Global Pulmonary Function Testing Device Market Analysis – Size, Share & Forecast 2024-2034

Pulmonary Function Testing Device Market Outlook from 2024 to 2034

The global pulmonary function testing device market is likely to reach USD 167.3 million by 2024. From 2024 to 2034, the market is slated to expand at a moderate CAGR of 4.8% to reach USD 268.0 million.

Attributes	Key Insights
Estimated Market Size in 2024	USD 167.3 million
Projected Market Value in 2034	USD 268.0 million
Value-based CAGR from 2024 to 2034	4.8%

Key Market Trends and Highlights

• Chronic respiratory diseases have been rising, surging the demand for respiratory assistance and other medical testing devices.
• Governments have been taking assertive steps to spread awareness about these diseases and methods to arrest their spread.
• Technological development has allowed manufacturers to produce cutting-edge tools for pulmonary testing.
• Key market players have shown interest in developing testing kits by integrating modern technology with devices to improve accuracy.

Demand Analysis of Pulmonary Function Testing Device Market from 2019 to 2023 vs. Outlook from 2024 to 2034

The global pulmonary function testing device market rose between 2019 and 2023 at a CAGR of 6.5% to reach USD 158.1 million. This growth is attributed to the outbreak of the COVID-19 pandemic. Rising respiratory disorders surged the demand for pulmonary testing kits. This exponential rise in demand propelled the subject market growth.

The declined spike in the number of COVID-19 patients decreases the demand for pulmonary function testing devices compared to the historic period. Due to this reduced demand, a fall in the CAGR can be observed.

However, the demand for respiratory assisting devices will increase due to the increasing geriatric population in many countries, such as the United States and the United Kingdom. This shall propel the market in the forecasted period.

Due to government investments, healthcare infrastructure is developing, giving equal importance to respiratory testing devices, propelling the market in the forecasted period. Advancements in technology and integration into traditional testing units will upsurge pulmonary function testing device requirements.

Historical CAGR from 2019 to 2023	6.5%
Forecast CAGR from 2024 to 2034	4.8%

Pulmonary Function Testing Device Market Drivers

• The prevalence of chronic respiratory diseases induces a market-driving force, which surges the production of pulmonary function devices. This drives the market.
• The pulmonary function test devices are easy to use, increasing their popularity among different population classes. Thus, this proves to be an important market driver.
• Key players have integrated technology in testing devices, like AI, significantly enhancing test results' accuracy. This surges the demand for test devices to monitor an individual’s health.
• Numerous diagnostics advantages favor the use of these devices. Hence, this creates demand in the market, thereby driving the subject market.
• Governments have invested in R&D processes that fuel the upliftment of testing devices. Also, the test results delivered are more precise. Hence, this surges the market under consideration.

Pulmonary Function Testing Device Market Challenges

• Regulatory frameworks for implementing medical tests are stringent in various regions worldwide. This makes exchanging devices and relevant technology difficult, which restrains the subject market.
• From the context of affordability, pulmonary function testing devices have higher costs. This might not be affordable for all people. Due to this, the reach of the market is limited.
• Due to fierce competition, the scope for new entrants is limited. Expanding the market in developing countries might be difficult, hindering market growth.

Country-wise Analysis

As far as the forecasted market size is concerned, the United States of America outperforms all the other countries to reach USD 48.4 million by the end of the forecasted period.

The enhancement in the medical infrastructure creates many opportunities for the global pulmonary testing device market. The innovation of products and integration of modern technology, like AI, become easier, thereby driving the market in North America.

Awareness of lung-related diseases has allowed patients worldwide to become more aware of their health, which has helped the market. Rising lung diseases and government inclining toward investment in the medical sector have helped the market to grow.

Countries	Forecast CAGRs from 2024 to 2034
The United States	5.1%
The United Kingdom	6.0%
Japan	6.4%
South Korea	7.0%
China	5.6%

Pulmonary Function Testing Device Market in the United States

• The forecasted CAGR during the next decade is 5.1%.
• The total number of lung cancer cases has been rising in the United States. About 236,000 people were suffering from the disease in 2021.
• More than 26 million people have had Asthma and need medical support.
• These rising cases shall surge the subject market in the forecasted period, as the number of patients requiring monitoring and control tools will increase.
• The presence of strong medical infrastructure has been one of the major contributors to the subject market growth in the region.
• New entrants and large-scale organizations have driven the demand for new test kits and devices, surging the market.

Pulmonary Function Testing Device Market in the United Kingdom

• The United Kingdom's market size is estimated to reach USD 10.8 million by 2034, with a moderate CAGR of 6.0%.
• The market growth is subjected to increased demand for spirometers. The market segment is forecasted to dominate the English market.
• The total number of chronic obstructive pulmonary diseases is rising in the United Kingdom, which is reflected in the increasing demand for pulmonary devices.
• The launch of new devices from large-scale organizations creates lucrative opportunities for the market to expand in the country.
• The government's investments have boosted the infrastructure needed to increase the production of devices.

Pulmonary Function Testing Device Market in Japan

• Japan is forecasted to be Asia’s second-largest market shareholder by 2034, both in terms of the growth rate and the market valuation.
• With a CAGR of 5.6%, Japan’s market shall reach USD 29.8 million after the forecasted period.
• Introducing new products in different market segments has been a crucial market driver for the Japanese market.
• Increasing health awareness has promoted the introduction of personalized healthcare devices, including portable pulmonary test devices.
• Diversification of large-scale players helps the market grow substantially.

Pulmonary Function Testing Device Market in South Korea

• South Korea is forecasted to reach USD 17.4 million by 2034 at a moderate CAGR of 7.0%, the largest growth rate for any Asian country for the forecasted period.
• The medical infrastructure in the country has been developed, which was accelerated amidst the pandemic outbreak.
• International trade accelerates the import of medical devices, fueling the local market’s growth.
• The hospital market segment blocks the largest market share for respiratory devices, propelling the subject market growth.
• Diagnostics and monitoring devices have been performing excessively well, helping the South Korean market grow.

Pulmonary Function Testing Device Market in China

• The Chinese pulmonary function device testing market is forecasted to be the second-largest market by market value, reaching USD 42.3 million by 2034. However, this market advancement is at a moderate CAGR of 5.6%.
• The origin and growth of the COVID-19 virus increased the prevalence of respiratory disorders, which is expected to grow, propelling the market's growth.
• Large-scale organizations have been collaborating to produce better treatments for pulmonary disorders, which fuels the demand for relevant devices.
• Technological advancements leverage the efficient production of testing devices.
• The surge in pulse oximeters is forecasted to grow, which accompanies the growth of the subject market.

Category-wise Insights

This section emphasizes the contribution of different market segments and the marketplace secured by these segments.

Based on product type, handheld devices contribute substantially to the market by blocking 60% of the market. Further, spirometry is the test-type market segment, securing about 46% of the market share among other market segments.

Category	CAGR from 2024 to 2034
Handheld Devices	4.6%
Spirometry Test	4.4%

Handheld Devices to Lead the Product Type Market Segment

Handheld pulmonary devices form an important market segment for the global pulmonary function testing device market.

The fundamental reason for this is the portability of devices. These portable devices can control the patient’s health remotely. This remote handling has been leveraging operators’ comfort.

Consequently, this was the largest market shareholding segment, accounting for about 60% of the market. Additionally, the commercialization of these products will lead to sluggish advancement of the said market segment at a CAGR of 4.4% during the forecasted period, which will boost the subject market.

Spirometry Test Will Gain Popularity in the Forecasted Period

Various key players have been investing more in technological infrastructure. Marketers have focused on R&D to improve instruments for performing different tests and diagnostic techniques. The accuracy of the results gained has also increased drastically, leading to the evolution of spirometers.

Further, integrating artificial intelligence with traditional spirometers has made the new devices more accurate and precise.

Consequently, this results in a substantial market share for the spirometry market segment, which accounts for about 46% of the entire market. The market segment is estimated to advance at a CAGR of 4.4%.

Competitive Landscape

The presence of large-scale organizations clutters the global pulmonary function testing device market. Various organizations have adopted different expansion methods that promote their growth within the market.

Organizations' strategic initiatives to expand in the market include developing new products, research collaborations, forward integration, mergers, partnerships, geographical expansions, and many more.

The reliance of organizations on cutting-edge technology is fueling innovation within the sector. Technological integration has allowed marketers to pivot their products for optimum patient comfort. Some of the important market players include

• Koninklijke Philips N.V.
• Medical Equipment Europe
• Medtronic
• Minato Holdings Inc.
• Morgan Scientific Inc.

Key Market Developments

• In May 2023, Medtronic acquired EOFlow Co. Ltd. which manufactures wearable, tubeless, and disposable insulin delivery devices. This strategic initiative will allow the organization to penetrate the market.
• In February 2024, Philips introduced a high-power and fast-motorized mobile C-arm. This medical arm is estimated to assist surgeons in delivering optimum patient comfort and better precision in surgical operations.

Key Coverage of the Pulmonary Function Testing Device Market Report

• Adjacent studies on Pulmonary Function Testing Device Market
• Chronic Obstructive Pulmonary Disease Testing Market
• Current market scenario for the Pulmonary Function Testing Device Market
• Pulmonary Function Testing Machine Price
• Pulmonary Function Testing Device Market Share
• Pulmonary Function Testing Device Market Players

Report Scope

Attributes	Details
Estimated Market Size in 2024	USD 167.3 million
Projected Market Valuation in 2034	USD 268.0 million
Value-based CAGR 2024 to 2034	4.8%
Forecast Period	2024 to 2034
Historical Data Available for	2019 to 2023
Market Analysis	Value in USD million
Key Regions Covered	North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa
Key Market Segments Covered	Product Type, Test Type, Application, End-Use, Region
Key Countries Profiled	The United States, United Kingdom, China, Japan, South Korea
Key Companies Profiled	Koninklijke Philips N.V.; Medical Equipment Europe; Medtronic; Minato Holdings Inc.; Morgan Scientific Inc.

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
• 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product
  • 5.1. Handheld
  • 5.2. Tabletop
• 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Test Type
  • 6.1. Spirometry
  • 6.2. Lung Volume Test
  • 6.3. Gas Diffusion Test
  • 6.4. Exercise Stress Test
  • 6.5. High Altitude Simulation Testing
  • 6.6. Others
• 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application
  • 7.1. Chronic Obstructive Pulmonary Disease
  • 7.2. Asthma
  • 7.3. Chronic Shortness of Breath
  • 7.4. Pulmonary Fibrosis
  • 7.5. Others
• 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-User
  • 8.1. Hospitals & Clinics
  • 8.2. Diagnostic Centres
  • 8.3. Homecare Settings
  • 8.4. Others
• 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
  • 9.1. North America
  • 9.2. Latin America
  • 9.3. Western Europe
  • 9.4. Eastern Europe
  • 9.5. South Asia and Pacific
  • 9.6. East Asia
  • 9.7. Middle East and Africa
• 10. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 11. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 12. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 13. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 14. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 15. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 16. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 17. Key Countries Market Analysis
• 18. Market Structure Analysis
• 19. Competition Analysis
  • 19.1. Koninklijke Philips N.V
  • 19.2. Minato Holdings Inc
  • 19.3. Medtronic
  • 19.4. Morgan Scientific Inc
  • 19.5. SCHILLER
  • 19.6. ndd Medizintechnik AG
  • 19.7. Medical Equipment Europe
  • 19.8. Ganshorn Medizin Electronic
  • 19.9. CHEST M.I., Inc
  • 19.10. Vyaire Medical, Inc
• 20. Assumptions & Acronyms Used
• 21. Research Methodology