Lung Assessment Devices Market, By Type, By End-User, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2023-2030
Lung assessment Devices Market size was valued at USD 11,400 Million in 2022, expanding at a CAGR of 8.4% from 2023 to 2030.
Lung assessment devices are essential medical instruments that are specifically designed to evaluate the functionality and overall health of the lungs. These devices play a critical role in the diagnosis and monitoring of various respiratory conditions, including asthma, chronic obstructive pulmonary disease (COPD), and other lung diseases. To conduct a systematic respiratory assessment, it is imperative to begin with a comprehensive patient history. This should include inquiries about any previous respiratory illnesses, chronic respiratory conditions, and the patient's cardiovascular health. In cases where the patient is experiencing an infection or respiratory distress, it is crucial to gather as much information as possible about the events leading up to the emergency. Additionally, it is important to inquire about the patient's vaccine history. Overall, these lung assessment devices are indispensable in the diagnosis, management, and monitoring of respiratory conditions.
Lung Assessment Devices Market- Market Dynamics
The increasing prevalence of respiratory diseases and the growing aging population are anticipated to drive the demand for Lung Assessment Devices in the market
As the world's population ages, there is an increasing need for healthcare solutions that address age-related respiratory issues. Lung assessment devices are crucial in meeting the diagnostic and monitoring needs of the elderly. The World Health Organization predicts that by 2050, 80% of older individuals will reside in low- and middle-income countries, where the use of lung assessment devices is closely linked to the prevalence of respiratory diseases. These devices aid in early diagnosis, treatment planning, and ongoing monitoring, leading to better management of respiratory conditions. In 2020, respiratory diseases accounted for 6.7% of all deaths in the EU, according to Eurostat statistics. The market for lung assessment devices is expected to provide growth opportunities due to ongoing technological advancements, such as spirometers and telehealth-compatible tools. However, market growth is hindered by limited accessibility in developing regions.
Lung Assessment Devices Market- Key Insights
As per the analysis shared by our research analyst, the global Lung Assessment Devices market is estimated to grow annually at a CAGR of around 8.4% over the forecast period (2023-2030)
Based on Type segmentation, spirometers were predicted to show maximum market share in the year 2022
Based on End-User segmentation, Hospitals was the leading type in 2022
On the basis of region, North America was the leading revenue generator in 2022
The Global Lung assessment devices Market is segmented based on Type, End-User and Region.
The market is divided into two categories based on Type: spirometers, mechanical ventilators, pulse oximeters, polysomnographic devices, positive airway pressure devices, oxygen concentrators, nebulizers, and respiratory consumables. Spirometers hold a prominent position in the market as they are extensively utilized for measuring lung function. These devices assess the volume and flow of air during inhalation and exhalation, making them indispensable in the diagnosis of respiratory conditions like asthma and chronic obstructive pulmonary disease (COPD).
The market is divided into three categories based on End-User: Hospitals, Home Care, and Diagnostic laboratories. Hospitals sector dominates the market. Hospitals serve as essential institutions for providing comprehensive healthcare services, encompassing diagnostic evaluations for respiratory ailments. Within hospitals, lung assessment tools like spirometers and peak flow meters are commonly employed to assess lung functionality.
Geographically, the market for Lung Assessment Devices is spread across various regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The growth of the Lung Assessment Devices Market is expected to be dominated by North America, primarily due to the increasing adoption of Telehealth and Remote Monitoring, as well as the continuous research and development efforts in this field. These devices play a crucial role in remote patient monitoring programs, enabling healthcare providers to assess lung function and respiratory health from a distance. According to statistics on Remote Patient Monitoring, the utilization of RPM and telehealth services has witnessed a significant increase of 38 times since 2020. It is estimated that by 2025, around 70.6 million patients in the United States, accounting for 26.2% of the population, will be utilizing RPM tools. Furthermore, the ongoing research and development activities contribute to the introduction of more advanced and sophisticated lung assessment devices. Europe holds the second-largest market share in the Lung Assessment Devices Market, primarily due to its advanced healthcare infrastructure.
Manufacturers in the Lung Assessment Devices Market are actively exploring technological advancements to gain a competitive edge. Companies that are at the forefront of technology may have an advantage over their competitors. One important aspect that these companies consider is how well they adhere to regulatory standards. Compliance with these standards is crucial in the medical devices industry, and companies that demonstrate strong regulatory adherence may have a competitive advantage. It is also essential to investigate the technological innovations integrated into Lung Assessment Devices by different companies. Those companies that leverage advanced technologies may have a significant competitive edge. For instance, on SEP 7, 2022, Medtronic plc, a renowned healthcare technology leader, announced the FDA 510(k) clearance for their RespArray patient monitor, specifically designed for procedural sedation and medical-surgical units.
Recent Developments:
In 26 November 2021 - GE Healthcare and Optellum broadcast that they have inked a message of intent to join hands in modern precision diagnosis and therapy of lung cancer. GE Healthcare is a global leader in medical imaging solutions. Optellum is the leader in AI decision support for the early diagnosis and optimal treatment of lung cancer.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL LUNG ASSESSMENT DEVICES MARKET KEY PLAYERS
Inogen Inc.
Dragerwerk AG & Co. KGaA
General Electric Healthcare Limited
Smith's Medical
Koninklijke Philips N.V.
Medtronic plc.
Hamilton Medical AG
ResMed Inc.
Fisher & Paykel Healthcare Limited
Teleflex Incorporated
Massimo Corporation
Others
GLOBAL LUNG ASSESSMENT DEVICES MARKET, BY TYPE
Spirometers
Mechanical ventilators
Pulse oximeters
Polysomnographic devices
Positive airway pressure devices
Oxygen concentrators
Nebulizers
Respiratory consumables
GLOBAL LUNG ASSESSMENT DEVICES MARKET, BY END-USER
Hospitals
Home Care
Diagnostic laboratories
GLOBAL LUNG ASSESSMENT DEVICES MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. Lung Assessment Devices Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Lung Assessment Devices Market Snippet by Type
2.1.2. Lung Assessment Devices Market Snippet by End-user
2.1.3. Lung Assessment Devices Market Snippet by Country
2.1.4. Lung Assessment Devices Market Snippet by Region