGR during the forecast period 2022-2030. Spirometry is invaluable because it helps doctors determine the real health of a person’s lungs. Thus, it is a good lung cancer screening aide. It’s also great in determining if a person has asthma or other serious respiratory/breathing problems.
There is more of a prevalence in breathing and/or respiratory problems in global societies. This is especially true in developed nations because their populations are aging rapidly and a high number of the elderly in these nations used to smoke cigarettes when they were younger.
COVID-19 is to the 21st century what the Black Death were to the 5th and 14th centuries - a real destiny changer for the world. COVID-19 can be a dangerous virus. Governments realized this early on and that’s why they implemented quarantines and lockdowns. These were temporary in nature since they were not very effective. In any case, many companies in many industries were negatively affected since they were forced to either temporarily halt production or dramatically scale back operations.
Well, the spirometry market actually benefited from COVID-19. There were many reasons for this but the main one was that COVID-19 caused breathing problems in many people. Doctors had to use complicated spirometry devices to correctly diagnose these problems.
The spirometry market has been growing dramatically mainly because there is a dramatic increase in the number of people with serious breathing problems around the world. In fact, respiratory and other breathing problems are the fifth largest killer of people around the world every year.
COPD is the third largest killer of people around the world every year. These and other respiratory problems tend to be diagnosed heavily with spirometry equipment because they can be treated and even reversed if caught early.
There are many opportunities for companies in the spirometry market. Most of the world’s population lives in developing countries like Brazil, India, and China. The cities in these nations tend to be extremely polluted. For example, India alone has 14 out of the world’s top 20 cities in terms of pollution. Added to this is the fact that growing numbers of people in developing nations are starting to smoke. They are doing so because they think that smoking is ‘cool!’
People can be correctly diagnosed with a spirometry device only if they exhale at full blast into it for at least 6 seconds. Furthermore, they will have to do this at least three times in a row. This is the only way doctors can ensure that the test results are 100% accurate. Many people with chronic breathing and respiratory problems may have a hard time doing so. This factor is what is restraining growth in the spirometry market.
Other devices that detect breathing problems in people and test their overall breathing abilities are just as effective as spirometry devices. In fact, some of these may even be less expensive. This is a key challenge that the spirometry market faces.
Cumulative growth analysis.
The CAGR for the spirometry market is projected to be 10.03% in 2023. The market is expected to be worth USD 1,106.76 million by then.
Midmark is a major American player in the spirometry market. It has managed to become an industry leader by investing heavily in research and development. This has allowed it to develop a new generation of more effective spirometers that have also allowed it to justify selling them at a higher price point (when marketed correctly!)
The spirometry market can be grouped into the following sub-categories by-product:
The spirometry market can be grouped into the following subcategories by the technology used:
The flow measurement sub-segment had the largest spirometry market size in this segment two years ago. This sub-segment is also projected to have the highest CAGR of all of the sub-segments (in this segment) until 2023. There are two reasons for this. The first is that spirometers are becoming more and more sophisticated and sensitive in terms of detecting acute breathing and respiratory issues. The second is that there is rapid growth in the number of people who need to use these devices.
By end user
The spirometry market can be grouped into the following sub-categories based on end user:
The hospital sub-segment had the highest spirometry market share in 2019. The reason is that the population is aging rapidly and this segment is growing the fastest. The second reason is that hospitals receive big reimbursements for using these devices, especially in developed nations. The third is because hospitals are using more advanced and sophisticated spirometry devices.
The spirometry market can be grouped into the following subcategories based on application:
The diagnosis sub-segment can be further divided into asthma, COPD, and interstitial pulmonary fibrosis, etc. The COPD sub-segment had the greatest spirometry market share as of two years ago. There were a few reasons for this. One was that COPD is easy to diagnose early on and there are more and more people who are developing COPD globally (again, this is attributed to a rapidly aging population!)
The spirometry market can be divided into the following regions:
The North American region is expected to have the greatest spirometry market share during the period covered in this report because it has the greatest number of companies that are investing heavily in research and development. They are able to develop and launch a greater number of sophisticated spirometers that have more diverse and innovative uses.
The geriatric population in America is exploding as the baby boomers are aging. Many of these people smoked when they were younger. This is also fueling the rapid growth rate in the spirometry market in this region. Also, most hospitals in America are handsomely reimbursed for using these devices.
That said, the nations in the Asia-Pacific region and the European Union may be seeing the greatest regional growth. There are many reasons for this. One is because they are investing heavily in developing better spirometers. They are also working hard to ensure that more and more medical care settings (in their nations) have access to these spirometers and know how to use them!
The rest of the world is seeing at least respectable growth in this market because the nations there are developing the infrastructure needed to support the greater usage of these devices. They need to do this because the number of people with lung and breathing problems is growing rapidly. Part of this is because of increased pollution. However, the rise of people smoking is also a key contributor.
The spirometry market is very competitive. What accounts for this is the fact that there is a lot of money to be made (in this market) and there are few barriers to entry. Many companies (especially larger ones) around the world are noticing this and that’s why they’re entering the market at breakneck speed.
Companies are finding that they have to invest heavily in research and development to come up with newer and more innovative spirometers with more useful applications if they want to continue to develop a sustainable competitive advantage that will keep them profitable.
These companies are also finding that partnering with other successful companies can give them the edge that they need by increasing their overall resources. This is invaluable if they do research and development and continue to develop and market better products. They can also strengthen their positions in existing markets and enter new markets with ease.
Incidentally, companies find themselves in the same position when they merge with/acquire other successful companies.
Midmark Corporation is a successful American company. It became an industry leader by creating a sustainable competitive advantage. Extensive investments in research and development allowed it to do this!
List of companies
The CAGR for the spirometry market is projected to be 10.03% until 2023. The market will be worth USD 1,106.76 million by then. The North American market has the highest market share but the European Union, the Asia-Pacific region, and the rest of the world have the highest CAGR.
|Market Size||USD 849.53 million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product offered, Technology, Application, End-user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||NDD Medical Technologies Inc. (U.S.), Carefusion Corporation (U.S.), MGC Diagnostics Corporation (U.S.), Hill-Rom Holdings Inc. (U.S.), Nihon Kohden Corporation (Germany), Midmark Corporation (U.S.), Schiller AG (Switzerland), Koninklijke Philips N.V. (The Netherlands), Smiths Medical Inc. (U.S.), MGC Diagnostics Corporation (U.S.), Vitalograph (U.K.), COSMED srl (Italy)|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||The respiratory issues and high spread of diseases|
Spirometry Market: Competitive Landscape
NDD Medical Technologies, Inc., CareFusion Corporation, Nihon Kohden Corporation, Smiths Medical, Schiller AG, collectively accounted for more than 70% of the market share of the global spirometry market in 2017. These companies continue to retain their strong global presence through expansion, merger & acquisition, and extensive product portfolio.
The global spirometry market is currently dominated by NDD Medical Technologies, Inc. with 34.6% of the total market share. NDD Medical Technologies, Inc. is a medical equipment and device provider company. The company’s products include spirometers, complete portable pulmonary function equipment, pc-based spirometry, true flow ultrasound technology, respiratory therapy, and lung health.
CareFusion Corporation accounted for the second position in the global market share in spirometry market in 2017. The company is a subsidiary of Becton Dickinson, is a global corporation health care industry with product and services that helps improves the cost and safety of health care. The company develops market leading technologies for respiratory product and series ventilation. In March 2015, CareFusion joined Becton Dickinson to form a global leader in medication management and patient’s safety solutions.
Nihon Kohden Corporation held third position in the global spirometry market. The company develops, produces, and sells medical electronic equipment in Japan and internationally. It provides physiological measuring equipment, including electroencephalographs, electrocardiographs, evoked potential and electromyogram measuring systems, and polygraphs for cath labs, diagnostic information systems, and related consumables, such as recording paper, electrodes and catheters, and maintenance services.
Smiths Medical, Inc. develops, manufactures, and supplies medical devices and equipment for hospitals, emergency, home, and specialist environments. It offers emergency healthcare solutions for military and homeland defense. The products are used in adult critical care, alternate care, anesthesia, assisted reproduction, cardiac care, diabetes, medical-surgical, neo and pediatric critical care, oncology, pain management, respiratory care, and sleep medicine. The company offers its products through its sales and distribution network in the US and internationally.
Schiller is a world-leading manufacturer and supplier of devices for cardiopulmonary diagnostic, defibrillation, and patient monitoring as well as for software solutions for the medical industry. Schiller has launched a handy emergency electro-cardio scope that was ten times lighter than other devices.
In the spirometry market, numerous companies are involved in the manufacturing of the various types of spirometers. Major companies have a huge brand identity and product portfolio. These companies have adopted the organic strategy of product launches and acquisitions to gain the market. These strategies implied by the players in this market is continuous innovation and development of the new and better products to beat the opponents and strive in this big market.