About the Spirometer Market
A spirometer is a medical apparatus used to measure the volume of air inspired and expired by the lungs. The device produces a spirogram that is a graphic record of the ventilation patterns of the lungs. Spirometers are used for basic pulmonary function tests (PFTs) to help detect respiratory diseases such as asthma, bronchitis, and emphysema.
Technavio’s analysts forecast the global spirometer market to grow at a CAGR of 8.31% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global spirometer market for 2016-2020. To calculate the market size, Technavio considers the revenue generated from the total consumption of spirometer globally. The report does not include revenue generated from the aftermarket service of the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Spirometer Market 2016-2020
Technavio recognizes the following companies as the key players in the global spirometer market: Becton, Dickinson and Company, MIR, Philips Healthcare, Schiller, and Welch Allyn.
Other Prominent Vendors in the market are: Cardiotech, Contec Medical Systems, Fukuda Sangyo, Geratherm Respiratory GmbH, Jones Medical Instruments, MGC Diagnostics, nSpire Health, nSpire Health, Thor Medical Systems, and Vitalograph.
Commenting on the report, an analyst from Technavio’s team said: “An emerging trend in the market is the growing popularity of home healthcare. Home healthcare includes a wide range of medical products (which include heart rate monitors, blood glucose level indicators, and nebulizers), services, and solutions that provide health monitoring, treatment, and physical support to patients or customers at home. With the global home healthcare market growing at a CAGR of 8.85% between 2015 and 2020, the demand for home health diagnostic products, such as portable respiratory care devices, is expected to increase during the forecast period.”
According to the report, increasing expenditures on healthcare will be a key growth driver for this market. Expenditures on healthcare have increased from 9.6% of the global GDP in 2008 to 10.1% of the GDP in 2015. Developed countries like the US have made the highest increase when it comes to healthcare expenditures. Healthcare expenditure in the US increased from 15.3% of the country's GDP in 2006 to over 17.2% of the GDP by the end of 2015. Emerging economies such as India showed an insignificant increase from 4.4% in 2006 to 4.7% in 2015. However, these economies are likely to pick up the pace during the forecast period and grow relatively faster than developed economies.
Further, the report states that the long replacement cycle of spirometers will act as a major challenge for the market. On an average, a table-top spirometer costs well over $450. With the high initial cost of the instrument and a useful life of between four and six years, the probability of replacement of these instruments during the first three years of purchase is extremely low. The services provided by the manufacturers and dealers are limited to the assembling of the products, which further reduces the interaction between a seller and a customer.
Becton, Dickinson and Company, MIR, Philips Healthcare, Schiller, Welch Allyn, Cardiotech, Contec Medical Systems, Fukuda Sangyo, Geratherm Respiratory GmbH, Jones Medical Instruments, MGC Diagnostics, nSpire Health, nSpire Health, Thor Medical Systems, and Vitalograph.