Research Report: Global Respiratory Diagnostics Market Size & Share to Surpass $13.8 Billion by 2030: Growing geriatric population to drive the market growth by Zion Market Research
NEW YORK, Feb. 14, 2023 /PRNewswire/ -- As per Zion Market Research study, The global respiratory diagnostics market size was worth around USD 7.2 billion in 2021 and is predicted to grow to around USD 13.8 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.5% between 2022 and 2030.
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Respiratory Diagnostics Market: Overview
The term "respiratory diagnostics" describes the clinical evaluation of pulmonary function and associated processes. It encompasses several mechanical, imaging, and molecular diagnostic tests for the diagnosis of bronchitis, lung cancer, asthma, and chronic obstructive pulmonary disease (COPD). Spirometry, oximetry, transcutaneous CO2 monitoring, sniff nasal inspiratory pressure (SNIP), chest X-ray, and computed tomography (CT) scan are some of the techniques used.
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Key Industry Insights & Findings of the Respiratory Diagnostics Market Reports:
- As per the analysis shared by our research analyst, the global respiratory diagnostics market is estimated to grow annually at a CAGR of around 7.5% over the forecast period (2022-2030).
- In terms of revenue, the global respiratory diagnostics market size was valued at around USD 7.2 billion in 2021 and is projected to reach USD 13.8 billion, by 2030.
- One of the main factors fueling the market's expansion is the rising prevalence of respiratory disorders.
- Based on the product & services, the instruments and devices segment accounted for the largest market share in 2021.
- Based on the test type, the in-vitro diagnostics test is expected to dominate the market over the forecast period.
- Based on the disease, the tuberculosis segment holds a significant market share over the forecast period.
- Based on region, North America is expected to dominate the market during the forecast period.
Zion Market Research published the latest report titled "Respiratory Diagnostics Market By Product & Services (Instruments and Devices, Assays and Reagents and Services and Software), By Test Type (Mechanical Test, Imaging Test, Traditional Diagnostics Test, and In-Vitro Diagnostics Test), By Disease (Tuberculosis, Asthma, Chronic Obstructive Pulmonary Disease (COPD), Lung Cancer, and Others), By End-User (Clinical Laboratories, Hospitals, Physician Clinics, Diagnostic Centers, Ambulatory Surgical Centers, Home Care Facilities, and Others) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030" into their research database.
Industry Dynamics:
Respiratory Diagnostics Market: Growth Drivers
- Growing geriatric population to drive the market growth
One of the main drivers of the growth of the market for respiratory diagnostics is the increase in the world's elderly population. The World Health Organization estimates that 50 million individuals worldwide battle occupational lung disease, and 8.7 million people worldwide suffer from tuberculosis. Pulmonary disease is now the third most common cause of death worldwide. In addition, the rising prevalence of chronic illnesses including asthma and pneumonia is fueling the global respiratory diagnostics market's expansion.
Respiratory Diagnostics Market: Restraints
- · Fewer reimbursements policies limit the market growth
Globally, there are a few fewer reimbursement policies for diagnosing any condition. Many people all around the world rely heavily on reimbursement for receiving any kind of diagnostic procedure or therapy. In the upcoming years, the demand for diagnostic tests will decline due to unfavorable reimbursement rules. Due to the Asia Pacific region's low or nonexistent diagnostic test coverage, the forecasted growth in demand for these services will be constrained.
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Respiratory Diagnostics Market: Opportunities
- Technological advancements provide a lucrative opportunity
The development of the market is being driven by technological advancements and innovation in the respiratory diagnostic system. The expansion is being aided by the use of cutting-edge innovations like electronic inhalers and monitoring equipment. Additionally, growing treatment awareness in both developed and developing nations is boosting this respiratory diagnostics industry's expansion throughout the forecast period.
Respiratory Diagnostics Market: Challenges
· The high cost and lack of skilled professionals act as a major challenge
The high cost of the diagnostic is a major challenging factor that limits the global respiratory diagnostics growth of the market during the forecast period. Additionally, the field's rapid technological development has resulted in a shortage of qualified specialists. The handling of instruments and performing procedures are both significantly hampered by a lack of competent experts.
Global Respiratory Diagnostics Market: Segmentation
- The global respiratory diagnostics market is segmented based on product & services, test type, disease, end user, and region.
Based on the product & services, the global market is bifurcated into instruments and devices, assays and reagents, and services and software. The instruments and devices segment accounted for the largest market share in 2021 and is expected to show its dominance during the forecast period. The growth in the segment is due to its widespread use in the healthcare sector to diagnose patients' respiratory conditions. Modern technology assesses ailments and performs the necessary therapeutic operations.
Based on the test type, the market is bifurcated into the mechanical test, imaging test, traditional diagnostics test, and in-vitro diagnostics test. The in-vitro diagnostics test is expected to dominate the market over the forecast period. The transition from conventional diagnostics to advanced diagnostics is the main driver of segment growth.
The increased usage of point-of-care (POC) diagnostics for respiratory disease diagnosis and the rising prevalence of respiratory diseases are additional elements that are projected to have a significant impact on the segment's growth throughout the forecast period. Medical equipment and supplies are used in in vitro diagnostics (IVD) to carry out tests on diverse biological samples.
They are employed in the diagnosis of a variety of illnesses, including respiratory illnesses and infections of the respiratory tract. According to the February 2022 article "Advances in the Rapid Diagnostic of Viral Respiratory Tract Infections," the prevalence of respiratory tract infections (RTI) is rising globally, increasing the demand for disease diagnostics. Thus, driving the segment growth.
Based on the disease, respiratory diagnostics industry is divided into tuberculosis, asthma, chronic obstructive pulmonary disease (COPD), lung cancer, and others. The tuberculosis segment holds a significant market share over the forecast period. This is due to a greater government emphasis on and investment in R&D for the creation of diagnostics.
The WHO estimates that 10 million individuals worldwide had TB in 2020 and that 30 countries with a high disease burden reported 86% of all new cases. The Philippines, India, China, Nigeria, Bangladesh, South Africa, and Pakistan accounted for two-thirds of all new cases.
Growth in this market is anticipated to be fueled by the rising number of launches of highly sensitive and adaptable molecular tests for the diagnosis of TB. For instance, QIAGEN introduced the CE-IVD-certified QuantiFERON & QlAreach test in October 2021. This test can detect tuberculosis (TB) in 20 minutes with a one-day patient visit. Such test launches speed up disease diagnosis and assist in meeting patients' unmet diagnosis needs in low-income and developing nations.
Based on the end-user, the global market is segmented into clinical laboratories, hospitals, physician clinics, diagnostic centers, ambulatory surgical centers, home care facilities, and others.
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List of Key Players in Respiratory Diagnostics Market:
- Koninklijke Philips N.V.
- GENERAL ELECTRIC COMPANY
- Medtronic
- COSMED srl
- NIHON KOHDEN CORPORATION
- F. Hoffmann-La Roche Ltd
- Drägerwerk AG & Co. KGaA
- GC Diagnostics Corporation
- Bio-Rad Laboratories Inc.
- Masimo
- bioMérieux SA
- Carestream Health
- Novartis AG
- Thermo Fisher Scientific Inc.
- Abbott
- Johnson & Johnson Services Inc
- GlaxoSmithKline plc
- Bayer AG
- BD
Key questions answered in this report:
- What are the growth rate forecast and market size for Respiratory Diagnostics Market?
- What are the key driving factors propelling the Respiratory Diagnostics Market forward?
- What are the most important companies in the Respiratory Diagnostics Market Industry?
- What segments does the Respiratory Diagnostics Market cover?
- How can I receive a free copy of the Respiratory Diagnostics Market sample report and company profiles?
Report Scope:
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Recent Developments
- In September 2021, three molecular polymerase chain reaction (PCR) diagnostic test panels were introduced by Roche to simultaneously identify and distinguish common respiratory infections. Adenovirus (ADV), human metapneumovirus (hMPV), enterovirus/rhinovirus (EV/RV), influenza A, influenza B, respiratory syncytial virus (RSV), parainfluenza 1, 2, and 3 are among the frequent respiratory infections. One nasopharyngeal swab specimen can be used to run one of the new respiratory test panels, which are intended to screen for influenza and other common respiratory infections.
- In May 2022, the novel respiratory panel test Q-POC SARS-CoV-2, Flu A/B & RSV Assay was introduced by QuantuMDx Group Limited, a UK-based producer of revolutionary point-of-care diagnostics. The company is enhancing its multiplex capabilities and offering consumers quick point-of-care testing with the introduction of the Q-POC respiratory panel test.
Regional Dominance:
- North America is expected to dominate the market during the forecast period.
North America accounted for the largest market share in 2021 and is expected to continue the same pattern over the forecast period. The growth in the region is attributed to the growing geriatric populations at risk for respiratory disorders and rising rates of COPD, asthma, and other respiratory tract infections (RTI). Among the other nations in the region, the United States holds the largest share. More than 12.5 million Americans were affected with COPD in 2021, according to statistics from the American Lung Association that were updated in August 2022.
However, millions more individuals worldwide suffer from undiagnosed COPD. In the United States, COPD consequently leads to severe long-term disability and early death. The disease's impact places a demand on the availability of tests and diagnostics. Additionally, annual projections for asthma and data on health characteristics given by Statistics Canada in September 2021 indicate a rise from 2019 to 2020.
Asthma affected 2,493,300 people in 2019, and that number rose to 2,802,700 in 2020. Asthma prevalence in the nation is anticipated to raise demand for early disease diagnosis. This is anticipated to boost the expansion of the Canadian market over the projected period. Thus, driving regional growth.
The Asia Pacific region is second in the global respiratory diagnostics market share due to emerging markets for respiratory diagnostics that are helping to improve the healthcare system and raise patient awareness of the newest technological advancements and diagnostic methods. The primary nations of Asia Pacific include China, Japan, and India, which provide enormous income creation prospects for the market's leading companies and the ability to keep up with trends to provide successful results.
Global Respiratory Diagnostics Market is segmented as follows:
Respiratory Diagnostics Market: By Product & Services Outlook (2022-2030)
- Instruments and Devices
- Assays and Reagents
- Services and Software
Respiratory Diagnostics Market: By Test Type Outlook (2022-2030)
- Mechanical Test
- Imaging Test
- Traditional Diagnostics Test
- In-Vitro Diagnostics Test
Respiratory Diagnostics Market: By Disease Outlook (2022-2030)
- Tuberculosis
- Asthma
- Chronic Obstructive Pulmonary Disease (COPD)
- Lung Cancer
- Others
Respiratory Diagnostics Market: By End User Outlook (2022-2030)
- Clinical Laboratories
- Hospitals
- Physician Clinics
- Diagnostic Centers
- Ambulatory Surgical Centers
- Home Care Facilities
- Others
Respiratory Diagnostics Market: By Region Outlook (2022-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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