The respiratory disease testing market owes its growth to the obvious: an alarming rise in the prevalence of respiratory diseases across the globe. According to the World Health Organization, 235 million people around the world currently suffer from asthma. An astonishing 3 million people died from chronic obstructive pulmonary disease (COPD) in 2005 and 90% of COPD deaths occur in middle- and low-income countries. Apart from these, other respiratory diseases such as bronchiectasis, allergic rhinitis and sinusitis, pulmonary hypertension, and obstructive sleep apnea syndrome have also fueled the growth of the respiratory disease testing market.
A report published by Transparency Market Research pegs the value of the global respiratory disease testing market at US$2.3 billion in 2013. This is projected to grow to US$3.1 billion by 2022, developing at a modest 3.4% CAGR during that period.
Let’s take a look at some of the growth drivers identified by TMR.
Large-scale Research in the Field of Respiratory Diseases
There have been numerous innovations and research and development activities in the field of respiratory disease testing, which has fueled the growth of the global market.
Earlier this month, researchers from McMaster University in Hamilton, Ontario in Canada created a new test that would help signal the presence of and identify infectious diseases, including respiratory infections. The test is a new method of detecting the tiniest traces of proteins, metabolites, or fragments of DNA. Quicker identification of the disease can allow for faster quarantine and earlier treatment.
Browse Market Research Report of Respiratory Disease Testing Market:
In another effort to curb respiratory failure as a result of the flu, researchers from Sunnybrook and St. Michael’s hospitals in Toronto, Canada published a study last month on the effect of a drug called Vasculotide, which was found to be effective against three types of viruses in mice. The researchers, instead of inoculating people against the virus, decided to target the body’s response to the flu by keeping the blood vessels from leaking.
Impressive Opportunities Lie Ahead in Asia Pacific and Latin America
The global market for respiratory disease testing may be dominated by North America, but the strong growth potential in Asia Pacific and Latin America is projected to fuel the global market till 2022.
Emerging economies in Asia Pacific, such as China, India, Malaysia, Indonesia, Singapore, South Korea, and Thailand offer immense opportunities in the healthcare industry. Factors such as improving healthcare infrastructure, untapped opportunities, growing awareness about current diagnostic procedures, rising levels of air pollution, increase in tobacco smoking, and rise in respiratory health issues are likely to stimulate the Asia Pacific respiratory disease testing market.
The market for respiratory disease testing in countries in South and Central America, such as Brazil, Mexico, Venezuela, Argentina, and Chile, is also projected to expand by 2022 owing to the rising prevalence of respiratory diseases, improving healthcare scenario, and growing investments by market players.
Browse Press Release of Respiratory Disease Testing Market:
Given the developing nature of the global respiratory disease testing market, the presence of a large number of participants is a given. Some of the leading players operating in the market are MGC Diagnostic Corporation (CPFS/D USB spirometer), Nihon Kohden Corporation (Oxypal OLV-2700 Pulse Oximeter), ndd Medical Technologies, Inc. (EasyOne Pro LAB), GE Healthcare (Discovery XR656 Plus), and CareFusion Corporation (MicroRPM).