Spirometer Market Size Is Expected To Reach Around USD 1.53 Billion By 2026
The global spirometer market size is expected to reach USD 1.53 billion by 2026, according to a new report by Grand View Research, Inc., expanding at a CAGR of 9.6% over the forecast period. The prevalence of chronic respiratory diseases is rising worldwide among adults as well as children. Over 2 billion people are currently estimated to be exposed to air pollution on a regular basis, driving the incidence rate of respiratory disorders. Diagnosis and monitoring of respiratory diseases have become crucial in hospitals as well as home settings.
Around 230 million people are affected by asthma across the globe. In addition, around 30% of pediatric hospitalizations are attributed to asthma. Asthma and related respiratory disorders have been increasing due to worsening environmental conditions. Spirometry is an effective method to diagnose and monitor respiratory health. The American Thoracic Society and the European Respiratory Society have been proactively working on the standardization of spirometry measurements and global guidelines.
The developed countries such as the U.S. have standard reimbursement policies dedicated for spirometry through Medicare, Medicaid, and third-party insurance. The national spirometry amounts were increased due to revised Medicare Fee Schedule, 2018.
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Further key findings from the report suggest:
- The steadfast increase in the incidence of chronic obtrusive pulmonary diseases (COPD) and adoption of technological advanced diagnostic devices are some of the key factors responsible for the growth of spirometers market across the globe
- Table top spirometers dominated the type segment in terms of revenue share in the year 2018 as table top spirometers are widely used in the hospitals, clinics, and other diagnostic centers
- Desktop spirometers are likely to witness the fastest growth in the coming years as the computer based spirometry has become more popular among the physicians as it reduces paperwork and offers automatic result interpretation
- Flow measurement spirometers dominated the technology segment in terms of revenue share in the year 2018. On the other hand, peak flow measurement spirometers are anticipated to grow at the fastest rate over the forecast period.
- Among the applications, COPD held majority of the market share in 2018 pertaining to the steep rise in cases of COPD across the globe. Whereas, asthma is expected to grow at the fastest rate in the years to come.
- In the end use segment, hospitals and clinics held the largest market share in 2018 due to the extensive use of spirometry in primary care settings. However, home healthcare segment is likely to experience impressive growth rate in the coming years.
- North America dominated the market in terms of revenue share in 2018 as it has a large patient base with respiratory disorders. On the other hand, Asia Pacific region is expected to showcase the fastest growth rate due to the emerging economies such as China and India.
- Some of the key players in the spirometer market include Smiths Medical, Schiller AG, Nihon Kohden Corporation, Vyaire Medical, Inc., SIBELMED, etc.
Access Press Release of Spirometer Market @ www.grandviewresearch.com/press-release/global-spirometer-market