Pulmonary Function Testing Devices Market Research, 2031
The global Pulmonary Function Testing Devices Market size market was valued at $1.9 billion in 2021, and is projected to reach $3.5 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031. Pulmonary function testing is a series of tests that can determine as well as measure the efficacy of inhaling and exhaling functions performed by the lungs. It plays a pivotal role in determining the efficient transfer of oxygen into the blood and helps in diagnosing certain types of lung diseases such as asthma, bronchitis, and emphysema, along with determining the cause of shortness of breath. Some of the common types of pulmonary function tests are spirometry, which measures how much air a person can breathe in and out. It also measures how fast a person can empty the air out of their lungs. This test is done to check how well the oxygen moves from the lungs into the bloodstream.
The key factors that drive the Pulmonary Function Testing Devices Market growth are the rise in the prevalence of lung cancer and lung-related disorders; rise in the geriatric population; and the increase in the adoption of technologically advanced medical devices across the world. In addition, rise in the demand for minimally invasive tests for lung diseases is the key factor that boosts the market growth. For instance, according to the World Health Organization, in 2020, chronic obstructive pulmonary disease (COPD) was the third leading cause of death worldwide. It was estimated that around 3.9 million people died due to COPD. Furthermore, the increase in the geriatric population and the rise in the prevalence of chronic lung diseases have increased the demand for pulmonary function testing devices for disease diagnosis across the world which further boosts the Pulmonary Function Testing Devices Market growth.
Moreover, an increase in R&D activity for pulmonary function testing devices, and a rise in healthcare expenditures further boost the growth of the market. However, the high cost of medical devices and a lack of awareness of pulmonary tests hamper the market growth. Conversely, the emerging healthcare market in developing countries is expected to provide Pulmonary Function Testing Devices Market opportunity for the key players during the forecast period.
The global Pulmonary Function Testing Devices Market size market was valued at $1.9 billion in 2021, and is projected to reach $3.5 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031. TIn addition, the market 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. On the basis of application, it is segmented into chronic obstructive pulmonary disorders, asthma, chronic shortness of breath, restrictive lung disease, and others. On the basis of 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.
Product Segment Review
By product, the market is segmented into portable PFT device and complete PFT system, the portable PFT device segment exhibited the largest Pulmonary Function Testing Devices Market share 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 of non-invasive tests that measure the capacity of lungs. The complete PFT system segment is anticipated to grow at a significant rate during the forecast period.
Test type Segment review
By test type, the pulmonary function testing devices market is segmented into spirometry, peak flow meter, 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 can be attributed to the increase in the prevalence of lung cancer and other lung-related disorders, due to rise in the environmental pollution.The peak flow meter segment is anticipated to grow at a significant rate during the forecast period.
Application Segment Review
By application, the pulmonary function testing devices market is segmented into chronic obstructive pulmonary disorders, asthma, chronic shortness of breath, restrictive lung disease, and others, the chronic obstructive pulmonary disorder segment exhibited the highest growth in 2021, and is anticipated to lead during the forecast period. Owing to the rise in the geriatric population and the increase in the prevalence of COPD, increases the demand of pulmonary function testing devices.
The asthma segment is anticipated to grow at a significant rate during the forecast period. Owing to the rise in the prevalence of allergic conditions and upper respiratory infectious diseases such as asthma.
End User Segment Review
By end user, the hospital segment was the highest revenue contributor to the pulmonary function testing devices market. Owing to the increase in the number of patients visit to hospitals for the diagnosis of lung-related disorders.
The clinical laboratories are expected to witness considerable market growth during the forecast period, owing to the growing awareness of the systematic examination of a patient's pulmonary health using chest x-rays, physical exams, arterial blood gas analysis, and a study of the patient's habits and medical history, as well as the need to limit the severity and impact of pulmonary impairments.
Region Segment Review
Region wise, the Pulmonary Function Testing Industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for a majority of the pulmonary function testing systems market share in 2021 and is anticipated to remain dominant during the forecast period. Owing to the increasing demand for advanced medical devices for the treatment and detection of such diseases and the growing R&D facilities for the approval and development of novel drug therapies & devices.
Asia-Pacific was the second largest contributor to the pulmonary function testing devices market in 2021, and is expected to register the fastest CAGR during the forecast period, owing to rapid increase in the prevalence of chronic lung diseases such as asthma, COPD, shortness of breath and various others, increases the demand of test used to diagnose chronic conditions (spirometry, lung volume, oxygen titration test and various others).
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
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the pulmonary function testing devices market analysis from 2021 to 2031 to identify the prevailing pulmonary function testing devices market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the pulmonary function testing devices market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global pulmonary function testing devices market trends, key players, market segments, application areas, and market growth strategies.
Pulmonary Function Testing Devices Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 3.5 billion |
 Growth Rate | CAGR of 6.4% |
 Forecast period | 2021 - 2031 |
 Report Pages | 341 |
 By Product |
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 By Test Type |
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 By Application |
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 By End user |
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 By Region |
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 Key Market Players | Minato Holdings Inc, SCHILLER, Ganshorn Medizin Electronic, ndd Medizintechnik AG, Medical Equipment Europe, NSPIRE HEALTH INC, MGC Diagnostics Corporation, Morgan Scientific Inc.,, CHEST M.I., Inc, COSMED srl |
Analyst Review
This section provides various opinions of top-level CXOs in the pulmonary function testing devices market. According to several interviews conducted, the pulmonary function testing devices market is expected to witness significant growth in the future, owing to the rise in the geriatric population and the increase in the prevalence of lung diseases such as asthma, emphysema, chronic obstructive pulmonary disorders, and various others.
According to the perspectives of CXOs, the pulmonary function testing devices market is expected to witness steady growth in the future. The rise in the geriatric population and the increase in lung cancer disease, along with the rise in healthcare expenditure across the world, are the key factors driving the growth of the market. In addition, the rise in technological advancement and the increase in the number of key players who develop advanced pulmonary function test solutions for disease diagnosis propel the growth of the market. However, the high cost of devices and lack of awareness are expected to hamper the growth of the market to some extent over the forecast period.
On the contrary, growing demand for such devices and the rising economies of developing countries are expected to provide opportunities for the growth of the pulmonary function testing devices market in the future.
Furthermore, North America is expected to witness the highest growth in terms of revenue, owing to advanced healthcare facilities provided by government and private authorities, and rise in R&D facilities for the approval and development of novel medical devices and drug therapies in the region are the factors which propel the growth of the market.
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 an increase in the geriatric population and the higher prevalence of COPD and other lung-related disorders in developing countries are the key factors which boost the growth of market.
The upcoming trends are the rise in the prevalence of lung cancer and lung-related disorders; the rise in the geriatric population, and the increase in adoption of technologically advanced medical devices across the world
The forecast period in the report is from 2022 to 2031
North America the largest regional market for Pulmonary Function Testing Devices
The total market value of the Pulmonary Function Testing Devices market is $ 3,483.3 million in 2031
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 are the top companies to hold the market share in Pulmonary Function Testing Devices
The market value of the Pulmonary Function Testing Devices market in 2021 was $1,865.78 Million
No, value chain analysis is provided in the Pulmonary Function Testing Devices market report
The base year for the report is 2021
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