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%. Opportunities for growth of the market exist in emerging economies on account of increasing pollution levels and rising awareness regarding COPD and other respiratory conditions. The report studies the market on the basis of product type, mechanism, application, end user, and region.
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Recent developments in Spirometer Market:
• In 2018, Schiller AG launched the CARDIOVIT CS-200 Office ErgoSpiro system
• In 2017, Vitalograph launched the Vitalograph Micro
• In 2015, MIR launched the Smart one Spirometer
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.
The spirometer market is highly consolidated in nature, with a few players offering a variety of products. The major players operating in this market are Hill Rom (US), Vyaire Medical (US), Fukuda Sangyo (Japan), Chest MI (Japan), Schiller AG (Switzerland), MGC Diagnostics (US), Medical International Research (Italy), NDD Medical Technologies (Switzerland), Vitalograph (UK), and MidMark Corporation (US).
The key strategies followed by most companies in the spirometer market are product launches and partnerships. These two strategies accounted for the largest share of the overall growth strategies mapped from 2015 to 2018.
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Hill-Rom is the largest player in the spirometer market. The company focuses on the development of devices, consumables, accessories, and software required to perform spirometer tests. These products are sold under the brand Welch Allyn. The company also invests a significant amount on research and development activities. In 2018, it spent ~5% of its revenue on R&D activities. The company has a global presence through its own subsidiaries as well as a network of distributors. Hill Rom has become a key player in the market after its acquisition of Welch Allyn.
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