Peak Flow Meter Market
Peak Flow Meter Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2019 to 2029
Analysis of Peak Flow Meter market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The peak flow meter market shows a high level of consolidation, as ~ 60% of the market share is contributed by the top players. Some of the key players in the peak flow meter market include DeVilbiss Healthcare LLC, Koninklijke Philips N.V., Vitalograph Ltd., ResMed Inc., Haag-Streit group, Medline Industries Inc. among others. These players are critically important in advancing innovative products to consumers.
The top companies manufacturing peak flow meters focus on marketing their products through the use of advertisements on social media, which helps them to spread awareness regarding the new respiratory devices. Various awareness programs have been introduced for the people, which promotes healthcare awareness, regarding commonly occurring respiratory diseases, among the people.
Koninklijke Philips N.V is one of the top players in the peak flow meter market. It is maintaining the costs including supply chain efficiencies from a mixture of site closures, consolidating their manufacturing supplier base and simplifying their global distribution & logistics network. The company is also further stepping up their focus on procurement through a new global organization.
ResMed Inc. is another key player in the peak flow meter market and is focusing on geographical expansion.
The company has acquired Curative Medical in order to expand its regional presence in China. Moreover, the company focuses on strategic acquisitions in order to strengthen its product portfolio. Teleflex Incorporated holds a significant share in the peak flow meter market and is currently trying to optimize its product pricing. Drive DeVilbiss Healthcare LLC focuses on growth through aggressive investment plans.
The company has decided to refinance the company’s existing credit facilities, which can positively impact the peak flow meter market. Omron Corporation is expected to hold approximately 6% of the market share and is actively expanding its healthcare business. The company is focused on improving its product portfolio with applications based on novel, integrated technologies, artificial intelligence and more.
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Increasing Adoption of Digital Peak Flow Meters & Smart Pocket Peak Flow Meters
Technological advancement such as better monitor adherence has led to the increasing demand of digital peak flow meters, instead of mechanical peak flow meters.
Digital peak flow meters are easier to read and can also provide more accurate results, hence, a greater proportion of the population are using digital peak flow meters. However, one of the drawbacks of the digital flow meter can be the high price of the device as compared to mechanical peak flow meter. The technology, used by these digital peak flow meters can be expensive.
Availability of smart peak flow devices in the market, can provide an opportunity for the significant growth of peak flow meter devices market. A smart peak flow device is a device, which can be kept in the pockets and can be easily used anywhere. The smart peak flow devices can be connected to mobile phones and can be operated easily because of its size, simplicity and technology.
The demand of the pocket peak flow meters are likely to experience a steady increase over the forecast period, which can accelerate the growth of the peak flow meter market. The reason behind increasing demand of digital peak flow meter can be the measurement of both – peak expiratory flow rate and forced expiratory volume as well.
Increasing Prevalence of Asthma and Chronic Obstructive Pulmonary Disease, Expected to Increase the Growth of the Peak Flow Meter Market
Increasing prevalence of asthma and chronic obstructive pulmonary disease are some of the primary factors responsible for the growth of the peak flow meter market. Asthma and chronic obstructive pulmonary disease are the most common respiratory diseases and the mortality rate of these diseases are increasing significantly.
From 1990 to 2015, the prevalence of COPD increased by 44·2% and the prevalence of asthma increased by 12.6%. Increasing geriatric population, is another factor which can be responsible for the growth of the peak flow meter market. In the older aged people (>60), asthma is a common disease affecting greater than 10% of the population. The United Nations estimated that the number of individual (over 60) will reach two billion in 2050 with a growth rate of about 3% annually.
Other factors such as increasing rate of smoking, increasing disposable income, increasing healthcare awareness are expected to increase the growth of peak flow meter market.
The cost effectiveness and the portable nature of the peak flow meters, allows many people to easily use the device at their homes, which is one of the most important factor, driving the growth of the peak flow meter market.
Growing awareness programs for education and treatment of chronic obstructive pulmonary disease and asthma, can be responsible for the growth of the peak flow meter market.
Various awareness programs have been initiated by healthcare organizations such as medication maintenance programs, various environmental programs and online education programs. These programs are also conducted by healthcare providers. The main aim of the awareness programs include public and healthcare professionals across the globe to control asthma, COPD and other respiratory diseases.
The digital peak flow meters are expensive compared to mechanical peak flow meters, but due to the increasing disposable income of the people and increasing awareness among the people, the demand of digital peak flow meters are increasing.
Replacement of Peak Flow Meters by Spirometers
The peak flow meters are getting replaced by spirometers, which is expected to hinder the growth of the peak flow meter market. Spirometers are advanced lung monitoring devices, which gives accurate results, hence are expected to decrease the demand of peak flow meters.
There are advanced spirometers, being introduced in the market which allows the monitoring of lungs in an efficient manner. Spirometry is easy to perform and are easily available in hospitals and diagnostic laboratories, hence more number of people are using spirometers.
Limited availability and lack of awareness in some developing regions, are some of the restraining factor of the peak flow meter market. There is also a possibility of manipulation of results, associated with peak flow meters, hindering the overall growth of the peak flow meter market. Lack of skilled and trained professionals, can also hinder the growth of peak flow meter market.
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Market Gains in North America Upheld by Notable Technological Advancements
North America is expected to hold a significant revenue share in the peak flow meter market, owing to the technological advancement in the field of healthcare. The growth of the peak flow meter market in the North America is expected to be stable due to the increasing number of people suffering from asthma and chronic obstructive pulmonary disease, is one of the main reason responsible for the growth of peak flow meter market.
The Europe market generally reflects the similar trends seen in the North America market. The growth of the peak flow meter market in the region is expected to be stable, due to the cost effectiveness of peak flow meters.
The market in Asia Pacific grows at a high rate but there still many emerging and developing markets in Asia Pacific region where patients don’t necessarily have access to basic healthcare. Some of the essential devices like peak flow meters have not been used till the date, by the people suffering from various respiratory diseases. Hence, lack of awareness and poor availability of the device in some of the emerging regions of Asia Pacific, can hinder the growth of the peak flow meter market.
The region has an increasing trend of government-driven price management and reimbursement controls, particularly in China and Japan. There also has been an increase in government initiatives to help local manufacturers access the sales of peak flow meters. Moreover, many countries in the region have become more proactive with respect to regulatory requirements, which can hinder the overall growth of the market.
The Analyst’s Viewpoint
The replacement of peak flow meter devices by spirometers and other advanced devices has led our analysts to conclude that, the market is growing at a stagnant rate, with North America and Europe holding a large chunk of the global peak flow meter market.
The rising demand of digitization is increasing the demand of digital peak flow meters instead of mechanical peak flow meters. The easy availability of digital peak flow meters and the accurate results obtained by them, are increasing the demand of digital peak flow meters. The peak flow meters are portable and hence are commonly used at the homes.
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Key Segments of the Peak flow meter Market
FMR’s study on the peak flow meter market offers information divided into four important segments-product type, application, end user, region and information about the important market dynamics and growth parameters associated with these categories.
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Some of the key players in the peak flow meter market include devilbiss healthcare llc, koninklijke philips n.v., vitalograph ltd., resmed inc., haag-streit group, medline industries inc. Among others.
Fmr’s study on the peak flow meter market offers information divided into four important segments-product type, application, end user, region and information about