Pulmonary Function Testing System Market Size to Surpass USD 214.1 Million by 2030, exhibiting a CAGR of 4.4%
As per the report by Fortune Business Insights, the global Pulmonary Function Testing System Market size is projected to reach USD 214.1 million in 2030, at a CAGR of 4.4% during the forecast period, 2023-2030
Pulmonary Function Testing System Market
Pune, India, Sept. 14, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global Pulmonary Function Testing System Market Size was valued at USD 152.3 million in 2022 and is projected to grow from USD 158.1 million in 2023 to USD 214.1 million by 2030, exhibiting a CAGR of 4.4% during the forecast period.
Pulmonary Function Testing (PFT) system is a device that conducts a wide range of tests to detect a patient’s pulmonary functioning. These tests include nitrogen washout, respiratory mechanics, lung volumes, spirometry, vital capacity, diffusion capacity, and plethysmography. These devices play a vital role in closely monitoring patients diagnosed with severe respiratory ailments such as COPD and asthma. The rising incidence of these diseases is expected to fuel the market growth.
Fortune Business Insights™ provides this information in its research report titled Pulmonary Function Testing System Market, 2023-2030.
Key Industry Development-
June 2021 – KoKo PFT announced a joint production partnership with EirMed to manufacture respiratory medical devices.
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Key Takeaways –
- Pulmonary Function Testing System Market size in North America was USD 63.4 million in 2022
- Increasing Prevalence of Respiratory Diseases to Drive Market Growth
- Rising Awareness of Early Diagnosis and Advancements of Testing Systems to Propel Market Progress
- The complete segment is expected to hold a major market share during the projected period.
Discover the Leading Players Featured in the Report-
- COSMED srl (Italy)
- MGC Diagnostics Corporation (U.S.)
- PulmOne Advanced Medical Devices (Israel)
- CHEST M.I., Inc. (Japan)
- VYAIRE MEDICAL, INC. (U.S.)
- KoKo PFT (U.S.)
- Medical Electronic Construction (Belgium)
Report Scope & Segmentation:
|Forecast Period||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR||4.4%|
|2030 Value Projection||USD 214.1 Million|
|Pulmonary Function Testing System Market Size in 2022||USD 152.3 Million|
|Historical Data for||2019 to 2021|
|No. of Pages||108|
|Segments Covered||Type, End-user and Geography|
Browse Complete Report Details- https://www.fortunebusinessinsights.com/industry-reports/pulmonary-function-testing-systems-market-101158
Drivers & Restraints:
Rising Cases of Respiratory Ailments to Boost Market Growth
The incidence of respiratory disorders has been on the rise in recent years. Ailments, such as asthma, Chronic Obstructive Pulmonary Disease (COPD), occupational lung diseases, and lung cancer, have also increased the global fatality rate. While detecting diseases like COPD and other chronic breathing disorders, checking the lung capacity is quite important. A pulmonary function testing system can help medical professionals measure the patient’s lung capacity and other parameters by using different tests such as plethysmography and spirometry. These factors will boost the pulmonary function testing system market growth.
However, the growing risk of cross-contamination and the dearth of highly trained medical professionals can impede the market progress.
By End User
- Physical Examination (Diagnostic) Centers
- Physician Groups (Clinics)
North America to Lead Stoked by Increasing Usage of Devices
The North America market was worth USD 63.4 million in 2022 and is estimated to record a significant CAGR during the forecast period. The growth is owing to the speedy implementation of portable pulmonary function testing systems and rising utilization of these devices in physician groups (clinics) in the region.
The Europe market is estimated to register a reasonable CAGR during the forecast timeframe. The growth is owing to the surging number of patients suffering from COPD and asthma and increasing number of appointments to independent physician clinics to detect these ailments.
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Key Companies’ Robust Product Portfolios to Help Strengthen their Market Presence
Some of the leading players of pulmonary function testing system are focusing on creating a strong product portfolio and securing the required approvals to increase their market share. They are also increasing their efforts to introduce new products in the market. Some of the top market players include MGC Diagnostics Corporation, VYAIRE MEDICAL, INC., KoKo PFT, ndd Medizintechnik AG, and CHEST M.I., Inc.
How big is the Pulmonary Function Testing System Market?
Pulmonary Function Testing System Market size was USD 152.3 million in 2022. It is expected to reach USD 214.1 million in 2030.
How fast is the Pulmonary Function Testing System Market growing?
The Pulmonary Function Testing System Market will exhibit a CAGR of 4.4% during the forecast period, 2023-2030.
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