Respiratory disease testing helps in the diagnosis of various respiratory disorders such as chronic obstructive pulmonary disease (COPD), asthma, lung cancer, pneumonia, and tuberculosis among others. Testing involves procedures like complete blood count, arterial blood gas analysis, pulmonary function tests, imaging tests, and biomarker tests which help in early detection and management of respiratory diseases. The rising pollution levels, increase in cigarette smoking, aging population have contributed to the increase in respiratory diseases worldwide.
The global respiratory disease testing market is estimated to be valued at US$ 12.7 billion in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising prevalence of respiratory diseases has been a major trend accelerating the growth of the respiratory disease testing market. As per the American Lung Association data, over 25 million Americans suffer from asthma and approximately 15.7 million Americans are diagnosed with COPD. Besides aging population and rising air pollution, factors like increasing healthcare expenditure and availability of advanced diagnostic techniques have also contributed to increased testing for early detection and improved respiratory disease management. Furthermore, growing awareness regarding importance of early screening and advances in molecular diagnostics, biomarkers, genetics, and imaging technologies are poised to drive further innovation and growth in respiratory disease testing solutions over the forecast period.
Segment Analysis:
The global respiratory disease testing market is segmented by disease type, test type, end-user, and geography. By disease type, the market is segmented into tuberculosis, asthma, chronic obstructive pulmonary disease (COPD), and other respiratory diseases. Among these, the tuberculosis segment leads the market and accounts for the largest share. Tuberculosis has impacted a large population globally making its diagnostics crucial. This has contributed to the segment's dominant position in the market.
Key Takeaways:
The global Respiratory Disease Testing Market Growth is expected to witness high growth over the forecast period of 2024 to 2031. The global respiratory disease testing market is estimated to be valued at US$ 12.7 billion in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031.
Regional analysis:
Asia Pacific region is projected to grow at the fastest rate due to high disease prevalence and growing healthcare infrastructure. Countries like India, China, and Japan are witnessing increased investments and initiatives to promote effective diagnostic measures which is driving the regional market. North America currently dominates the market due to advanced healthcare facilities and widespread health awareness among people.
Key players:
Key players operating in the respiratory disease testing market are Thermo Fisher Scientific Inc., bioMérieux SA, Abbott Laboratories, Bio-Rad Laboratories, Inc., Hoffmann-La Roche Ltd., Danaher Corporation (Cepheid), Becton, Dickinson and Company, Agilent Technologies, Inc., GE Healthcare, and Seegene, Inc. Thermo Fisher Scientific Inc. and Hoffmann-La Roche Ltd. have established robust product portfolios and global presence while companies like Cepheid and Bio-Rad have expertise in specific respiratory disease tests.
For more insights, read- https://www.ukwebwire.com/respiratory-disease-testing-market-trends-size-and-share-analysis/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/plant-based-meat-market-is-estimated-to-witness-high-growth-owing-to-opportunity
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