PUBLISHER: The Business Research Company | PRODUCT CODE: 1414538
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414538
“Respiratory Disease Testing Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on respiratory disease testing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for respiratory disease testing? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The respiratory disease testing market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Respiratory disease testing encompasses the diagnostic process of evaluating various respiratory conditions through physical examinations. This procedure aids in the identification and measurement of lung conditions, assessing the speed at which a patient can exhale air. The results of these tests can assist clinicians in diagnosing respiratory diseases, even before patients exhibit symptoms.
The primary categories of tests involved in respiratory disease testing include imaging tests, mechanical tests, and in-vitro diagnostic tests. Imaging tests constitute a subset of diagnostic procedures that generate detailed images of various bodily regions. These tests utilize products such as lung volume imaging, spirometry, peak flow, blood gas, among others. They find applications in various respiratory conditions such as chronic obstructive pulmonary disease, lung cancer, asthma, and tuberculosis. These tests are typically conducted in hospitals, physician clinics, clinical laboratories, and other healthcare settings.
The respiratory disease testing market research report is one of a series of new reports from The Business Research Company that provides respiratory disease testing market statistics, including respiratory disease testing industry global market size, regional shares, competitors with a respiratory disease testing market share, detailed respiratory disease testing market segments, market trends and opportunities, and any further data you may need to thrive in the respiratory disease testing industry. This respiratory disease testing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The respiratory disease testing market size has grown steadily in recent years. It will grow from $3.42 billion in 2023 to $3.58 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The expansion observed during the historical period can be attributed to a confluence of factors, including environmental considerations and pollution, the prevalence of the tobacco smoking epidemic, occupational respiratory hazards, awareness campaigns, and health education programs. Additionally, government initiatives geared towards disease control played a significant role in shaping the growth landscape during this timeframe.
The respiratory disease testing market size is expected to see steady growth in the next few years. It will grow to $4.31 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. Anticipated growth in the forecast period can be attributed to several key factors, including the rise in airborne respiratory viruses, a heightened emphasis on home-based testing solutions, increased research in precision medicine, persistent environmental health concerns, and a focus on early intervention and prevention. Noteworthy trends expected during this period encompass the adoption of point-of-care testing, the integration of artificial intelligence (AI), the utilization of remote monitoring technologies, the expansion of telehealth services, the development of customized biomarker panels, and the enhancement of breath analysis techniques.
The upward trajectory in the prevalence of respiratory diseases is poised to significantly boost the respiratory disease testing market in the foreseeable future. Respiratory diseases encompass medical conditions affecting the respiratory system, including the lungs, bronchi, trachea, larynx, pharynx, and nasal passages. The primary purpose of respiratory disease testing is early detection and diagnosis, facilitating prompt treatment and management. This proactive approach not only helps impede disease progression but is also crucial for controlling the transmission of infectious respiratory diseases and reducing the risk of complications. For instance, in September 2022, data from the NCD Alliance revealed that lung cancer ranked as the leading cause of global cancer deaths, with an anticipated 2.2 million new cases and 1.8 million fatalities annually. Chronic respiratory disorders affected 550 million adults globally, resulting in 4.2 million deaths, accounting for 7% of the total. Therefore, the rising prevalence of respiratory diseases is a key driver for the respiratory disease testing market.
The growing incidence of tobacco smoking is expected to further propel the growth of the respiratory disease testing market. Tobacco smoking, involving the inhalation of smoke produced by burning dried tobacco leaves, has a significant impact on respiratory health. Respiratory disease testing becomes essential in the care of tobacco smokers, enabling healthcare professionals to monitor changes in lung function over time. This monitoring aids in assessing the effectiveness of smoking cessation efforts and adjusting treatment plans accordingly. For example, data from the Centers for Disease Control and Prevention in May 2023 indicated that approximately 28.3 million adults aged 18 years or older in the U.S. were cigarette smokers, and around 16 million Americans were living with smoking-related diseases in 2021. As such, the growing incidence of tobacco smoking stands as a driving force behind the expansion of the respiratory disease testing market.
Technological advancements are emerging as a prominent trend in the respiratory disease testing market, with major companies focusing on innovative solutions to enhance treatment protocols and elevate patient outcomes. A notable example is Respira Labs, a U.S.-based healthcare technology company, which introduced the AI-powered wearable device, Sylvee, in March 2022. Sylvee, worn as a chest strap, employs artificial intelligence and machine learning algorithms to analyze data from multiple sensors measuring breathing rate, volume, and patterns. This device aids in the early diagnosis and management of conditions such as chronic obstructive pulmonary disease (COPD), asthma, and COVID-19, utilizing advanced AI algorithms to analyze breath sounds and provide real-time feedback on lung function.
Major players in the respiratory disease testing market are actively engaged in developing advanced products, such as pulmonary function testing, to establish a competitive advantage. A case in point is Vitalograph Ltd., a UK-based provider of respiratory diagnostics, which launched the VitaloPFT series in March 2023. This series offers detailed pulmonary function testing options, providing healthcare providers with a cost-effective solution for advanced respiratory diagnostics. Its user-friendly design simplifies the testing process, enhancing accessibility for healthcare professionals.
In January 2023, CAIRE Inc., a prominent U.S.-based medical supply and manufacturing company, completed the acquisition of MGC Diagnostics Holdings for an undisclosed amount. This strategic move is driven by CAIRE Inc.'s objective to expand the scope of its product line, diversify its income streams, and fortify its position as a leading player in the medical technology sector, specifically focusing on respiratory and cardiorespiratory diagnostics. MGC Diagnostics Holdings Inc., the acquired entity, is a U.S.-based medical technology company specializing in offering comprehensive cardiorespiratory diagnostic solutions and respiratory disease testing products.
Major companies operating in the respiratory disease testing market report are Medtronic plc, Carestream Medical Ltd., Abbott Laboratories, Seimens Healthineers AG, Koninklijke Philips N.V., ResMed Inc., Thermo Fisher Scientific Inc., Beckton Dickinson And Company, F. Hoffmann-La Roche Ltd., Nihon Kohden Corporation, GE HealthCare Technologies Inc., Merck And Co. Inc., Fisher And Paykel Healthcare Corporation Limited, Qiagen N.V., Medical Graphics Corporation, COSMED srl, ndd Medizintechnik AG, Vitalograph Ltd., MGC Diagnostics Corporation, Vyaire Medical Inc., Smiths Medical International Ltd., Masimo Corporation, Hamilton Medical AG, Dragerwerk AG & Co. KGaA, Hill-Rom Holdings Inc., OSI Systems Inc., Schiller AG, Baxter International Inc., Nonin Medical Inc., Viasys Healthcare Inc., Natus Medical Incorporated
North America was the largest region in the respiratory disease testing market in 2023. Asia-Pacific is expected to be the fastest growing region in the global respiratory disease testing market during the forecast period. The regions covered in the respiratory disease testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the respiratory disease testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The respiratory disease testing market includes revenues earned by entities by providing services such as exhaled nitric oxide tests lung function tests. oxygen therapy, bronchoscopy, ultrasonography, nuclear lung scanning, and pulmonary artery angiography. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.