by Respiratory diseases place a significant burden on public health. Common respiratory diseases include asthma, chronic obstructive pulmonary disease (COPD), lung cancer, and pneumonia. With the rising prevalence of smoking and growing aging population, respiratory diseases have become one of the leading causes of death globally. Point-of-care diagnostic tests provide quick results outside laboratory settings, which helps in timely clinical management. The growing adoption of point-of-care diagnostic tests for respiratory diseases is expected to drive the respiratory disease testing market.
The global respiratory disease testing market is estimated to be valued at US$ 11.8 billion in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
The global respiratory disease testing market offers lucrative opportunities with the increasing adoption of point-of-care diagnostic tests for respiratory diseases globally.
Market Dynamics:
The growing adoption of point-of-care diagnostic tests for respiratory diseases is a key driver for the market. Point-of-care diagnostic tests allow detecting respiratory diseases outside conventional laboratory settings. This enables timely clinical management of respiratory disorders and effective treatment plans. These tests are expected to improve patient access to care and reduce health costs associated with untreated/late respiratory diseases. Another driver for the market is rising awareness about early disease diagnosis. Active disease diagnosis and screening programs help in effective management of respiratory diseases through early intervention and treatment. However, strict regulatory approvals for new diagnostic devices and tests pose a challenge for market players.
Segment Analysis
The global respiratory disease testing market is dominated by diagnostic segment. Diagnostic test segment holds the largest market share as it’s extensively used for diagnosis of respiratory diseases like influenza, pneumonia, tuberculosis and other respiratory infections. Rapid diagnostic tests (RDTs) sub-segment dominates the diagnostic testing segment owing to quick results and easy usage without extensive lab infrastructures.
PEST Analysis
Political: Government support for funding research and approvals of new diagnostic technologies coupled with initiatives to spread awareness about prevention and treatment of respiratory diseases boost the market growth.
Economic: Rising healthcare expenditure, growing per capita income and demand for advanced healthcare facilities fuel the market expansion.
Social: Increasing prevalence of respiratory diseases like COPD, asthma and tuberculosis owing to growing pollution and changing lifestyle propels the demand.
Technological: Continuous innovations in diagnostic tests, imaging technologies and ventilation devices enhance precision, speed and accessibility of respiratory disease management. Development of portable respiratory monitors for home usage further augments the market.
Key Takeaways
The global Respiratory Disease Testing Market Growth is expected to witness high growth. The global respiratory disease testing market is estimated to be valued at US$ 11.8 billion in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031.
Regional analysis
comprises the North American region dominates the global market owing to developed healthcare infrastructure, accessibility to advanced technologies and presence of key market players in the region. The Asia Pacific region is expected to witness fastest growth over the forecast period propelled by growing cases of respiratory diseases, improving healthcare facilities and rising medical expenditure in developing countries of the region.
Key players
operating in the respiratory diseaAse testing market are Thermo Fisher Scientific, Abbott Laboratories, Becton, Dickinson and Company (BD), Bio-Rad Laboratories, bioMérieux, QIAGEN, Agilent Technologies, Seegene, Cepheid, F. Hoffmann-La Roche Ltd. Key players operating in the respiratory disease testing market are continuously focusing on new product launches and expansion strategies to strengthen their market position. For instance, in 2019, BD launched new molecular diagnostic platform that provide results for respiratory disease testing in less than three hours.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
