Pulmonary Function Testing Devices Market to Reach $3.5 Billion, Globally, by 2031 at 6.4% CAGR: Allied Market Research

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Sep 26, 2022, 08:00 ET

Rise in the prevalence of lung cancer and lung-related disorders, increased demand for minimally invasive tests for lung diseases, and surge in R&D activity for pulmonary function testing devices drive the global pulmonary function testing devices market.

PORTLAND, Ore., Sept. 26, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Pulmonary Function Testing Devices Market by Product (Portable PFT Devices, Complete PFT Devices), by Test Type (Spirometry, Peak flow meter, Lung Volume Test, Gas Exchange Testing, Maximal Voluntary Ventilation, Others), by Application (Chronic Obstructive Pulmonary Disease, Asthma, Chronic Shortness of Breath, Restrictive Lung Disease, Others), by End user (Hospital, Clinical laboratories, Diagnostic Laboratories, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global pulmonary function testing devices market industry generated $1.9 billion in 2021, and is estimated to reach $3.5 billion by 2031, witnessing a CAGR of 6.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers and Opportunities

Rise in the prevalence of lung cancer and lung-related disorders, surge in the geriatric population, increase in the adoption of technologically advanced medical devices worldwide, spike in the demand for minimally invasive tests for lung diseases, growing R&D activity for pulmonary function testing devices, and mounting healthcare expenditures drive the growth of the global pulmonary function testing devices market. However, the high cost of medical devices and a lack of awareness regarding pulmonary tests among patients hamper the market growth. On the other hand, the emerging healthcare market in developing countries offer lucrative growth opportunity for the market.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic has a positive impact on the growth of the pulmonary function testing devices market.
Coronavirus causes a detrimental effect on the lungs. Hence, the demand for medical equipment or device increased during the pandemic owing to surge in demand for pulmonary test to diagnose the disease or check the efficacy of the lungs.
Furthermore, the demand for pulmonary function test (PFT) tool also increased during the pandemic as it is a valuable tool for assessing respiratory diseases. Spirometry is the key diagnostic test for airway diseases such as asthma and chronic obstructive pulmonary disease (COPD), and is the most commonly performed test.

The portable PFT devices market segment to rule the roost during the forecast period

Based on product, the portable PFT devices segment was the largest market in 2021, contributing to nearly three-fifths of the global pulmonary function testing devices market, and is expected to maintain its leadership status during the forecast period. Moreover, the same segment is projected to witness the largest CAGR of 6.8% from 2022 to 2031. The growth of the segment is attributed to the rise in the prevalence of lung cancer and other lung-related disorders which increases the demand for non-invasive tests that measure the capacity of lungs.

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The spirometry segment to maintain its dominance during the forecast period

Based on test type, the spirometry segment held the largest market share of nearly two-thirds of the global pulmonary function testing devices market in 2021, and is expected to maintain its dominance during the forecast period. Moreover, the same segment is projected to witness the largest CAGR of 7.0% from 2022 to 2031. The growth of the segment is due to an increase in the prevalence of asthma and other lung-related disorders across the world.

The chronic obstructive pulmonary disease segment to maintain its dominance during the forecast period

Based on application, the chronic obstructive pulmonary disease segment held the largest market share of nearly two-fifths of the global pulmonary function testing devices market in 2021, and is expected to maintain its dominance during the forecast period. Moreover, the same segment is projected to witness the largest CAGR of 7.3% from 2022 to 2031. This is due to the rise in the geriatric population and an increase in the prevalence of COPD among adults.

North America to dominate the market by 2031

Based on region, North America was the largest market in 2021, capturing around two-fifths of the global pulmonary function testing devices market, and is expected to lead the trail during the forecast period, owing to the increase in healthcare expenditure and the presence of major players in the region. However, Asia-Pacific is projected to manifest the fastest CAGR of 7.4% during the forecast period, owing to a rise in the prevalence of chronic diseases and an increase in the geriatric population in developing countries such as India and China.

Leading Market Players

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
Vyaire Medical Inc.

The report provides a detailed analysis of these key players of the global pulmonary function testing devices market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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