The global “Spirometer” Market is expected to showcase an exponential growth by exhibiting a CAGR of 4.7% between 2020 and 2027. This is attributable to the increasing focus on technological advancement in spirometer owing to the rising prevalence of chronic respiratory diseases globally. Fortune Business Insights, in its latest report, titled, “Spirometer Market Size, Share & COVID-19 Impact Analysis, By Product Type (Devices, Software, Accessories & Consumables), By Type (Volume Measurement and Peak Flow Meters), By Application (Chronic Obstructive Pulmonary Disorder (COPD), Asthma, and Others), By End User (Hospitals, Diagnostic Centers, Homecare Settings, Physician/Primary Care Offices or Clinics, and Other Facilities), and Regional Forecast, 2020-2027,” observes that the market stood at USD 504.2 million in 2019 and is projected to reach USD 716.8 million by 2027.
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COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations travel bans and quarantines restaurants closed all indoor events restricted over forty countries state of emergency declared massive slowing of the IT Spending market volatility falling business confidence, growing panic among the population, and uncertainty about future.
Out research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers & acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborations that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
An Overview of the Impact of COVID-19 on this Market :
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of corona virus outbreak across industries to help you prepare for the future.
industry developments that will drive the market growth in the forthcoming years.
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COVID-19 Leads to Disruption in Supply Chain of Medical Devices
The global pandemic has led to the unavailability of locally sourced raw materials and parts across the globe. This has largely impacted the supply of medical devices, especially from the distributors in China. In addition to this, the shutting down of several Pulmonary Functions Tests (PFTs) labs, and testing centers, among others in the affected areas are expected to impact the number of patients opting for chronic obstructive pulmonary disease (COPD) treatment. This is expected to hinder growth to some extent. However, safety guidelines issued by international healthcare organizations such as the American Thoracic Society to follow amid the COVID-19 are expected to increase the test volume measurement and the demand for spirometer in the near future.
A spirometer is a type of apparatus that is used to measure the volume of air inhaled and exhaled by the lungs. It is used to diagnose COPD, asthma, and other respiratory conditions that affect breathing in patients. Additionally, it is used to periodically monitor the patient’s lung condition and check whether the treatment for his chronic lung condition is aiding in to breathe better.
Technological Advancement in Products to Surge Demand
The increasing prevalence of chronic respiratory diseases is propelling the demand for advanced spirometer across the globe. Lung function tests are vital to evaluate the proper functioning of the lungs and the increasing technological advancements are enabling the companies to invest in the development of advanced diagnostic tools. Moreover, favorable government support is driving the start-ups to develop innovative spirometer devices. This is expected to bode well for the growth of the global spirometry market during the forecast period. For instance, in January 2020, the U.S. Food and Drug Administration approved NuvoAir’s connected spirometry device for sale across the country. The portable device provides accurate indications of the prevalence of cystic fibrosis, asthma, and COPD in the patient.
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Volume Measurement Segment to Remain at the Forefront Backed by Increasing Application for Diagnostic
The volume measurement segment, based on type, is expected to remain dominant owing to the increasing demand for volume measurement tests to detect respiratory diseases.