May 26, 2024
Respiratory Disease Testing Market

The Global Respiratory Disease Testing Market Is Driven By Rising Prevalence Of Respiratory Diseases

Respiratory disease testing helps in the diagnosis of various respiratory disorders that affect the respiratory tract or other structures of the lung. These include diagnostic tests for tuberculosis, asthma, chronic obstructive pulmonary disease (COPD), lung cancer, pneumonia, and other conditions. Diagnostic tests for respiratory diseases play a vital role in determining the severity and type of condition, guiding treatment decisions, and monitoring disease progression or response to therapy. Growing burden of respiratory diseases worldwide due to risk factors like rising air pollution levels, smoking, aging population, and others is a key factor augmenting the demand for respiratory disease testing services. For example, COPD is projected to be the third leading cause of death globally by 2030 according to WHO. Similarly, lung cancer remains the leading cause of cancer deaths.

The global Respiratory Disease Testing Market is estimated to be valued at US$ 8.8 billion in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key Trends:

One of the major trends in the respiratory disease testing market is the shift towards molecular diagnostic tests. Molecular diagnostic tests detect specific genetic material or markers associated with a disease. They offer high sensitivity and specificity compared to conventional diagnostic methods. For example, polymerase chain reaction (PCR) tests are increasingly being used for rapid detection of respiratory infections like influenza, respiratory syncytial virus (RSV), and others within hours compared to days taken by conventional culture methods. Real-time PCR is also a popular method for tuberculosis testing. Adoption of molecular diagnostics is driven by their ability to provide early detection and guide treatment decisions. Another key trend is growing use of lung function tests and imaging diagnostics. Spirometry remains the gold standard lung function test for asthma and COPD assessment. Imaging tests like computed tomography (CT) offer detailed lung imagery and are useful for diagnosing interstitial lung diseases, lung cancers, and infections. Technological advancements are allowing high-resolution CT scans and functional imaging techniques to gain widespread adoption.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as it requires heavy capital investments in R&D and clinical trials to develop new diagnostics tests for respiratory diseases.

Bargaining power of buyers: The bargaining power of buyers is moderate since respiratory disease testing is an essential service offered by diagnostic centers and hospitals.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of multiple diagnostic kit manufacturers and reagent suppliers.

Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes for molecular and imaging diagnostic tests for respiratory diseases.

Competitive rivalry: The competitive rivalry is high among key players to gain greater market share.

Key Takeaways

The global Respiratory Disease Testing Market Growth is expected to witness high growth over the forecast period from 2024 to 2031. The global Respiratory Disease Testing Market is estimated to be valued at US$ 8.8 billion in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031.

Regional analysis:

North America is projected to account for the largest share of the respiratory disease testing market during the forecast period. This is attributed to the increasing prevalence of respiratory diseases such as asthma, COPD, and tuberculosis in the region. According to the Centers for Disease Control and Prevention (CDC), around 26 million Americans had asthma in 2020.

Key players:

Key players operating in the respiratory disease testing market are Thermo Fisher Scientific, Abbott Laboratories, Becton, Dickinson and Company (BD), bioMérieux, Bio-Rad Laboratories, Inc., Seegene Inc, Luminex Corporation, and Alifax Holding S.p.A. Thermo Fisher Scientific offers an extensive range of molecular and imaging diagnostic solutions for conditions like tuberculosis, influenza, and lung infections

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it