by The Global Respiratory Disease Testing Market is estimated to be valued at US$ 3,232 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Respiratory disease testing involves various diagnostic procedures that help detect the presence of respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), lung cancer, pneumonia and tuberculosis. Common respiratory disease testing include pulse oximetry, spirometry, peak flow meter, lung volume tests, diffusion capacity test, bronchoscopy and chest x-ray. These tests analyze lung function, its capacity and the effectiveness of breathing to identify underlying lung abnormalities. The rising prevalence of respiratory diseases along with growing geriatric population who are more susceptible to respiratory disorders is driving the demand for respiratory disease testing globally.
Market key trends:
One of the key trends in the respiratory disease testing market is the growing popularity of point-of-care testing. Point-of-care testing enables quick diagnosis of respiratory diseases at the place of patient care such as physician’s office, ambulance, patient’s home, and clinics. This eliminates the need for time-consuming visits to laboratories. Point-of-care testing utilizes compact portable devices that can perform various respiratory tests including spirometry, pulse oximetry and peak flow meter testing. The advantage of convenience and quick results offered by point-of-care testing is a major factor boosting its adoption over traditional testing methods.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. The respiratory disease testing market requires significant capital investment and extensive regulatory approvals. However, the growing prevalence of respiratory diseases and technological advancements are driving opportunities.
Bargaining power of buyers: The bargaining power of buyers is high due to the fragmented nature of the market with numerous global and regional players offering diverse respiratory disease testing solutions. Buyers can negotiate on price easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the key raw materials used in respiratory disease testing such as reagents, chemicals are commoditized. However, the test kit manufacturing process requires specialized expertise and machinery.
Threat of new substitutes: The threat of new substitutes is low as there are limited treatment alternatives available for respiratory diseases apart from medications and lifestyle changes. Diagnostic testing plays a crucial role in disease management.
Competitive rivalry: High due to presence of numerous global and regional players offering diverse technologies and customized solutions. Players compete based on product innovation, quality, and pricing.
Key Takeaways
The Global Respiratory Disease Testing Market Share is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period, due to increasing prevalence of respiratory diseases, growing geriatric population, and technological advancements.
The North America region dominated the market with over 35% share in 2023 owing to the rising cases of chronic respiratory conditions such as asthma and COPD, availability of advanced healthcare infrastructure, and presence of key players in the region. Asia Pacific is anticipated to grow at the fastest pace during the forecast period due to large patient pool, improving access to diagnosis and care, and rising healthcare spending in China and India.
Key players operating in the Respiratory Disease Testing are CareFusion Corporation, Carestream Health, Inc., COSMED, Futuremed America, Inc., GE Healthcare, MGC Diagnostics Corporation, ndd Medical Technologies, Inc., Nihon Kohden Corporation, Perkin Elmer, Inc., FUJIFILM Healthcare Corporation, Philips Healthcare,Roche Healthcare, Beckton Dickinson and Company, Koninklijke Philips N.V. , ResMed Inc., Medtronic, Abbott Diagnostics, and Quest Diagnostics. Major players are focusing on initiatives such as new product launches, strategic partnerships and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
