by Respiratory disease testing is carried out to diagnose respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), lung cancer, and tuberculosis. The tests used for respiratory disease testing include imaging tests, pulmonary function tests, allergy tests, and molecular diagnostic tests. Imaging tests such as chest x-ray, CT scan, and MRI are used to check the structure and function of lungs. Pulmonary function tests measure how well lungs take in and release air and help in diagnosing conditions affecting airflow such as asthma and COPD. Allergy tests identify substances triggering allergic reactions in the body. Molecular diagnostic tests detect specific biomarkers, DNA, or RNA to diagnose infectious respiratory diseases.
The global Respiratory Disease Testing Market is estimated to be valued at US$ 3,232 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The respiratory disease testing market is driven by the rising prevalence of respiratory diseases globally. As per the Centers for Disease Control and Prevention (CDC), in 2020, over 16 million adults and 6 million children suffered from asthma in the U.S. Additionally, chronic lower respiratory diseases such as COPD, accounted for over 149,000 deaths in the same year. The increasing pollution levels worldwide are also fueling the incidence of respiratory diseases. Furthermore, growing geriatric population prone to respiratory conditions and availability of advanced disease diagnostic tests are expected to propel the market growth over the forecast period. However, high cost of diagnostic tests and shortage of skilled professionals may restrain the market to a certain extent.
SWOT Analysis
Strength:
– Respiratory Disease Testing market is growing rapidly due to increasing prevalence of respiratory diseases such as asthma and COPD.
– Continuous technological advancements in respiratory diagnostic devices allow for efficient screening and diagnosis.
– Increasing accessibility to advanced healthcare facilities across major regions.
Weakness:
– High costs associated with respiratory diagnostic devices remains a key challenge, especially in developing regions.
– Shortage of skilled respiratory professionals in certain parts of the world.
Opportunity:
– Rapidly aging population susceptible to respiratory disorders create new growth avenues.
– Growing healthcare expenditure in emerging nations provides new opportunities.
Threats:
– Stringent regulatory approval process for new respiratory diagnostic devices increases threat from alternative therapies.
– Outbreak of pandemic may disrupt supply chains temporarily.
Key Takeaways
The global Respiratory Disease Testing Market Share is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period, due to increasing prevalence of respiratory disorders. North America currently dominates the market owing to rapid technological adoption and advanced healthcare infrastructure. Europe continues to remain the second largest market globally for respiratory disease testing.
Regional analysis
North America accounted for the largest share of over 30% of the respiratory disease testing market in 2023. Technological superiority and increasing healthcare spending in the region are prime factors contributing to its leading position. Asia Pacific is anticipated to witness the fastest growth during the forecast period supported by rising respiratory patient pool, improving access to diagnosis and presence of leading market players in countries such as China and India.
Key players
Key players operating in the respiratory disease testing market are CareFusion Corporation, Carestream Health, Inc., COSMED, Futuremed America, Inc., GE Healthcare, MGC Diagnostics Corporation, ndd Medical Technologies, Inc., Nihon Kohden Corporation, Perkin Elmer, Inc., FUJIFILM Healthcare Corporation, Philips Healthcare,Roche Healthcare, Beckton Dickinson and Company, Koninklijke Philips N.V. , ResMed Inc., Medtronic, Abbott Diagnostics, and Quest Diagnostics.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
