Lung Function Tests Market Analysis

Lung Function Tests Market Overview 

The Lung Function Tests Market is expected to reach USD 8.84 Billion by 2032 at 7.5% CAGR during the forecast period 2023-2032. Lung function tests diagnose disorders related to the lungs like asthma, some respiratory infections, chronic obstructive pulmonary disease, and many more. Lung function tests determine the functioning of the lungs and also determine the breathing rate of a person. These are the part of the lung tests routines so performed by the pulmonary doctors. They suggest performing lung tests for diagnosing diseases related to the lungs. They plan the treatment and decide whether they will continue with it or change it or will not perform the treatment. Before the operation, the type of lung function test plays a vital role in diagnosing several respiratory diseases and lung-related disorders.

The pulmonary testing devices are used for the identification of pulmonary impairment and some respiratory issues. An increase in air pollution and some of the climatic changes have accelerated the business sector. These devices are used for testing the rate of flow, measuring the lung volume capacity, and used for exchanging gas. These systems are used for diagnosing some of the lung disorders and are used for selecting therapeutics related to disorders of the lungs.

COVID 19 ANALYSIS 

The outbreak of COVID has hampered the ecosystem. It was marked that it majorly affected the respiratory system of the people. The most common symptoms observed by people who were affected by SARS CoV-2 are that they were unable to breathe properly and there was a lowering of oxygen level in them. The lung testing devices became a boom in the last year as these types of equipment were used for identifying the infection.

People throughout the world are suffering from this disease. This pandemic increased the demand for oxygen cylinders, testing kits, and ventilators. The government has discovered many applications that will help you to know whether you are affected by COVID or not. This has given a hike to the lung testing market.

It was in January 2023 that CAIRE Inc, a subsidiary of NGK SPARK PLUG CO., LTD., made an acquisition of MGC Diagnostics Corporation with the aim of expanding its knowledge and expertise in pulmonary disease. The company acquired MGC Diagnostics Corporation, a leader in diagnostic solutions for early detection and management of pulmonary diseases. This is one of the strategies that the company has put in place to expand its respiratory care solutions through acquiring MGC Diagnostic’s diagnostic solutions among others. By including MGC Diagnostic’s diagnostic solution in its product offering, CAIRE hopes to have all products and services required for diagnosing, treating and managing respiratory diseases.

CAIRE Inc intends to utilize combined experience, skills and resources to facilitate innovation, increase product variety as well as improve outcomes for patients under respiratory care.

In May 2022, a United Kingdom med-tech firm called Bedfont Scientific Ltd entered into a partnership with MGC Diagnostics Corporation, where it became the authorized distributor for their goods.

VYAIRE introduced the ARTIQ PFT product, which is an automated tool using artificial intelligence for interpreting pulmonary function tests in pulmonologists, hence standardizing diagnostic interpretation in April 2021. Therefore this revolutionary development may likely lead to more demand from hospitals and other diagnostic laboratories that would drive growth within the global market for pulmonary function testing.

Respiratory medical devices manufacturer KoKo PFT formed a joint production alliance with EirMed in June 2021.

Mirion Technologies acquired Biodex Medical Systems Inc. in September 2020, thereby increasing the presence of Mirion’s medical portfolio with enhanced offerings specifically designed for the pulmonary function testing market and possibly wider access among healthcare facilities globally due to the availability of advanced diagnostics tools.

VYAIRE signed a distribution agreement with Spirosure Inc. regarding Fenom Pro Asthma monitor expanding FeNO measurement technology across top respiratory labs within the United States and Europe back in January this year, thereby helping to improve diagnostic capabilities for asthma management. In this way, the partnership is expected to influence the pulmonary function testing market through improved diagnostic capability for asthma management.

MARKET DYNAMICS

• Drivers- lung disease has become very much common nowadays. People are suffering from asthma, COPD, and many various pulmonary diseases. Availability of new and advanced devices for lung testing and rising demand for lung testing are the driving factors that accelerate the lung function tests market size. The growth of the old age population raises the market demand of Lung function tests market size. Transformation in lifestyle and people being much more addicted to smoking increases the number of health-related problems like lung cancer which impacts the lung function tests market size.


• opportunities- Meagre growth segments in the industries help the consumers with valuable market overviews and the market insights help them for making the responsible decision for identifying the uses and the applications of the market. This provides great opportunities for growth and development.


• Challenge- availability of branded raw materials is the major challenging factor affecting the lung function tests market growth. An increase in competition for local and for domestic brands is the most challenging factor. Domestic tariffs and some of the trade routes become a major challenging factor affecting the growth of lung function tests market size.


• Cumulative growth- the rise in market value has brought a great change and has increased the demand of the lung function tests market. This growth has brought a change in healthcare scenarios.


• Restraints- high costs of these devices and the systems have affected the market growth and also the lung function tests market size. The shortage of experts during the forecast period is the major restraining factor for the expansion of market size.

MARKET SEGMENTATION

• By type- the pulmonary lung function tests market is classified into type, indication segment, devices, and end-users. Based on type, the lung tests market is divided into spirometry, gas diffusion test, body plethysmograph, a test of bronchial provocation, and many more. Moreover, it is also divided into portable PFT systems and complete PFT systems. Based on components, the pulmonary testing market is differentiated into software, hardware, and service. Based on indication, the lung tests units are classified into asthma, chronic obstructive pulmonary disease, cystic fibrosis, pneumonia, cancer of lungs, and many more. According to the devices, the market is also divided into a spirometer, monitoring breathes CO, oscillometry, and some of the dozes t5hat control drug nebulizer and many more. Based on end-users, the lung function tests market is classified into medicals, clinics, and some diagnostic services and centers.


• By technology- use of innovative technology provided new opportunities to the lung function tests market players during the forecast period. It also helped in increasing the growth of the market segment. It helps them to take strategic decisions which will surely help in market growth. Penetration of new technology led to the increase in healthcare expenditure on capital investment. Technology installed base where its impact had on the lifeline curves and brought huge change on the production sites.

REGIONAL ANALYSIS 

America is said to be the most dominant lung functioning market where advanced tests are performed. People here are mostly affected by various types of allergies. As per the American College of Allergy Asthma and Immunology, of the United States, it was marked that people here were mostly affected by allergic asthma, food allergy, and eczema. Moreover, it was found that 1 in every 12 people are suffering from allergic rhinitis all over America. The European market is said to be the second-largest market covering a major portion of lung function tests market share. Moreover, in some of the regions of Europe allergy has become more prominent. Mostly here people suffer from asthma, food allergy, and anaphylaxis. So due to the allergy reactions being more prominent, people undergo diagnostic services. The rise in awareness concerning the available treatments and skin testing propels up the lung function tests market size. 

According to the European Academy of Allergy and Clinical Immunology, at least 150 million Europeans suffer from chronic disorders.  The Asian Pacific region grows at a very rapid rate and is moreover driven by rising in asthmatic patients and an increase in the growth of the aging population. The rise in lung function tests market size also increases with the fuelling up of the environmental population. Weakening immune response of the body highly prevalent asthmatic disorders are the maximum risk factors for people suffering from allergic reactions among the high age population. COPD being the most famous disorder boosts up the market lung function tests market size steers up the market size. Some of the Middle Eastern regions along with African regions show an exponential growth curve in the overall pulmonary lung function tests market thus leading to the high prevalence of chronic diseases and enhancing the healthcare structure. As per the lung function, test market trends rise in demand for diagnostic services has an influential growth on the pulmonary lung function tests market growth, especially in this region.

COMPETITIVE LANDSCAPE 

Some of the major key players playing in the lung function tests market are MGC Diagnostic Corporation of the United States, Perkin Eimer of the United States, COSMED Srl of Italy, CareFusion Corporation of the United States, General Electric Company, NIHON KOHDEN CORPORATION of Japan, and many more. These key players understood the competition going on in the market and provided a good analysis of the competitors. The competitive landscape includes the company's overview, the company's profile, and the portfolio of the key players.

Key Players:

• CAREFUSION CORPORATION


• Carestream Health, Inc.


• MGC Diagnostic Corporation


• GENERAL ELECTRIC COMPANY


• Perkin Elmer


• COSMED srl


• NIHON KOHDEN CORPORATION

REPORT OVERVIEW 

Lung function tests market report gives good analysis and insights concerning the various factors which remain prevalent during the market forecast period. It gives information about its impact on the whole of the population. The report gives detailed information about the new and innovative recent developments, gives a good analysis of export and import business, about the units that occupy a good lung function, tests market share, gives analysis about the key players and many more. It gives information about the growth factors and the application niches, product launches and also gives information about the geographic and regional expansion. It also summarises the new and innovative technology.