Rising prevalence of lung cancer and lung-related disorders, increased demand for minimally invasive tests for lung disease, and increased R&D activity for lung function testing devices are driving the global pulmonary function testing devices market.
PORTLAND, Oregon., September 26, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “Lung Function Testing Devices Market By Product (Portable PFT Devices, Full-Line PFT Devices), By Test Type (Spirometry, Peak Flow Meter, Lung Volume Test, Gas Exchange Test, Maximum Voluntary Ventilation, Others) ), by Application (Chronic Obstructive Pulmonary Disease, Asthma, Chronic Shortness of Breath, Restrictive Lung Disease, Others), By End User (Hospital, Clinical Laboratories, Diagnostic Laboratories, Others): Global Opportunities Analysis and Industry Forecast, 2021 -2031.” According to the report, the global Pulmonary Function Testing Devices Market industry generated $1.9 billion in 2021, and should reach $3.5 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, major segments, major investment pockets, value chain, regional landscape and competitive scenario.
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Drivers and Opportunities
Increasing prevalence of lung cancer and lung disorders, increasing geriatric population, increasing adoption of technologically advanced medical devices globally, increasing demand for minimally invasive tests for lung diseases, increasing activity of R&D for pulmonary function testing devices, and increasing healthcare expenditures are driving the growth of the global pulmonary function testing devices market. However, high cost of medical devices and lack of patient awareness about lung testing is hampering the market growth. On the other hand, the emerging healthcare market in developing countries provides a lucrative growth opportunity for the market.
- The outbreak of the Covid-19 pandemic is having a positive impact on the growth of the lung function testing devices market.
- The coronavirus has a detrimental effect on the lungs. Hence, the demand for medical equipment or devices has increased during the pandemic due to the surge in demand for lung tests to diagnose disease or check lung efficiency.
- Additionally, the demand for Pulmonary Function Testing (PFT) tool has also increased during the pandemic as it is a valuable tool to assess respiratory diseases. Spirometry is the key diagnostic test for airway diseases such as asthma and chronic obstructive pulmonary disease (COPD), and is the most commonly performed test.
The Wearable PFT Devices Market Segment to Rule the Forecast Period
Based on product, the portable PFT device segment was the largest market in 2021, contributing nearly three-fifths of the global pulmonary function testing device market, and is expected to maintain its leading status during the period. forecast. Moreover, the same segment is expected to witness the largest CAGR of 6.8% from 2022 to 2031. The growth of the segment is attributed to the increase in the prevalence of lung cancer and other lung disorders, which increases the demand for non-invasive products. tests that measure lung capacity.
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The Spirometry segment to maintain its dominance during the forecast period
Based on test type, the spirometry segment held the largest market share of almost two-thirds of the global lung function testing devices market in 2021, and is expected to maintain its dominance during the period of forecast. Moreover, the same segment is expected to witness the largest CAGR of 7.0% from 2022 to 2031. The growth of the segment is due to an increase in the prevalence of asthma and other lung disorders globally.
Chronic Obstructive Pulmonary Disease Segment to Maintain its Dominance Over the Forecast Period
Based on applications, chronic obstructive pulmonary disease segment held the largest market share of nearly two-fifths of the global pulmonary function testing devices market in 2021 and is expected to maintain its dominance during the forecast period. . Moreover, the same segment is expected to experience the largest CAGR of 7.3% from 2022 to 2031. This is due to the increase in the geriatric population and an increase in the prevalence of COPD among adults.
North America dominate the market by 2031
Based on the region, North America was the largest market in 2021, capturing around two-fifths of the global lung function testing devices market, and is expected to lead the way during the forecast period, owing to increasing healthcare expenditure and the presence of major players in the region. However, Asia Pacific is expected to manifest the fastest CAGR of 7.4% during the forecast period, owing to an increase in the prevalence of chronic diseases and an increase in the geriatric population in developing countries such as India and China.
Main market players
- Breast MI Inc.
- Clarity Medical Pvt. ltd.
- Cosmed srl
- Data Sciences International Inc.
- Eco Medics AG
- Geratherm Medical AG
- JK Medical System Pvt. ltd.
- Medical electronics construction
- Medical Equipment Europe GmbH
- MGC Diagnostics Corporation
- Morgan Scientific Inc.
- NDD Medical Technologies Inc.
- Omron Company
- Pulm One Advanced Medical Devices Ltd.
- Schiller AG
- Koko LLC
- Vyaire Medical Inc.
The report provides a detailed analysis of these key players of the global Pulmonary Function Testing Devices Market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of each market player.
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