The global Spirometer market is valued at 716.7 million US$ in 2020 is expected to reach 1452.6 million US$ by the end of 2026, growing at a CAGR of 10.5% during 2021-2026.
Due to factors like technological advancements, advancements of spirometers and innovation, the global spirometer market is expected to grow over the forecast period. According to WHO, worldwide, around 300 million are affected because of asthma and 250,0000 have died because of asthma globally. In 2019, approx. 65 million people had COPD worldwide out of which 16 million were Americans and the number is expected to grow in the future. Spirometers are widely being used treatment, monitoring, controlling, diagnosis of the respiratory illnesses. Rise in pervasiveness of respiratory disease and smoking and drinking habits fueling the market for spirometers.
Innovations in diagnostic devices mean it is not only convenient to use them but also automatic and portable and helps physicians and clinical researchers in conducting investigational studies. Due to these factors, the demand is expected to grow for spirometers over the forecast period.
The concept of providing treatment to patients in the comfort of their homes has risen the market for spirometer. The increasing population of geriatric people is also contributing in the market growth.
Factors responsible for growth of this market include aging population, technological advancements, rising incidences in smoking and asthma cases, and chronic obtrusive pulmonary diseases (COPD).In the previous year, Global Revenue of Spirometer is nearly 532 M USD; the actual production is about 750 K Units.
Top Key players in the Spirometer Market have been identified through secondary research, and their market shares have been determined through primary and secondary research. The global Spirometer Market is fragmented with a large number of small players operating worldwide. The companies referred in the market research report includes BD (CareFusion), Schiller, Hill-Rom, CHEST. MI., MIR, Vitalograph, MGC, Futuremed, Fukuda Sangyo, NDD, SDI Diagnostics, Geratherm, Cosmed, Medikro, Anhui Electronics Scientific Institute, Contec and others.
Global Spirometer Market research provides a detailed Analytical Insights of global market size, regional and country-level scope, segmentation wise growth, global share, Competition Scenario, sales analysis, impact global market players on domestic players, value chain optimization, trade regulations, Latest developments, future opportunities, product launches, expanding marketplaces, and New technological innovations.
The report offers in-depth assessment of the growth and other aspects of the Spirometer Market in important regions, including the U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, Taiwan, Southeast Asia, Mexico, and Brazil, etc. Key regions covered in the report are North America, Europe, Asia-Pacific and Latin America.
The Asia Pacific is expected to witness the fastest growth rate over the forecast period. Improving primary care initiatives for early diagnosis and management of chronic lung diseases such as asthma and COPD are expected to drive the market for spirometers in the Asia Pacific over the forecast period.
Furthermore, Asia-Pacific is anticipated to expand at a significant CAGR of 4.3% during the forecast period, owing to expeditiously improving healthcare systems and rise in healthcare expenditure and awareness regarding benefits of this technology
North America is the largest supplier of Spirometer, with a revenue market share nearly 60% in the previous year. Europe is the second-largest supplier of Spirometer, enjoying revenue market share nearly 21.6% in the previous year.
North America is the largest consumption place, with a consumption market share nearly 37.1% in the previous year. Following North America, Europe is the second-largest consumption place with the consumption market share of 27%.
Spirometer Market highlights the potential growth opportunities in upcoming years, while reviewing the market drivers, restraints, growth indicators, challenges, market dynamics, competitive landscape and other key aspects in the global market. The Global Spirometer Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry. This Research Study compares the markets of Pre COVID-19 and Post COVID-19 with the impact of COVID-19 on the regional economy.
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2021-2026. The report presents the analysis of Spirometer Market for the historical period of 2017-2021 and the forecast period of 2021-2026.
The key insights of the report have been presented through the frameworks of Major Mergers & Acquisitions, Technological Innovations, and Role of Manufacturers during COVID19 Pandemic. Additionally, the major opportunities, trends, drivers and challenges of the industry has been analyzed in the report.
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Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.