April 24, 2024

Respiratory Disease Testing Market Propelled By Growing Prevalence Of Respiratory Diseases

Respiratory disease testing includes diagnostic procedures utilized to identify various respiratory conditions such as asthma, chronic obstructive pulmonary disease (COPD), lung cancer, and others. These tests help in monitoring disease progression and treatment effectiveness. The growing geriatric population and increasing air pollution levels are major factors fueling the increase in respiratory diseases.

The global respiratory disease testing market is estimated to be valued at US$ 3232 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growing prevalence of respiratory diseases is one of the key trends propelling the respiratory disease testing market growth. As per the American Lung Association, in 2018, over 25 million Americans suffered from asthma and nearly 16 million Americans were diagnosed with COPD. Additionally, lung cancer accounted for around 25% of all cancer deaths in the United States in 2018. Rising air pollution levels globally are significantly contributing to the increasing incidence of respiratory diseases. Growing awareness regarding early diagnosis is also prompting more patients to opt for respiratory disease testing. Development and adoption of advanced diagnostic techniques for detection of chronic respiratory conditions provides lucrative growth opportunities in the market.

SWOT Analysis
Strength: The respiratory disease testing market has seen increased demand due to rising prevalence of respiratory diseases such as asthma, lung cancer, and COPD. Some of the screening and diagnostic tests can provide fast results, allowing for timely treatment interventions.
Weakness: Developing economies lack advanced healthcare infrastructure and funding for widespread diagnostic testing. Many respiratory disease tests require specialized equipment and trained technicians that may not be uniformly available.
Opportunity: Technological advances are enabling simpler, portable diagnostic devices that can be used at point-of-care settings or even in the home. This improves accessibility in rural areas.
Threats: Pricing pressures from regulators and payers try to control healthcare costs by restricting reimbursements or coverage for newer, more expensive tests. Stringent approval pathways also delay market entry of novel diagnostic technologies.

Key Takeaways

The Global Respiratory Disease Testing Market Share is expected to witness high growth over the forecast period supported by a growing elderly population and increasing pollution levels. The global respiratory disease testing market is estimated to be valued at US$ 3232 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.

The Asia Pacific region dominates the market currently due to its huge population base and growing healthcare investment in countries such as China and India. North America is another major revenue contributor supported by favorable insurance coverage and availability of advanced healthcare facilities. Government initiatives are spreading awareness about respiratory illnesses while increasing funding for public healthcare programs. As standards of living improve overall, more patients can afford access to diagnostic evaluations.

Key players

Key players operating in the respiratory disease testing market include Thermo Fisher Scientific, Abbott Laboratories, Becton, Dickinson and Company (BD), Koninklijke Philips, and bioMérieux. Leading companies are investing heavily in innovative product development through partnerships, mergers, and acquisitions. They are also focused on customized solutions and software integration to deliver an end-to-end testing experience for customers. Cloud-based technologies enable remote consultation, result management, and data analytics capabilities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it