Respiratory Diagnostics Market Scope

Global Respiratory Diagnostics Market Highlights Over 2023 - 2033

The global respiratory diagnostics market is estimated to garner a revenue of USD 11.0 Billion by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 5.0 Billion in the year 2022. The growth of the market can be attributed to the rising prevalence of respiratory diseases. As per the American Lung Association, there were nearly 9.0 Million adults in the year 2018 or 3.6 per cent of those ages 18 or older suffering from chronic bronchitis.

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Respiratory diagnostics refers to a technique or test that helps in detecting respiratory disorders at an earlier stage.  Moreover, the respiratory disorders include asthma, COPD, lung cancer, and others from which people are suffering at a higher rate around the world.  The diagnosis of the diseases are important in order to find out the functioning of the lungs that provide oxygen and remove carbon dioxide from the body.  Furthermore, the growing number of COPD cases is projected to boost the growth of the global respiratory diagnostic market. According to the World Health Organization, chronic obstructive diseases accounted for 3.23 Million deaths in the year 2019 across the globe

Global Respiratory Diagnostics Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Geriatric Population –There is a change to the lung issue with the aging of a person and it is expected to rise the growth of the global respiratory diagnostics market.  According to the United Nations, there were approximately 703 Million people with an age of 65 years or above in the year 2019.

• Increasing Incidence of Deaths – In the year 2020, nearly 10 Million people worldwide fell ill with tuberculosis and approximately 1.5 Million people died.

• Rise in the Pollution Level– Nearly 2.4 Billion people are exposed to dangerous levels of household air pollution

• Surge in the Number of Asthma Patients– In the year 2019, asthma affected approximately 262 Million people and accounted for 455000 deaths

Challenges

• Lack of Awareness

• High Cost Related to Diagnosis and Testing

• Lack of Reimbursement Policies by the Government

The global respiratory diagnostics market is segmented and analyzed for demand and supply by end users into hospitals & clinics, reference laboratories, and others. Out of these, the hospitals & clinics segment is anticipated to hold the largest share over the forecast period owing to the rising number of hospitals for the treatment of patients with any disease worldwide. According to the American Health Association, the total number of hospitals in the United States is represented by 6,093 in the year 2022.

Global Respiratory Diagnostics Market Regional Synopsis

Regionally, the global respiratory diagnostics market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2033 on the back of the increasing prevalence of respiratory diseases, and an increase in healthcare expenditure. As per the Centers for Medicare & Medicaid Services, the United States spending in the year, 2020 grew by 9.7 percent reaching USD 12,530 per person.

Market Segmentation

Our in-depth analysis of the global respiratory diagnostics market includes the following segments:

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Key Companies Dominating the Global Respiratory Diagnostics Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global respiratory diagnostics market that are included in our report are Koninklijke Philips N.V., General Electric Company, GlaxoSmithKline plc, Thermo Fisher Scientific Inc., Becton, Dickinson & Company, Bio-Rad Laboratories, Inc., Seegene Inc., Bayer AG, Abbott, SDI Diagnostics, and others.

Global Respiratory Diagnostics Market: Latest Developments

• June, 2021: Koninklijke Philips N.V., announced the initiation of a voluntary recall notification for certain sleep and respiratory care products to address potential health risks associated with the polyester-based polyurethane (PE-PUR) sound abatement foam used in these devices. Following a significant increase in production, service, and repair capacity, the repair and replacement programme in the United States and several other markets has begun.

• June, 2022: Becton, Dickinson & Company announced the CE marking of the BD MAXTM Respiratory Viral Panel (RVP), a new molecular diagnostic combination test for SARS-CoV-2, Influenza A + B, and Respiratory Syncytial Virus (RSV).

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• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal. 

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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