PUBLISHER: Orion Market Research | PRODUCT CODE: 1296934
PUBLISHER: Orion Market Research | PRODUCT CODE: 1296934
Title: Global Pulmonary Function Testing Market Size, Share & Trends Analysis Report by Device Type (Handheld, and Tabletop), by Product Type (Spirometry, Lung Volume Testing, Arterial Blood Gas Testing, Pulse Oximetry, and Others (Maximal Voluntary Ventilation)), by Application (Respiratory Infections, Asthma, Asbestosis, Tumors, Sarcoidosis, and Others (chest surgery), and by End User (Hospitals, Clinical Laboratories, and Diagnostics Laboratories) Forecast Period (2023-2030).
The global pulmonary function testing market is anticipated to grow at a CAGR of 8.3% during the forecast period. Global pulmonary function testing systems market demand is fueled by the rising incidence of lung-related disorders, technological advancements in pulmonary function testing systems and occupational lung diseases. For instance, in April 2023, Asan Medical Center (AMC) developed an artificial intelligence lung testing device that predicts lung function based on computed tomography (CT) test results with an accurate rate of 90% or higher. This algorithm is capable of identifying patients with decreased lung function based on CT scans. Moreover, the AI was found to predict the high-risk indicator based on both measurements forced vital capacity (FVC), and forced expiratory volume in one second (FEV1) with approximately 85% accuracy.
In addition, increasing funding by public and private organizations will further propel the market growth. In April 2023, Noah Medical raised $150 million to help build a commercial engine behind its Galaxy system, designed to perform navigated lung bronchoscopies using disposable probes. Next-generation robotics platforms such as Galaxy System are filling procedural gaps to provide superior clinical values to better serve customers' needs. The system is also equipped with what Noah has dubbed Tool-in-Lesion Tomo+ technology, or TiLT+, which provides surgeons with real-time, image-guided updates to help confirm when the biopsy tool is fully within its target tissue.
The global pulmonary function testing market is segmented based on its device type, product type, application, and end user. Based on device type, the market is bifurcated into handheld, and tabletop. Based on product type, the market is categorized into spirometry, lung volume testing, arterial blood gas testing, pulse oximetry, and others. Based on application, the market is divided into respiratory infections, asthma, asbestosis, tumors, sarcoidosis, and others. Based on end user, the market is segmented into hospitals, clinical laboratories, and diagnostics laboratories. Based on product type, the spirometry segment holds a significant market share. Increasing the use of spirometry for detecting lung infection is driving the segment growth. Spirometry tells whether the patient has a breathing problem caused by an obstruction of air that's left in his or her lungs or a restriction of air entering the lung.
Based on application, the sarcoidosis segment is projected to witness significant growth during the forecast period. An increase in awareness regarding sarcoidosis diseases, along with extensive funding provided by regulatory bodies positively influences the market growth. For instance, in October 2022, Xentria has raised $25 million in funding to further the development of XTMAB-16, its experimental antibody therapy for sarcoidosis. With this funding, the company advance the Xentria pipeline and execute against the goal of developing critical therapeutics for patients in need. Furthermore, according to the Foundation for Sarcoidosis Research, in 2021 nearly 175,000 people in the US have sarcoidosis, with an estimated 1.2 million individuals living with the disease globally.
The global pulmonary function testing market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among these, the Europe region is projected to hold a significant share in the pulmonary function testing market. A considerable increase in the incidence of chronic obstructive pulmonary diseases and asthma cases, along with numerous campaigns organized by regulatory bodies to create awareness among the people, drive the market growth.
Global Pulmonary Function Testing Market Growth, by Region 2023-2030
Source: OMR Analysis
Based on region, North America is projected to have the highest CAGR over the forecast period. Rising technological advancements in diagnostics, well-developed pulmonary healthcare infrastructure, increasing prevalence of chronic respiratory diseases, are the primary factor that boost the market growth. For instance, in September 2022, Optellum, AI Lung Cancer diagnosis innovator, secures $14million Series A funding to accelerate expansion. This first-of-a-kind platform help physicians identify and track at-risk patients, and optimally diagnose the signs of lung cancer early, so treatment can be started sooner for patients with tumors, and invasive procedures such as biopsies on benign lesions can be minimized.
Market Players Outlook
The major companies serving the global pulmonary function testing market include Ganshorn Medizin Electronic GmbH, KoKo, LLC, Koninklijke Philips N.V., Medical Electronic Corp., NDD Medical Technologies, and others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in July 2020, NDD Medical Technologies (ndd), introduced single patient-use, inline filters for its lung function testing devices in response to COVID-19. Ensuring added safety, the filters complement NDD's revolutionary, highly portable EasyOne spirometry range, including EasyOne Air, Pro, and Pro LAB. Ndd's popular spirometers are of the most sensitive devices, delivering reliable, real-time lung function results and enabling specialists diagnoses of chronic lung diseases, even at the point of care.
The Report Covers: