LATEST STUDY ON RESPIRATORY DISEASE TESTING MARKET INDUSTRY TECHNOLOGY, GROWTH PROSPECTS AND TRENDS ANALYZED TILL 2022
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.
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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.
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Some of the major players in the market are CareFusion Corporation, GE Healthcare, Nihon Kohden Corporation, and ndd Medical Technologies, Inc. (EasyOne Pro LAB),
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