Spirometer: Key market research findings
- Increasing demand for affordable healthcare drives market growth
- The Americas dominate the market geographically
- Key vendors – Becton, Dickinson and Company, MIR, Philips, Schiller, and Welch Allyn
Technavio’s market research analysts predict the global spirometer market to grow at a CAGR of more than 8% between 2016 and 2020. The demand for spirometers is stimulated by the rise in medical expenditures. This rise in the expenditure on healthcare globally, particularly in emerging economies is expected to fuel the demand for spirometers in the market in the coming years. During 2015, the Americas dominated the global spirometer market with a market share of around 37%. The rising demand for affordable healthcare in this region, particularly in the US, is expected to propel growth in the spirometer market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the spirometer segments based on the application.
“Recently, there has been a rise in the preference for home healthcare. Home healthcare comprises of a wide range of medical products such as heart rate monitors, blood glucose level indicators, and nebulizers, services, and solutions that enable health monitoring, treatment, and physical support to patients or customers at their homes. The growing older population coupled with the demand for affordable healthcare is expected to further augment this shift towards home healthcare,” says Amber Chourasia, Lead Analyst, Lab Automation and Health and Wellness, Technavio Research.
By 2020, the diagnostics segment’s share is expected to remain the largest at over 58%, in spite of a drop. The major end-users of this segment include healthcare facilities, clinics, and diagnostic centers. The increasing number of devices that can accurately monitor, diagnose, and analyze the functioning of a patient’s lungs is the major driving force behind the global spirometer market. Product innovations and integration with other devices are also projected to play a key role in the growth of this segment over the next four years.
The global spirometer market is competitive due to the presence of several large, medium, and small players. There is stiff competition among the leading vendors to increase their market shares, leading to the introduction of many innovative and advanced solutions in the market. The level of competition among the vendors is expected to increase as they enter into partnerships or acquire distributors to increase their sales and expand their businesses worldwide. The key vendors in the market include Becton, Dickinson and Company, MIR, Philips, Schiller, and Welch Allyn.
A more detailed analysis is available in the Technavio report, Global Spirometer Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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