Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Lung Assessment Device Market size was over USD 13.7 billion in 2024 and is anticipated to cross USD 32.62 billion by 2037, growing at more than 6.9% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of lung assessment device is estimated at USD 15.25 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 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 |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
7.9% |
|
Base Year Market Size (2024) |
USD 3.49 billion |
|
Forecast Year Market Size (2037) |
USD 9.38 billion |
|
Regional Scope |
|
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
6.9% |
|
Base Year Market Size (2024) |
USD 13.7 billion |
|
Forecast Year Market Size (2037) |
USD 32.62 billion |
|
Regional Scope |
<ul> <li><strong>North America</strong> (U.S., and Canada)</li> <li><strong>Asia Pacific </strong>(Japan, China, India, Indonesia, South Korea, Malaysia, Australia, Rest of Asia Pacific)</li> <li><strong>Europe</strong> (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)</li> <li><strong>Latin America</strong> (Mexico, Argentina, Brazil, Rest of Latin America)</li> <li><strong>Middle East and Africa</strong> (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)</li> </ul> |
Lung Assessment Device Segmentation
Type (Spirometers, Nebulizers)
The nebulizers segment is estimated to gain the largest market share of 60% in the year 2037. 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 2037. 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:
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Type |
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End User |
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Customize this ReportLung Assessment Device Industry – Regional Synopsis
APAC Market Forecast
Asia Pacific industry is predicted to dominate majority revenue share of 38% by 2037. 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.
Companies Dominating the Lung Assessment Device Landscape
- 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
- 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 Pawar
- Report ID: 5210
- Published Date: Dec 20, 2024
- Report Format: PDF, PPT
