NEWARK, Del, Aug. 29, 2024 (GLOBE NEWSWIRE) -- The global pulmonary function testing device market is forecasted to reach a USD 167.3 million market valuation in 2024. The subject market shall advance at a CAGR of 4.8% to reach USD 268.0 million by 2034. Various market drivers can be identified to fuel the growth of the subject market.
Chronic respiratory diseases are seen to have increased in the past few years. The main reason behind this is the traces of the COVID-19 virus and its variants. These diseases have created serious breathing issues for many people, which require pulmonary function assistance. Therefore, this is the fundamental driver for the subject market.
Technological development has helped various healthcare sector players innovate their products and services. This innovation delivers optimum comfort to patients and surgeons. Consequently, integrating technology into traditional systems is encouraged, propelling market growth.
Key players and governments have made investments in improving the healthcare sector. This encourages existing players to innovate their products and services in the global pulmonary function testing device market, another crucial market driver for the subject market.
Despite various drivers, it needs to be noted that the subject market needs to advance more promisingly, which was the case in the historic period. The main reason behind this is the decline in cases caused by the COVID-19 pandemic. Due to a significant decrease, the urgency of pulmonary testing devices has yet to be seen, which reduces the demand. Hence, this is one of the barriers for the market under consideration, causing it to retard the growth rate.
Apart from this, the affordability of testing equipment is under question. Due to this, the target audience of the subject market is limited. Consequently, the growth opportunities for the market are reduced drastically.
“The spirometry tests form a substantial market segment that has the potential to drive the market under consideration, holding about 46% of the market share. This allows the subject market to get influenced due to the surge in the demand for the test kits ordered by hospitals and clinics,” Says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Pulmonary Function Testing Device Market Study:
- The South Korean market registers the highest CAGR of 7.0% in the subject market for the forecasted period.
- The Japanese market registers the second-fastest growth rate among the Asian market at a CAGR of 6.4%.
- The next decade shall help the American market to advance at a moderate CAGR of 5.1%.
- Handheld devices are the market segment for the global pulmonary function testing device market that secures 60% of the market share, which is the largest.
Full Report URL: https://www.futuremarketinsights.com/reports/pulmonary-function-testing-device-market
Competitive Landscape
Various competitors within the global pulmonary function testing device market actively participate in helping the market grow. Additionally, these players develop their products and services to help respective segments contribute significantly to the market's growth.
- In May 2023, Medtronic acquired EOFlow Co. Ltd. This strategic move has helped the organization explore the market and diversify its existing offerings to expand in the market.
- In February 2024, Philips developed a high-power and fast-motorized mobile C-arm that will help surgeons deliver better surgeries. This will also help them treat patients better, thereby giving them better comfort.
Key Players of Pulmonary Function Testing Device Market:
- Koninklijke Philips N.V.
- Medical Equipment Europe
- Medtronic
- Minato Holdings Inc.
- Morgan Scientific Inc.
Pulmonary Function Testing Device Market Key Segments:
By Product Type:
- Handheld
- Tabletop
By Test Type:
- Spirometry
- Lung Volume Test
- Gas Diffusion Test
- Exercise Stress Test
- High Altitude Simulation Testing
- Others
By Application:
- Chronic Obstructive Pulmonary Disease
- Asthma
- Pulmonary Fibrosis
- Others
By End Use:
- Hospitals & Clinics
- Diagnostic Centers
- Homecare Settings
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Author by:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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