Pulmonary Function Testing Devices Market Expected to Reach $3.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Pulmonary Function Testing Devices Market," The Pulmonary Function Testing Devices Market size was valued at $1.9 billion in 2021, and is estimated to reach $3.5 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031.

Pulmonary function testing refers to devices that are utilized to identify pulmonary impairment and respiratory issues. The issues related to respiration have accelerated because of the increasing consumption of cigarettes, climate change, and increasing air pollution. These systems are used to measure the rate of flow, lung volume capacity, and gas exchange. The systems assist in diagnosing lung disorders and selecting treatments or therapeutics for lung disorders.

The key factors that drive the Pulmonary Function Testing Devices Market growth are the rise in the prevalence of lung cancer, COPD, asthma, emphysema, and others across the world. Moreover, the increase in the geriatric population is the major factor contributing to the growth of the market. For instance, elderly people are more susceptible to lung disease. According to a report published by the American Cancer Society, it was estimated that about 236,740 new cases of lung cancer was diagnosed in the U.S. in 2022. Furthermore, it was estimated that most of people diagnosed with lung cancer in the U.S. are 65 or older.

However, high cost of the pulmonary test and lack of awareness about the latest diagnosis test hinder the growth of the market. Furthermore, rapid increase in the prevalence of lung disease and rise in healthcare facilities along with surge in health expenditure among developing countries provide lucrative opportunities for the growth of the market.

The Pulmonary Function Testing Industry is segmented on the basis of test type, application, product, end user, and region. By test type, the market is segmented into spirometry, peak flow meter, lung volume, gas exchange testing, maximal voluntary ventilation, and others. By application, it is segmented into chronic obstructive pulmonary disorders, asthma, chronic shortness of breath, restrictive lung disease and others. By product, it is segmented into portable PFT devices and complete PFT systems. By end user, the market is segmented into hospitals, diagnostic centers, clinical laboratories, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of product, the market is segmented into portable PFT devices and complete PFT systems. The portable PFT device segment exhibited the highest growth in 2021 and is anticipated to lead during the forecast period, owing to the rise in the prevalence of lung cancer and other lung-related disorder which increases the demand for non-invasive tests that measure the capacity of lung.

On the basis of test type, the pulmonary function testing devices market is segmented into spirometry, lung volume, gas exchange testing, maximal voluntary ventilation, and others. In 2021, the spirometry segment accounted for the largest share of the market. The dominance of this segment is attributed to an increase in the prevalence of asthma and other lung-related disorders across the world.

On the basis of application, the market is segmented into chronic obstructive pulmonary disorders, asthma, chronic shortness of breath, restrictive lung disease, and others. The chronic obstructive pulmonary disorders segment exhibited the highest growth in 2021 and is anticipated to lead during the forecast period, owing to a rise in the geriatric population and an increase in the prevalence of COPD among adults.

By end user, the market is segmented into hospitals, clinical laboratories, diagnostic centers, and others. The hospital's segment exhibited the highest growth in 2021 and is anticipated to lead during the forecast period, owing to the increase in the number of patients visit to hospitals for the diagnosis of lung-related disorders across the world.

North America accounted for a majority of the pulmonary function testing devices market share in 2021 and is anticipated to remain dominant during the forecast period owing to the increase in healthcare expenditure and the presence of major players in the region.

Asia-Pacific was the second largest contributor to the market in 2021 and is expected to register the fastest CAGR during the forecast period, owing to a rise in the prevalence of chronic diseases and an increase in the geriatric population in developing countries like India and China.

The key players that operate in the pulmonary function testing devices market are Chest M.I Inc, Clarity Medical Pvt. Ltd., Cosmed srl, Data Sciences International Inc, Eco Medics AG, Geratherm Medical AG, JK Medical System Pvt. Ltd., Medical Electronic Construction, Medical Equipment Europe GmbH, MGC Diagnostics Corporation, Morgan Scientific Inc, NDD Medical Technologies Inc, Omron Corporation, Pulm One Advanced Medical Devices Ltd., Schiller AG, Koko LLC, and Vyaire Medical Inc.

KEY BENEFITS FOR STAKEHOLDERS

• The study provides an in-depth analysis of the pulmonary function testing systems market, and the current trends and future estimations to elucidate imminent investment pockets.
• It presents a quantitative analysis of the market from 2022 to 2031 to enable stakeholders to capitalize on the prevailing market opportunities.
• Extensive analysis of the market based on procedures and services assists to understand the trends in the industry.
• Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.