Global Peak Flow Meters Market Size, Trends & Growth Opportunity, By Product Type (Electronic Meter and Mechanical Meter), By Application (Asthma, Chronic Obstructive Pulmonary Disease, and Others), By Region and Forecast from 2022-2027.

Global Peak Flow Meters Market Size, Trends & Growth Opportunity, By Product Type (Electronic Meter and Mechanical Meter), By Application (Asthma, Chronic Obstructive Pulmonary Disease, and Others), By Region and Forecast from 2022-2027.

Global Peak Flow Meters Market

Global Peak Flow Meters Market was valued at USD 62.3 million in 2021 which expected to reach at USD 102.5 million by 2027 at a CAGR 5.87%

A peak flow meter is a type of medical instrument used to evaluate how well the lungs are functioning in the body. To assess the severity of asthma, track the management of chronic asthma, and provide information for any changes, these portable, simple-to-use devices detect air flow or peak expiratory flow rate. Additionally, it aids in the detection of allergies to stop severe asthma attacks. In order to treat asthma and reduce the incidence of respiratory infections, peak flow metres require special maintenance and cleaning.

Market Drivers

Over the course of the forecast timeframe, it is anticipated that the prevalence of respiratory ailments such as COPD (Chronic Obstructive Pulmonary Diseases), asthma, and neurological disorders will fuel the expansion of the worldwide peak flow meter market. Asthma, for instance, affected 2.5 million individuals in Canada in 2014, including 1 million men and 1.4 million women, according to data from the Canadian Lung Association (CLA). Additionally, 235 million individuals in 2017 were estimated to have asthma, a serious non-communicable disease, according to the WHO (World Health Organization).

Additionally, the rise in the number of elderly people with respiratory diseases will favorably impact market expansion. Additionally, throughout the forecast period, the rise in research and development initiatives for asthma and the rising need for diagnostic imaging equipment are anticipated to drive the growth of the worldwide peak flow meters market.

Market Restraints

Throughout the forecast period, it is anticipated that the high cost of treatment and drug and device innovations, such as inhalers, will restrain the growth of the worldwide peak flow meter market.

Market Segmentation

The Global Peak Flow Meters Market is segmented into product type such as Electronic Meter and Mechanical Meter. Electronic meter is expected to hold largest market share during this forecast period. These are easily adaptable and easy to operate. Further, market is segmented into application such as Asthma, Chronic Obstructive Pulmonary Disease, and Others. Asthma is a fastest growing segment, owing to the increase in prevalence as well as incidence of respiratory diseases across the globe.

Impact of COVID-19

The World Health Organization (WHO) has declared a public health emergency as a result of the disease's global expansion since the COVID-19 viral outbreak in December 2019. For instance, according to data from a World Health Organization report, as of May 15, 2020, there were approximately 4,307,287 coronavirus cases worldwide. Over the projected period, it is anticipated that the rising incidence of COVID-19 will have a major impact on both the demand for and supply of peak flow meters.

Regional Analysis

The Global Peak Flow Meters Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Due to the high prevalence of asthma, patient awareness, and high per capita health care spending, the North American region dominates the global market for peak flow meters. The medical biotechnology market is being driven by early disease diagnosis and treatment, which is expected to boost the peak flow meter market in the area. Asthma is one of the most prevalent and expensive diseases in the region, affecting about 24 million individuals in the United States, according to the Asthma and Allergy Foundation of America. Additionally, Europe is the second-largest market for peak flow meters because of the supportive government policies addressing the provision of healthcare services and awareness campaigns. Due to factors like rising asthma mortality rates, changing lifestyles, rising patient awareness, and rising per capita spending, the market in APAC is anticipated to expand at a faster rate. These elements contribute to the peak flow meter market's expansion in the area.

Key Players

The increase in demand and usage of peak flow meter has influenced major players to expand their product portfolio and strengthen their position in the market, this has led to growing adoption of inorganic strategies including mergers & acquisitions. Major key operating players in the market such as Vyaire Medical, Omron, Microlife, Vitalograph, Trudell Medical International, DeVilbiss Healthcare, GaleMed Corporation, Rossmax International, SHL Telemedicine, Fyne Dynamics, etc.

Market Taxonomy

By Product Type

• Electronic Meter
• Mechanical Meter