Global Respiratory Disease Testing Market: Snapshot
The global respiratory disease testing market is anticipated to grow at a stupendous rate due to rise in prevalence of respiratory diseases all across the world. According to World Health Organization there were 251mn of chronic obstructive pulmonary disease (COPD) across the world in 2016 and it is predicted that nearly 3.17mn of deaths were caused due to the diseases which is nearly 5% of deaths globally for 2015. These mind blowing results have propelled manufacturers to tune up their production rate in order to meet the demand from the healthcare industry.
The global respiratory disease testing market is anticipated to expand at CAFR of 3.4% during the forecast period 2014 – 2022. The market was valued at US$2326.5 mn and is like to rise to US$3143.3 mn by the end of the assessed period.
Availability of Basic Respiratory Devices Makes Hospitals Top End User
On the basis of anatomical features the market is segregated into lower respiratory tract and upper respiratory tract. The upper respiratory tract consists of larynx, nasal passages, and pharynx, whereas the lower respiratory tract includes lungs, bronchi, and trachea. Diseases such as COCD, asthma, pneumonia, and cystic fibrosis are the main reason behind the use of respiratory disease testing. Rise in case of such diseases have directly made a positive impact on the growth of the market. However, it has been noticed that low adoption rate of digital radiography and portable spirometers are likely to deter the growth of the respiratory disease testing market during the projected period.
On the basis of type of test the market is segregated into spirometry, blood gas test, peak flow test, long volume test, imaging tests, and others. Amongst the pack, imagining test segment held a significant share of the market owing to the rise in demand for X-ray which is used for checking fracture in the bones. Apart from these, the tests is considered to be first-line off diagnostic tests for respiratory diseases.
On the basis of end-user, the market can be bifurcated into clinical laboratories, physician offices, and hospitals. Hospitals accounted for the largest share in the market due to its presence in the most developed as well as underdeveloped parts. This particular segment lead the market as most of the devices are present in the hospitals. Apart from that, doctors these days opt for in house diagnostic test over laboratories.
North America Dominates Market due to Uptake of Portable Devices
The global respiratory disease testing market on the basis of geography is spread across North America, Asia Pacific, Europe, and Latin America, MEA. Recently, North America held the largest market share attributing to the rise in prevalence of respiratory diseases, surge in demand for home healthcare services accompanied with increase in popularity of portable devices. However Asia Pacific is anticipated to become the fastest growing market due to the presence of emerging economies country such as Indonesia, China, India, Singapore, Thailand, Korea, and Malaysia. Untapped opportunities, rising awareness about the diagnostic procedures, and enhanced healthcare infrastructure is anticipated to drive the market. Apart from these, incessant rise in population along with rise in disposable income in the region is favoring the growth of the market.
Some of the major players in the market are CareFusion Corporation, GE Healthcare, Nihon Kohden Corporation, and ndd Medical Technologies, Inc. (EasyOne Pro LAB),
The global respiratory disease testing market is witnessing a surge in market valuation in the recent years. The rising frequency of respiratory diseases, triggered by the rapid increase in the global geriatric population, has given an impetus to the market in the past. This trend is also expected to boost the worldwide market for respiratory disease testing during the period from 2014 to 2022 significantly.
The global market for respiratory disease testing is broadly analyzed on the basis of the types of tests performed and the end-use industries. Spirometry tests, imaging tests, peak flow tests, lung volume tests, and blood gas tests are the major test segments of this market while hospitals, clinical laboratories, and physician offices are the primary end users.
Apart from this, the worldwide respiratory disease testing market is also evaluated on the basis of its regional distribution into North America, Latin America, Europe, Asia Pacific, the Middle East and North Africa, and the Rest of the World. The U.S. and Canada drive the respiratory disease testing market in North America. Brazil, Mexico, and the Rest of LATAM lead it in Latin America. The U.K., Germany, and the Rest of Europe are the main markets for respiratory disease testing in Europe. Asia Pacific is driven by the market in China, Japan, and Rest of APAC and the Middle East and North Africa is led by the UAE, Saudi Arabia, and the Rest of MENA.
This research report provides a comprehensive overview of the global market for respiratory disease testing and helps market participants in making significant strategies and crucial decisions for the further development of their businesses.
Overview of the Respiratory Disease Testing Market
The global market for respiratory disease testing has been continuously showing an impressive rise. In 2013, it stood at a US$2.3 bn. Analysts estimate it to expand at a CAGR of 3.40% during the period from 2014 to 2022 and reach a value of US$3.1 bn by the end of the forecast period.
Among the tests markets, the imaging tests segment led the worldwide market for respiratory disease testing in 2013 owing to the extensive uptake of imaging measures, specifically X-ray. However, the market for spirometry tests is expected to report the highest CAGR over the forecast period. The efficiency of these tests, enhancing the precision in results are projected to boost this market segment in the coming years.
Among end users, the hospital segment emerged as the market leader in 2013 and is likely to maintain its position in the near future.
Among regional markets, North America led the global respiratory disease testing market in 2013. On the other hand, the Asia Pacific respiratory disease testing market is anticipated to exhibit the highest CAGR over the forecast period.
The worldwide market for respiratory disease testing exhibits a positive growth. However, the low adoption rate of advanced spirometers as well as the digital radiography systems is likely to hamper the growth of this market over the next few years.
Companies mentioned in the research report
CareFusion Corp., COSMED, Carestream Health Inc., Futuremed America Inc., MGC Diagnostics Corp., GE Healthcare, ndd Medical Technologies Inc., Perkin Elmer Inc., NIHON KOHDEN Corp., Philips Healthcare, Siemens Healthcare, SDI Diagnostics, and Smiths Medical are the major players operating in the global respiratory disease testing market.
Key segments of the Respiratory Disease Testing Market
- Imaging Tests
- Spirometry Tests
- Peak Flow Tests
- Blood Gas Tests
- Lung Volume Tests
- Other Tests
By End User
- Physician Offices
- Clinical Laboratories
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments