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.
NEWARK, Del, Aug. 29, 2024 (GLOBE NEWSWIRE) — The global pulmonary function testing device market is forecasted to reach a USD 167.3 million market valuation in 2024. The subject market shall advance at a CAGR of 4.8% to reach USD 268.0 million by 2034. Various market drivers can be identified to fuel the growth of the subject market.
Chronic respiratory diseases are seen to have increased in the past few years. The main reason behind this is the traces of the COVID-19 virus and its variants. These diseases have created serious breathing issues for many people, which require pulmonary function assistance. Therefore, this is the fundamental driver for the subject market.
Technological development has helped various healthcare sector players innovate their products and services. This innovation delivers optimum comfort to patients and surgeons. Consequently, integrating technology into traditional systems is encouraged, propelling market growth.
Key players and governments have made investments in improving the healthcare sector. This encourages existing players to innovate their products and services in the global pulmonary function testing device market, another crucial market driver for the subject market.
Despite various drivers, it needs to be noted that the subject market needs to advance more promisingly, which was the case in the historic period. The main reason behind this is the decline in cases caused by the COVID-19 pandemic. Due to a significant decrease, the urgency of pulmonary testing devices has yet to be seen, which reduces the demand. Hence, this is one of the barriers for the market under consideration, causing it to retard the growth rate.
Apart from this, the affordability of testing equipment is under question. Due to this, the target audience of the subject market is limited. Consequently, the growth opportunities for the market are reduced drastically.
“The spirometry tests form a substantial market segment that has the potential to drive the market under consideration, holding about 46% of the market share. This allows the subject market to get influenced due to the surge in the demand for the test kits ordered by hospitals and clinics,” Says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Pulmonary Function Testing Device Market Study:
- The South Korean market registers the highest CAGR of 7.0% in the subject market for the forecasted period.
- The Japanese market registers the second-fastest growth rate among the Asian market at a CAGR of 6.4%.
- The next decade shall help the American market to advance at a moderate CAGR of 5.1%.
- Handheld devices are the market segment for the global pulmonary function testing device market that secures 60% of the market share, which is the largest.
Full Report URL: https://www.futuremarketinsights.com/reports/pulmonary-function-testing-device-market
Competitive Landscape
Various competitors within the global pulmonary function testing device market actively participate in helping the market grow. Additionally, these players develop their products and services to help respective segments contribute significantly to the market’s growth.
- In May 2023, Medtronic acquired EOFlow Co. Ltd. This strategic move has helped the organization explore the market and diversify its existing offerings to expand in the market.
- In February 2024, Philips developed a high-power and fast-motorized mobile C-arm that will help surgeons deliver better surgeries. This will also help them treat patients better, thereby giving them better comfort.
Key Players of Pulmonary Function Testing Device Market:
- Koninklijke Philips N.V.
- Medical Equipment Europe
- Medtronic
- Minato Holdings Inc.
- Morgan Scientific Inc.
Pulmonary Function Testing Device Market Key Segments:
By Product Type:
- Handheld
- Tabletop
By Test Type:
- Spirometry
- Lung Volume Test
- Gas Diffusion Test
- Exercise Stress Test
- High Altitude Simulation Testing
- Others
By Application:
- Chronic Obstructive Pulmonary Disease
- Asthma
- Pulmonary Fibrosis
- Others
By End Use:
- Hospitals & Clinics
- Diagnostic Centers
- Homecare Settings
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Author by:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
Have a Look at the Related Report from the Pulmonary Function Testing Device Market:
The pulmonary fibrosis biomarker market is projected to increase from USD 4,353.0 million in 2024 to USD 6,538.4 million by 2034.
The pulmonary arterial hypertension treatment market size is projected to be worth USD 5,811.5 million in 2023. The market is likely to reach USD 7,224.4 million by 2033.
The global chronic pulmonary hypertension treatment market is expected to garner a market value of USD 7 billion in 2023 and is expected to accumulate a market value of US$ 11.4 billion by registering a CAGR of 5% in the forecast period 2023 to 2033.
The global idiopathic pulmonary fibrosis management market is expected to garner a market value of USD 3145 Million in 2023 and is expected to accumulate a market value of USD 3649.90 Million by registering a CAGR of 1.5% in the forecast period 2023 to 2033.
The global portable medical devices market is projected to expand at a CAGR of 10.7% during the forecast period. The market is estimated to generate market revenue of USD 163.84 billion by 2033, increasing from USD 59.28 billion in 2023.
The thyroid function test market is valued at USD 1.75 billion in 2023. The thyroid function test market is expected to reach USD 2.64 billion by 2033. Thyroid function test market revenue will continue to expand at a CAGR of 4.2%.
The point of care blood testing devices market is forecasted to be valued at US$ 49,973.6 million by 2032, up from US$ 15,362.4 million in 2022, advancing at a CAGR of 11.3% during the forecast period.
In 2022, the worldwide home blood testing devices market was estimated to be worth USD 14.76 billion. This market is predicted to generate USD 16.35 billion in revenue by 2023, and USD 45.6 billion by 2033, with a CAGR of 10.8% from 2023 to 2033.
The global preclinical medical device testing services market garnered a market value of USD 2.8 Billion in 2022 and is expected to accumulate a market value of USD 6.63 Billion by registering a CAGR of 9% in the forecast period 2022-2032.
According to Future Market Insights research, during the projected period, the global medical device analytical testing outsourcing market is expected to expand at a CAGR of 6.4%. The industry value is projected to increase from USD 5,844 million in 2024 to USD 10,867.3 million by 2034.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
- Meet What’s New with Florida’s Historic Coast’s New Amenities - June 8, 2025
- ASUS Republic of Gamers Announces the ROG Xbox Ally and ROG Xbox Ally X, Raising the Standard for Gaming Handhelds - June 8, 2025
- URGN INVESTOR NEWS: UroGen Pharma Ltd. has been Sued for Securities Fraud – Contact BFA Law before July 28 Deadline (NASDAQ:URGN) - June 8, 2025
