Respiratory Disease Testing Market Expected to Reach USD 3.1 Billion Globally in 2022: Transparency Market Research
According to a new market research report published by Transparency Market Research “Respiratory disease Testing Market (By Tests – Imaging, Spirometry, Peak Flow, Blood Gas, Lung Volume, and Other Tests); (By End-User – Hospitals, Physician Offices and Clinical Laboratories) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2022”, the global respiratory disease testing market was valued at USD 2.3 billion in 2013 and is estimated to reach USD 3.1 billion in 2022, expanding at a CAGR of 3.4% from 2014 to 2022.
Browse the full Respiratory Disease Testing Market Report: http://www.transparencymarketresearch.com/respiratory-disease-testing.html
Respiratory disease is a medical condition affecting the structure and organs associated with respiration or breathing (respiratory system). Based on anatomical features, the respiratory system is classified into upper respiratory tract and lower respiratory tract, comprising pharynx, larynx, and nasal passages, trachea, lungs, and bronchi. Equipment used to detect pulmonary abnormalities hold immense potential due to increasing prevalence of various respiratory diseases such as asthma, COPD, cystic fibrosis, and pneumonia. Moreover, the growing high-risk geriatric population and technological advancements would increase demand for respiratory disease testing products globally. However, low adoption rate of advanced equipment due to high cost and limited applications are the factors that restrict demand for respiratory equipment.
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Geographically, North America was the largest market for respiratory disease testing in 2013 and the region is anticipated to maintain its dominance by the end of 2022. The region accounted for the largest share of the global market in 2013. Dominance of North America was due to increasing prevalence of respiratory diseases, rising popularity, adoption of portable devices, and growing demand for home health care devices and services. The Centers for Disease Control and Prevention (CDC) stated in 2012 that around 18.7 million adults in the U.S. were suffering from asthma, which constitutes a considerable portion of the overall addressable population. Moreover, the American Lung Association states that COPD is the third leading cause of death in the U.S. Rising demand for technologically advanced and innovative products in hospitals, diagnostic laboratories, and outpatient ambulatory surgery centers would fuel market growth in the region.
Europe accounted for the second largest share of the global respiratory disease testing market. However, Asia-Pacific is expected to expand at the highest CAGR from 2014 to 2022. This growth is mainly attributed to factors such as untapped opportunities, developing health care infrastructure, and increasing awareness about the available diagnostic procedures. For instance, according to the Central Bureau of Health Intelligence (India), the number of government hospitals in India increased from 4,571 in 2000 to 11,993 in 2011. Rapidly increasing number of hospitals has led to the growth in demand for radiology examination devices in hospital and laboratory settings, which is driving the respiratory disease testing market.
The respiratory disease testing market in Latin America is likely to expand at a significant CAGR from 2014 to 2022. Improving health care scenario, rising prevalence of respiratory diseases, and growing investments by market players are the major factors fueling the growth of the respiratory disease testing market in Latin America. Brazil and Mexico are driving the respiratory disease testing market in the region due to favorable initiatives taken by the respective governments for disease prevention and control, and thus improve the overall health and well-being of the general population. Moreover, improving health care infrastructure would fuel market growth in Latin America. However, lower adoption of modern, technologically advanced devices due to higher costs could hinder market growth in the region. In addition, stringent regulations by the government on the import of refurbished medical devices in Brazil are deterring vendors to enter the market.
CareFusion Corporation (Complete PFT), Carestream Health, Inc. (CARESTREAM DRX-1 System), Cosmed (Quark SPIRO), GE Healthcare (Discovery XR656 Plus), and Perkin Elmer, Inc. (Flat panel X-ray detectors) are the key players that have marked their presence in the global respiratory disease testing market.
The global respiratory disease testing market is segmented as follows:
§Global Respiratory Disease Testing Market, by Test
o Imaging Tests
o Spirometry Tests
o Peak Flow Tests
o Blood Gas Tests
o Lung Volume Tests
o Other Tests
§Global Respiratory Disease Testing Market, by End-user
o Physician Offices
o Clinical Laboratories
Global Respiratory Disease Testing Market, by Geography
o North America
o Rest of Europe
o Asia-Pacific (APAC)
o Rest of APAC
o Latin America (LATAM)
o Rest of LATAM
o Middle East North Africa (MENA)
o Saudi Arabia
o Rest of MENA
o Rest of the World
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