As per latest data released by Market Research Future (MRFR), the global market for Pulmonary Function Testing (PFT) Systems Market will exhibit a strong CAGR of 8.20% CAGR from 2018 to 2023. Tests involved in assessing pulmonary function are non-invasive and mainly performed to identify respiratory issues. In recent years, issues related to respiration has increased to a substantial level partly due to factors such as climate change, rising air pollution and increased consumption of cigarette. PFT systems are used for measuring lung volume, capacity, the rate of flow and gas exchange. The information derived from the test are accurate and help in diagnosing certain lung disorders as well as determining treatment or therapeutics for them.
Demand for PFT services has increased significantly thereby driving the growth of the pulmonary function testing systems market. Other factors that are reflecting favourably on the market include rising prevalence of lung cancer, rapidly expanding geriatric population, increased occurrence of obesity and increasing healthcare expenditure. The EU-28’s standardised death rate for diseases of the respiratory system was 78.3 deaths per 100 000 inhabitants in 2014. The rate of pulmonary diseases has witness a considerable uptick, making PFT systems an important medical device. However, these systems have a high price-tag, which is hampering their penetration in developing countries.
Changing life style and environmental effects are making individuals highly susceptible to various types of chronic diseases including pulmonary diseases. This continues to create application opportunities for PFT systems.
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Global Pulmonary Function Testing Systems Market: Segmental Analysis
MRFR’s report include an in-depth segmental analysis of the market based on type, test type, component, application, end-user, and region. On the basis of type, the market is segmented into complete PFT systems and portable PFT systems. The former will continue to outperform the later throughout the assessment period. In 2017, the complete PFT system accounted for more than 53% share of the market. The segment is projected to surge at 9.05% CAGR till 2023. On the basis of test type, the market is segmented into spirometry, gas exchange testing, lung volume, oxygen titration test, maximal voluntary ventilation, and high-altitude simulation testing. Among these, the spirometry segment is expected to remain highly lucrative over the next couple of years. The stood at a market valuation of USD 649.6 million 2017 and is expected witness a double-digit CAGR during the assessment period. Based on component, the market has been segmented into software, hardware and service. The software segment in expected to remain highly attractive over 2023. In 2017, the segment accounted for over one-third share of the market. Based on application, the market has been segmented into chronic shortness of breath, chronic obstructive pulmonary disease, restrictive lung disease, asthma. The chronic obstructive pulmonary disease segment currently holds the top position and the trend is likely to continue beyond 2018. Based on end-user, the market is segmented into diagnostics laboratories and hospital/clinical laboratories. The hospital/clinical laboratories segment accounted for 42.3% share of the market in 2017.
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Global Pulmonary Function Testing Systems Market: Regional Analysis
In the report, the pulmonary function testing systems market has been covered across regions such as North America, the Middle East & Africa (MEA), South America, Europe and Asia Pacific (Asia Pacific). The market in Americas is most lucrative and also makes a considerable contributes in terms of revenue. In 2017, the Americas collectively accounted for 39.0% market share followed by Europe and Asia-Pacific with 31.9% and 21.1% market share respectively.
Global Pulmonary Function Testing Systems Market: Competitive Landscape
Some of the prominent players that are currently operating in the market include COSMED srl, Schiller, CHEST M.I.,Inc, Diagnostic Corporation, Vyaire Medical, Inc, Medical Equipment Europe GmbH, ECO MEDICS AG, ndd Medical Technologies, Medical Electronic Construction and MGC