The lung function tests market outlook and analysis by indication, devices and End-User - forecast till 2030
Due to the critical role that these lung function tests play in the identification of numerous diseases and disorders related to the respiratory tract and lungs, the market for lung function tests has been experiencing rising demand. Also, the prevalence of lung cancer, cystic fibrosis, allergic rhinitis, chronic bronchitis, COPD, asthma, and allergic rhinitis is rising, which accelerates the market's expansion.
According to Market Research Future (MRFR), a leading research firm, the global lung function tests market is estimated to garner exponential accruals by 2030. MRFR, in its recent study report, also asserts that the market would register a 7.5% CAGR during the review period (2022 – 2030). Augmenting demand for effective and minimally invasive diagnostic procedures for lung cancer supports market growth.
Recent technical developments are encouraging market expansion, providing outcomes that are incredibly beneficial, and enhancing the quality of life for patients. Additionally, the market is predicted to develop as a result of the expanding use of pharmaceuticals for treatment due to rising professional interest in the industry. The industry is expected to grow as a result of numerous new treatments and methods.
Conversely, unmet clinical demands in developing regions are anticipated to present difficulties in the ensuing years. Additionally, the lack of knowledge about the accessibility and benefits of these lung function tests is probably going to impede market expansion. However, improvements in methods and tools used in the lung function tests market would promote market expansion throughout the course of the projection period.
Lung Function Tests Market - Competitive Analysis
Highly competitive, the global lung function tests market appears fragmented due to the presence of several well-established players. To gain a significant market share, players incorporate strategic initiatives, such as mergers acquisitions, collaborations, expansion, and new therapeutics technology launch. They invest heavily in RD and clinical trials to develop effective drugs.
Major Players:
The lung function tests market players include MGC Diagnostic Corporation (US), CareFusion Corporation (US), General Electric Company (US), Carestream Health, Inc. (US), Perkin Elmer (US), COSMED SRL (Italy), and Nihon Kohden Corporation (Japan), among others.
Lung Function Tests Market - Segments
The lung function tests market share has been segmented into five dynamics to widen the scope of understanding,
By Type : Spirometry, Bronchial Provocation Test, Gas Diffusion Test, Body Plethysmograph, among others.
By Indication : Chronic Bronchitis, Asthma, Respiratory Infections, Cystic Fibrosis, Chronic Obstructive Pulmonary Disease (COPD), Pneumonia, Lung Cancer, and others.
By Devices : Spirometer, Oscillometer, Breath CO Monitor, Ergospirometer, Dose-Controlled Drug Nebulizer, and others.
By End-user : Hospitals, Clinics, Diagnostic Centers, and others.
By Regions : Europe, North America, APAC, and the Rest-of-the-World (RoW).
Global Lung Function Tests Market - Regional Analysis
North America is projected to continue leading the global lung function tests market. The regional market is predominantly driven by the rising prevalence of various types of allergies, including allergy asthma and immunology, food allergy, and eczema, etc. Besides, the growing occurrences of diseases and disorders associated with lung functions, such as chronic bronchitis, respiratory infections, cystic fibrosis, COPD, pneumonia, lung cancer, and others, foster the regional market growth.
Lung function tests the market in the US heads the regional market with the high occurrences of various pulmonary disorders and diseases. Furthermore, high healthcare expenditure and the high adoption of advanced technology drive the Lung Function Tests market in North America.
Lung function tests the market in the European region stands second due to the rising chronic allergic diseases. Moreover, factors such as the increasing obesity disorders and changing lifestyles alongside the environmental changes drive the market demand hugely.
The presence of several key companies and well-established healthcare systems in the region acts as key driving force for the regional market. Additionally, increasing funding for research by private public organizations would boost the growth of the Europe lung function tests market.
The Asia Pacific lung function tests market is expected to register a substantial CAGR during the forecast period. The high prevalence of asthma and government initiatives for healthcare reforms are driving the growth of the regional market. Japan, Hong Kong, and Singapore contribute to regional market growth significantly. Furthermore, rising cases of COPD, asthma, and other lung disorders would support market growth in the region.
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