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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➤ The market is expected to experience development due to the increasing geriatric population.
One of the primary factors contributing to the expansion of the respiratory diagnostics market is the growing global elderly population. According to the World Health Organization, 8.7 million individuals worldwide are estimated to be affected by tuberculosis, while 50 million individuals worldwide are afflicted with occupational pulmonary disease. Pulmonary disease is currently the third most prevalent cause of mortality on a global scale. Furthermore, the global respiratory diagnostics market is experiencing growth due to the increasing prevalence of chronic conditions, such as pneumonia and asthma.
➤ The market growth is restricted by a reduced number of reimbursement policies.
There are a few fewer reimbursement policies for diagnosing any condition on a global scale. In order to obtain any form of diagnostic procedure or therapy, reimbursement is a critical factor for a significant number of individuals worldwide. The demand for diagnostic tests is expected to decrease in the future years as a result of unfavorable reimbursement regulations. The anticipated increase in demand for these services will be restricted by the Asia Pacific region’s inadequate or nonexistent diagnostic test coverage.
➤ A lucrative opportunity is presented by technological advancements.
Technological advancements and innovation in the respiratory diagnostic system are propelling the market’s growth. The implementation of state-of-the-art technologies, including electronic inhalers and monitoring apparatus, is contributing to the expansion. Furthermore, the respiratory diagnostics industry’s expansion is being stimulated by the increasing awareness of treatment in both developed and developing countries during the forecast period.
➤ The absence of experienced professionals and the exorbitant cost present a significant obstacle.
During the forecast period, the global respiratory diagnostics market’s development is significantly restricted by the high cost of the diagnostic. Furthermore, the field’s accelerated technological advancements have led to a scarcity of qualified specialists. The absence of competent experts significantly impedes the management of instruments and the execution of procedures.
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The Global Respiratory Diagnostics Market is segmented based on product, application and region
Global Respiratory Diagnostics Market: Product Segment Analysis
● Instruments and Devices
● Assays and Reagents
● Services and Software
Global Respiratory Diagnostics Market: Application Segment Analysis
● Clinical Laboratories
● Hospitals
● Physician Clinics
● Diagnostic Centers
● Ambulatory Surgical Centers
● Home Care Facilities
● Others
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The global Respiratory Diagnostics market profiles key players such as:
● 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
???? Recent Developments:
• During September 2021, Roche introduced three molecular polymerase chain reaction (PCR) diagnostic test panels that were designed to simultaneously identify and differentiate common respiratory infections. Adenovirus (ADV), human metapneumovirus (hMPV), enterovirus/rhinovirus (EV/RV), influenza A, influenza B, respiratory syncytial virus (RSV), and parainfluenza 1, 2, and 3 are among the most common respiratory infections. One of the new respiratory test panels, which are designed to detect influenza and other prevalent respiratory infections, can be performed using a single nasopharyngeal swab specimen.
• QuantuMDx Group Limited, a UK-based manufacturer of innovative point-of-care diagnostics, introduced the Q-POC SARS-CoV-2, Flu A/B & RSV Assay in May 2022. A novel respiratory panel test. The Q-POC respiratory panel test is being introduced to improve the company’s multiplex capabilities and provide consumers with rapid point-of-care testing.
➤ The market is anticipated to be dominated by North America during the forecast period.
In 2021, North America held the greatest market share, and it is anticipated that this trend will persist throughout the forecast period. The region’s expansion is due to the increasing prevalence of COPD, asthma, and other respiratory tract infections (RTIs) among the geriatric population, which is at risk for respiratory disorders. Among the other nations in the region, the United States has the greatest share. In August 2022, the American Lung Association updated its statistics, which indicated that over 12.5 million Americans were afflicted with COPD in 2021.
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