by The global respiratory disease testing market involves medical devices and consumables that are used to diagnose a wide range of respiratory conditions. Some common respiratory diseases include asthma, chronic obstructive pulmonary disease (COPD), pneumonia, influenza, lung cancer and tuberculosis. Respiratory disease testing helps doctors detect infection, manage symptoms and diseases, determine lung functioning and more. The demand for point-of-care diagnostic devices is growing rapidly as they enable quick diagnosis and facilitate timely treatment at the site of patient care.
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 Dynamics
The respiratory disease testing market is driven by surging demand for point-of-care diagnostic devices and growing prevalence of respiratory diseases. Point-of-care diagnostic devices facilitate timely diagnosis of respiratory infections at the site of care such as physician’s office, urgent care clinics and hospitals. This eliminates the need for sample transportation to central laboratories and reduces waiting time for test results. Quick diagnosis enabled by point-of-care tests allows timely commencement of appropriate treatment which leads to better clinical outcomes. Furthermore, point-of-care tests are easy-to-use and don’t need specialized laboratory infrastructure or highly trained personnel to conduct tests and interpret results. These advantages have fuelled the demand for point-of-care diagnostic devices among healthcare providers.
Moreover, increasing pollution levels and aging population have contributed significantly to the rising incidence of respiratory diseases globally. According to the World Health Organization (WHO), chronic respiratory diseases including COPD, asthma and lung cancer are the third leading cause of death worldwide and are responsible for over 4 million deaths annually. Growing disease burden has increased the need for efficient testing and diagnosis of respiratory diseases, which is supporting the market growth.
Segment Analysis
The respiratory disease testing market can be segmented based on product type, technology, disease type, end user and region. By product type, the market is dominated by the imaging tests segment due to the ability to accurately detect lung infection, cancer and other issues. By technology, the molecular diagnostic tests segment is expected to witness high growth in coming years on account of benefits like early disease detection, high sensitivity and specificity.
PEST Analysis
Political: The government policies promoting healthcare modernization and increasing healthcare expenditure are fueling market growth. Various initiatives to spread awareness about respiratory diseases are also boosting adoption of testing products.
Economic: Rising disposable income and growing health insurance penetration are increasing access to advanced diagnostic tests across major markets. Demand for POC and home-use tests is also driven by cost-effectiveness.
Social: Growing pollution levels and changing lifestyle factors leading to respiratory issues have raised social emphasis on early disease detection. Sedentary lifestyle and smoking prevalence are other demand drivers.
Technological: Introduction of techniques like precision medicine, digital pathology and artificial intelligence are strengthening market opportunities. Adoption of more portable and easy-to-use testing solutions is also on the rise.
Key Takeaways
The Global Respiratory Disease Testing Market Share is expected to witness high growth at a CAGR of 6.0% during the forecast period of 2023 to 2030.
Regional analysis indicates North America currently holds the largest share fueled by increasing approvals for advanced products and growing usage of digital tools. Europe also captures a significant share supported by favorable initiatives for health systems strengthening.
Key players operating in the respiratory disease testing market are Annandale Distillery, Rocky Mountain Barrel Company, Exotic Barrels, Esty Inc., Midwest Barrel Co., Mystic Barrels, Red Head Barrels, Kentucky Bourbon Barrel (Independent Stave Company), Country Connection, and Kelvin Cooperage. Key players are focusing on launching innovative, portable and easy-to-use products as well as leveraging partnership strategies for geographical expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
