Lung Assessment Device Market Size & Share, by Type (Spirometers, Nebulizers); End-user (Hospitals, Home Care, Diagnostic Laboratories) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5210
  • Published Date: Sep 01, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Lung Assessment Device Market size is anticipated to reach USD 22 billion by the end of 2035, growing at a CAGR of 7% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of lung assessment device was over USD 12 billion. The market has been driven by factors such as the increasing prevalence of respiratory diseases, a growing aging population susceptible to such conditions, technological advancements in device design and connectivity, and a greater focus on early disease detection and management. The trend towards personalized and home-based healthcare has also contributed to the demand for portable and user-friendly lung assessment devices.

The lung assessment device market refers to the industry involved in the development, manufacturing, and distribution of medical devices designed to assess various aspects of lung health and function. These devices play a crucial role in diagnosing and monitoring respiratory conditions such as asthma, chronic obstructive pulmonary disease (COPD), lung infections, and more. They are commonly used by healthcare professionals in hospitals, clinics, and home care settings.


Lung Assessment Device Market size
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Lung Assessment Device Sector: Growth Drivers and Challenges

Growth Drivers

  • Escalating Prevalence of Respiratory Disorders – The escalating incidence of respiratory disorders, such as asthma, chronic obstructive pulmonary disease (COPD), and lung infections, is a driving force behind the expansion of the Lung Assessment Device sector. According to the World Health Organization (WHO), approximately 235 million individuals suffer from asthma globally, and over 3 million deaths are attributed to COPD each year.
  • Growing Emphasis on Early Diagnosis and Prevention: The shift towards proactive healthcare and preventive measures is propelling the demand for lung assessment devices that aid in early diagnosis. Early detection of respiratory conditions allows for timely intervention and better management.
  • Home-based Healthcare and Patient Empowerment: The trend towards home-based healthcare is fostering the development of portable lung assessment devices that empower patients to monitor their respiratory health. This trend is gaining traction, particularly in the wake of the COVID-19 pandemic.

Challenges

  • Technological Complexity and Integration: The rapid evolution of technology, while beneficial, brings forth challenges related to device complexity and seamless integration. Designing and implementing advanced features such as wireless connectivity, real-time data transmission, and user-friendly interfaces require significant engineering expertise. Ensuring compatibility and ease of use across various platforms and devices can be a substantial undertaking.
  • Accuracy and Reliability
  • Regulatory Compliance

Lung Assessment Device Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~7%

Base Year Market Size (2022)

~ USD 12 Billion

Forecast Year Market Size (2035)

~ USD 22 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Lung Assessment Device Segmentation

Type (Spirometers, Nebulizers)

The nebulizers segment is estimated to gain the largest market share of 60% in the year 2035. Technological advancements in nebulizer design and functionality are driving the demand for these devices. The development of portable and compact nebulizers allows patients to receive treatments conveniently at home or on-the-go. Smart nebulizers equipped with connectivity features enable real-time monitoring and data sharing between patients and healthcare providers. The industry of smart inhalers and nebulizers is projected to grow by 26% by the year 2025.

End User (Hospitals, Home Care, Diagnostic Laboratories)

The hospitals segment is expected to garner a significant share in the year 2035. Hospitals play a vital role in critical care and disease management for patients with severe respiratory conditions. Lung assessment devices are instrumental in monitoring patients in intensive care units (ICUs) and guiding interventions for optimal ventilation and oxygenation. Timely and accurate assessment is crucial for improving patient outcomes. A study found that proper lung assessment and management in critically ill patients significantly impact mortality rates and overall patient care.

Our in-depth analysis of the global market includes the following segments:

             Type

  • Spirometers
  • Nebulizers

 

   

            End User

  • Hospitals
  • Home Care
  • Diagnostic Laboratories

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Lung Assessment Device Industry – Regional Synopsis

APAC Market Forecast

The lung assessment device market in the Asia Pacific region is projected to hold the largest market share of 38% by the end of 2035. The Asia Pacific region is a dynamic hub of healthcare innovation, witnessing remarkable growth in the market. As the region experiences demographic shifts, technological advancements, and evolving healthcare systems, the demand for accurate lung assessment tools is surging. The escalating burden of respiratory diseases across the Asia Pacific region is a significant driver for the market. Rapid urbanization, pollution, and changing lifestyles contribute to the rising prevalence of conditions such as asthma and chronic obstructive pulmonary disease (COPD), necessitating advanced lung assessment devices.

North American Market Statistics

The lung assessment device market in the North America region is projected to hold the second largest share during the forecast period. The high prevalence of respiratory disorders in North America serves as a significant driver for the market. Conditions such as asthma, chronic obstructive pulmonary disease (COPD), and respiratory infections are common in the region. The demand for accurate lung assessment devices for diagnosis, monitoring, and treatment is consequently robust. The American Lung Association reports that over 35 million Americans are living with asthma, and COPD affects around 16 million people in the United States.

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Lung Assessment Device Market
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Companies Dominating the Lung Assessment Device Landscape

top-features-companies
    • Philips Healthcare
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Medtronic
    • Masimo Corporation
    • GE Healthcare
    • BD (Becton, Dickinson and Company)
    • Smiths Medical
    • Teleflex Incorporated
    • Fisher & Paykel Healthcare
    • Nihon Kohden Corporation
    • CareFusion Corporation

In-the-news

In The News

  • On August 14, 2023, Exor announced that it had acquired a 10% stake in Philips for USD 10 billion. Exor is a holding company that invests in a variety of industries, including healthcare. The investment is seen as a vote of confidence in Philips' strategy and its commitment to innovation in healthcare.
  • On August 2, 2023, Philips announced that CEO Roy Jakobs had been appointed co-chair of the US National Academy of Medicine's Steering Committee on an AI Code of Conduct. The committee is tasked with developing a set of ethical principles for the development and use of artificial intelligence in healthcare.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 5210
  • Published Date: Sep 01, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand from hospitals is the major factor driving the market growth.

The market size of lung assessment device is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Philips Healthcare, Medtronic, Masimo Corporation, GE Healthcare, BD (Becton, Dickinson and Company), Smiths Medical, and others.

The hospiatals segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Lung Assessment Device Market Report Scope
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