Respiratory Diagnostics Market is Expected to Reach $8.2 Billion | MarketsandMarkets.
Chicago, Dec. 06, 2023 (GLOBE NEWSWIRE) -- *Respiratory Diagnostics market* in terms of revenue was estimated to be worth $5.6 billion in 2023 and is poised to reach $8.2 billion by 2029, growing at a CAGR of 6.6% from 2023 to 2029 according to a latest report published by MarketsandMarkets™. Increased urbanisation, rise in population, increased number of smoking population and changing lifestyle is likely to grow the market. Poor air quality index is prevailing in most regions of the globe due to increased industrialisation and exposure to such environment. Increased health diseases are a result of exposure of children to indoor pollution. Nearly 4 million + adults die due to exposure to such conditions, leading to diseases like asthma, TB, and COPD, and can gradually lead to lung cancer and lung failure. Thus, the demand for early diagnosis of such diseases is increased, creating opportunity for market growth.
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*Respiratory Diagnostics** Market** Scope:*
*Report Coverage* *Details*
Market Revenue in 2023 $5.6 Billion
Estimated Value by 2029 $8.2 Billion
Growth Rate Poised to grow at a CAGR of 6.6%
Market Size Available for 2021–2029
Forecast Period 2023–2029
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Product and Service, Test Type, Disease Indication, End user, and Region
Geographies Covered · North America
· US
· Canada
· Europe
· Germany
· UK
· France
· Spain
· Italy
· Rest of Europe
· Asia Pacific
· China
· Australia
· Japan
· India
· Australia
· South Korea
· Rest of APAC
· Latin America
· Brazil
· Mexico
· Rest of LATAM
· Middle East and Africa
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunity Growing awareness about ill effects of untreated sleep apnea
Key Market Driver High prevalence of tobacco smoking
Based on product and services, the respiratory diagnostics market is segmented into instruments and devices, assays and reagents, and software and services. The instruments and services market accounted for the largest share owing to the increased need for technologically advanced instruments, a growing number of diagnostic laboratories, hospitals and large samples for testing. Devices can measure more than 400 samples in a batch, and the number would increase in advanced machinery developed by the manufacturers. Due to the rise in reagent rental-based trend, the demand for high quality devices is also growing, which eventually increases the revenue of the manufacturer leading to the increased in the overall market across the globe.
Based on disease indication, the respiratory care devices market is segmented into asthma, chronic obstructive pulmonary disease (COPD), tuberculosis, lung cancer, and others. Asthma accounted for the largest share owing to its increase in young population and growing adults. Rise in smoking trend in young population is growing in the current times, this also adds to the increased exposure to indoor pollution, tobacco smoke, and weakening of the lung capacity. Nominal exposure to dust has also said to be a major reason for chronic dust allergy leading to asthma. Such acute triggers and increased risk to symptoms occurrence has boosted the market for asthma.
Based on region, the global respiratory care devices market is segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, the North America holds the largest regional market for respiratory diagnostic. Increased prevalence of asthma, COPD, and TB is the major driving factor of this segment. TB incidence is slowly yet steadily increasing in this region. For instance, in the US, it rose from 2.4 per 100,000 population in 2021 to 2.5 per 100,000 population in 2022. The rise may not seem to be large, but in the long run, its effects will be significant. Leaders in the market report that COPD affected more than 16 million in the US. Such a large population is expected to influence the segment market. New cases of lung cancer are reported to be 50 per 100,000 in men and 35 per 100,000 in women, in the US till 2020. Such a rise in pulmonary disorders in the developedd region is expected to boost the market.
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*Respiratory Diagnostics market major players covered in the report, such as:*
· Koninklijke Philips N.V. (Netherlands)
· BD (US)
· Abbott (US)
· Thermo Fisher Scientific Inc. (US)
· GE HealthCare (US)
· Bio-Rad Laboratories Inc. (US)
· BioMérieux (France)
· Revvity Inc. (US)
· Seegene Inc. (South Korea)
· Nihon Kohden Corporation (Japan)
· Vitalograph (UK)
· SDI Diagnostics (US)
· ResMed Inc. (US)
· Siemens Healthcare GmbH (Germany)
· Cosmed (Italy)
· Hologic Inc. (US)
· Qiagen (Netherlands)
· Vyaire (US)
· Visby Medical Inc (US)
· Briota Technologies Private Limited (India)
· Bird Healthcare (Australia)
· Löwenstein Medical Technology (Germany)
· ProAxsis (Northern Ireland)
· ndd Medical Technologies (US)
· Compumedics Limited (Australia)
· and Among Others
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*The research report categorizes respiratory diagnostics market into the following segments and sub-segments: *
*By Product and Service*
· Instruments & Devices
· Assays & Reagents
· Services & Software
*By Test Type*
· Mechanical Tests
· Pulmonary Function Tests
· Spirometry
· Peak Flow Test
· Osa Diagnostic Tests
· Imaging Tests
· X-Ray
· Computed Tomography
· Magnetic Resonance Imaging (MRI)
· Positron Emission Tomography (PET)
· Other Imaging Tests
· Traditional Diagnostic Tests
· Immunodiagnostics
· Biochemical Tests
· Microscopy
· Molecular Diagnostic Tests
· PCR
· Nucleic Acid Amplification Test
· In Situ Hybridization
· Dna Sequencing & Next-Generation Sequencing (NGS)
· Microarrays
· Others
*By Technology level*
· Basic Equipment
· Advanced Equipment
· Cutting Edge Equipment
*By Disease Indication*
· Tuberculosis
· Asthma
· Lung Cancer
· Chronic Obstructive Pulmonary Disease
· Others
*By End user*
· Hospitals and Clinics
· Diagnostics Laboratories
· Others
*By Country*
· North America
· US
· Canada
· Europe
· Germany
· UK
· France
· Spain
· Italy
· Rest of Europe
· Asia Pacific
· China
· Australia
· Japan
· India
· Australia
· Rest of APAC
· Latin America
· Brazil
· Mexico
· Rest of LATAM
· Middle East and Africa
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*Key Stakeholders:*
· Respiratory diagnostic device manufacturers and distributors
· Healthcare institutions (hospitals, laboratories, medical schools, and outpatient clinics)
· Research institutes
· Contract manufacturing organizations (CMOs)
· Government associations
· Market research and consulting firms
· Venture capitalists and investors
· Market research and consulting firms
*Report Objectives:*
· To define, describe, and forecast the respiratory diagnostics market by product and service, test type, disease indication, end user, and region.
· To provide detailed information about the key factors influencing the market growth, such as drivers, restraints, opportunities, challenges, and industry trends
· To strategically analyze the regulatory scenario, Porter’s five force analysis, value chain analysis, supply chain analysis, ecosystem map, recession impact, and patent analysis
· To analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall respiratory diagnostics market
· To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.
· To strategically profile the key players in this market and comprehensively analyze their market shares and core competencies2
· To strategically analyze the respiratory diagnostics market in five regions: North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
· To track and analyze competitive developments such as acquisitions, product launches, partnerships, and expansions in the respiratory diagnostics market.
· To evaluate the impact of the recession on the respiratory diagnostics market worldwide.
*Related Reports:*
*Molecular Diagnostics Market*
*Respiratory Care Devices Market*
*Infectious Disease Diagnostics Market*
*Next Generation Sequencing (NGS) Market*
*Influenza Diagnostics Market*
*Research Insight: **https://www.marketsandmarkets.com/ResearchInsight/respiratory-diagnostics-market.asp*
*Content Source: **https://www.marketsandmarkets.com/PressReleases/respiratory-diagnostics.asp*
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