Respiratory Disease Testing Market to Grow with a CAGR of 5.72% through 2028
Growing burden of
respiratory diseases and increasing geriatric population is expected to drive
the Global Respiratory Disease Testing Market growth in the forecast period,
2024-2028.
According to TechSci Research
report, “Respiratory Disease Testing Market - Industry
Size, Share, Trends, Opportunity, and Forecast, 2018–2028F”, the Global Respiratory Disease Testing
Market stood at USD 6.01 Billion in 2022 and is anticipated to grow with a CAGR
of 5.72% in the forecast period, 2024-2028. The growth in the market can be
attributed to the increasing prevalence of respiratory diseases, rising demand
for point-of-care testing, and technological advancements in respiratory
disease testing devices. The increasing prevalence of respiratory diseases is a
significant driver of market growth. Factors such as the rising number of
smokers, alcohol consumption, sedentary lifestyles, and stressful routines have
led to an increase in cases of COPD and other severe respiratory conditions
like lung cancer. Moreover, technological advancements in respiratory
diagnostic testing, including the utilization of Internet of Things (IoT) and
Artificial Intelligence (AI) for COPD diagnosis and outpatient management, have
positively impacted market growth. Additionally, there is a growing demand for
respiratory diagnostic devices in privately-owned hospitals and healthcare
centers, and both government and non-governmental organizations (NGOs) are
making efforts to ensure access to quality healthcare facilities. The market is
further propelled by enhanced research and development (R&D), a rising
geriatric population, rapid urbanization, increasing industrial establishments,
and escalating pollution levels worldwide.
The market for respiratory
disease testing is further boosted by the rising pollution in the environment.
Lungs are increasingly affected by various detrimental habits adopted by people
worldwide, such as smoking and excessive alcohol consumption. In the US,
cigarette smoking is a major risk factor for lung diseases, contributing to
80-90% of deaths. Similarly, low and middle-income countries experience 90% of
deaths related to chronic obstructive pulmonary disease (COPD). For instance,
in September 2022, lung cancer was reported as the leading cause of cancer
deaths worldwide, with an anticipated 2.2 million new cases and 1.8 million
fatalities year on year, according to data from the NCD Alliance, a
Switzerland-based civil society organization. Additionally, chronic respiratory
disorders impacted 550 million adults globally, resulting in 4.2 million
deaths, or 7% of total deaths.
Therefore, the rising prevalence of respiratory
diseases will continue to drive the respiratory disease testing market. Technological
advancements represent a key trend gaining popularity in the respiratory
disease testing market. Major companies in this field are focused on developing
artificial intelligence and machine learning technologies to optimize treatment
protocols and improve patient outcomes, thereby strengthening their market
position. For example, in March 2022, Respira Labs, a US-based healthcare
technology company, introduced Sylvee, an AI-powered wearable device designed
to monitor lung function. This chest strap device utilizes AI and machine
learning algorithms to analyze data from multiple sensors, measuring breathing
rate, volume, and patterns.
It aids in the early diagnosis and management of
chronic obstructive pulmonary disease (COPD), asthma, and COVID-19, providing
real-time feedback on lung function through advanced AI algorithms analyzing
breath sounds. In January 2023, CAIRE Inc., a US-based medical supply and
manufacturing company, acquired MGC Diagnostics Holdings to expand its product
line and diversify its income sources by incorporating cardiorespiratory
diagnostic products into its portfolio. This strategic move aims to solidify
CAIRE Inc.'s position as a market leader in medical technology for respiratory
and cardiorespiratory diagnostics. MGC Diagnostics Holdings Inc., a US-based
medical technology company, specializes in providing cardiorespiratory
diagnostic solutions and respiratory disease testing products. Furthermore, the
growing investment in technological advancements and the emergence of new-generation
in-vitro diagnostic tests contribute to the increasing demand in the global
respiratory disease testing market during the forecast period of 2023-2029.
Additionally, the digital market has raised awareness among individuals,
fueling the market growth, although the high cost of diagnostic tests may pose
a challenge for middle-class families with limited purchasing power.
Browse over XX market
data Figures spread through XX Pages and an in-depth TOC on "Global
Respiratory Disease Testing Market”
The Global Respiratory Disease
Testing Market is segmented into test type, application, end user, regional
distribution, and company.
Based
on end user, the hospitals segment accounted for the largest share of the
global respiratory disease testing market in 2022. This can be attributed to
the surge in emergency room visits and the increasing prevalence of chronic
respiratory infections. The rapid advancement in respiratory diagnostic devices
such as X-rays, CT scans, and other respiratory measurement equipment has
significantly contributed to the growth of the hospital segment. According to
the American Hospital Association (AHA) Annual Survey 2018, there were a total
of 6,146 hospitals in the United States. The escalating number of hospital
admissions, adoption of cutting-edge respiratory testing equipment, and the
establishment of public-private partnerships to enhance healthcare
accessibility are key factors propelling the growth of this segment.
Based
on region, North America segment is expected to grow during the forecast
period. North America is a significant contributor to the studied market due to
the rising cases of COPD, asthma, and other respiratory tract infections (RTI),
along with an increasing elderly population susceptible to respiratory
diseases. Among the countries in the region, the United States holds the
largest share. According to the updated data from the American Lung Association
in August 2022, COPD is a leading cause of disability in the United States,
affecting over 12.5 million people in 2021. Consequently, COPD leads to severe
long-term disability and premature death in the country, highlighting the need
for accessible testing and diagnostics, thereby driving market growth.
Furthermore, data provided by Statistics Canada in September 2021 on health
characteristics and annual estimates for asthma indicate an increase in 2020
compared to previous years. The number of individuals affected by asthma rose
to 2,802,700 in 2020. This growing burden of asthma in the country is expected
to heighten the demand for early disease diagnosis, driving market growth in
Canada and fueling overall market expansion in the region.
Major companies
operating in Global Respiratory Disease Testing Market
are:
- Beckton Dickinson and Company
- Koninklijke Philips N.V.
- ResMed Inc.
- Medtronic PLC
- Carestream Health
- MG Diagnostic Corporation
- Abbott Laboratories
- ThermoFisher Scientific
- Biomerieux
- QIAGEN
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“The global market for respiratory disease testing has
witnessed significant growth in recent years, propelled by several factors. One
of the primary drivers is the escalating prevalence of respiratory diseases
like asthma, chronic obstructive pulmonary disease (COPD), and lung cancer.
These conditions are increasingly prevalent due to factors such as pollution,
smoking, and aging populations. Consequently, there is a mounting demand for
accurate and efficient testing methodologies for the diagnosis and monitoring of
respiratory diseases. Technological advancements have also played a pivotal
role in the expansion of the respiratory disease testing market. Innovations in
diagnostic techniques, including molecular diagnostics, immunoassays, and
imaging technologies, have enhanced the accuracy and efficiency of respiratory
disease testing. These advancements have facilitated early detection and
personalized treatment, resulting in improved patient outcomes.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Respiratory Disease
Testing Market Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028 Segmented By Test Type (Imaging Tests, Mechanical Tests, and In-vitro
Diagnostic Tests), By Application (COPD, Lung Cancer, Asthma, Tuberculosis), By
End User (Hospitals, Diagnostic Centers, and Others), By
Region and Competition”, has evaluated the future
growth potential of Global Respiratory Disease Testing Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Respiratory Disease Testing Market.
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