According to Custom Market Insights (CMI), The Global Respiratory Diagnostics Market Size was valued at USD 8.2 billion in 2021 and is estimated to reach USD 13.80 billion by the end of 2030 at a CAGR of approximately 8.5% during the forecast period 2022-2030.
The increasing prevalence of respiratory disorders among people has boosted the market demand for advanced respiratory diagnostic procedures. Faulty lifestyle practices followed by people all over the world, which include the consumption of tobacco and smoking, have hampered the respiratory health of people to a great extent.
The demand for advanced healthcare facilities in urban areas has also significantly boosted the market’s size. However, many people suffer from respiratory disorders and are left undiagnosed due to a lack of advanced healthcare facilities. Therefore, the key market players invest in developing new technologies that produce faster results after a diagnostic test.
Browse the full “Respiratory Diagnostics Market Size, Trends and Insights By Product and Services (Assays and reagents, instruments and devices, Services and software), By Test Type (Mechanical tests, Molecular diagnostic test, OSA diagnostic test, Traditional diagnostic tests, Imaging tests), By Disease (Lung cancer, Tuberculosis, Chronic obstructive pulmonary disorder, Bronchitis, Pulmonary fibrosis, Asthma, Other diseases), By End User (Physician offices, Hospital, Clinical laboratories, Others), By Distribution Channel (Retail sales, Direct tender, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/respiratory-diagnostics-market/
Market Dynamics
Drivers
As there has been an increase in the different types of respiratory diseases across the globe, the demand for its diagnosis will grow in the coming years. In addition, the outbreak of the COVID-19 pandemic has created more demand for the devices which are used in the diagnosis and treatment of respiratory diseases. This market has seen healthy growth in recent years due to the pandemic outbreak. As a result, the demand for various devices to diagnose these diseases has also increased. Growing support from the government will play an instrumental role in the market’s growth.
Restraints
When diagnosing any disease, there is a significantly less number of reimbursement policies globally. Many patients worldwide depend largely on reimbursement for taking any diagnostics test or treatment. As reimbursement policies are unfavourable, the demand for diagnostics tests will decrease in the coming years. Asia Pacific region has almost no coverage for the diagnostics test or negligible coverage, due to which the growth in the demand for these services will be hampered during the forecast.
Opportunities
As there has been an increase in the geriatric population globally, the demand for diagnosing respiratory diseases will grow in the coming years. Furthermore, constant research and development in this field have led to various diagnostic tests and procedures that will positively impact the market’s growth in the coming years. Therefore, innovative ways of diagnostics will provide good opportunities for market development during the forecast period.
Challenges
the cost of sociated in the healthcare sector is high, and the diagnosis of respiratory diseases is expensive under reimbursement policies that are not favourable in many regions across the globe. All of these factors will hamper the market’s growth in the coming years. as a large population worldwide is underdiagnosed and undertreated, these two factors will be significant challenges in the development of the market during the forecast. The medical infrastructure in middle-income and low-income countries is unsuitable for market growth. The penetration of this technology for developing nations is less. Many technologies have emerged in recent years and challenged the market’s growth. The unavailability of skilled professionals is another challenge in the market’s growth.
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Regional Snapshots
The geographical sector of North America has emerged as the largest market, further the respiratory diagnostics market. A considerable number of people residing in this region suffer from respiratory disorders, which increases the demand for advanced diagnostic procedures which can facilitate the healthcare sector to decide on a suitable line of treatment for the particular patient. In addition, progressive healthcare facilities provided by the government to the people have boosted the market size of respiratory diagnostics.
The European nations emerged as the next largest market after North America due to the facilities provided by the healthcare sector. However, the Asia Pacific region is also expected to grow in the coming years. As the healthcare infrastructure in the Asia Pacific region is improving and the awareness among consumers has also increased in recent years, the demand for diagnosis will continue to grow.
The market for diagnostic procedures will grow in the coming years as there has been an increase in the different types of respiratory diseases. Therefore, many companies are making a good amount of investments in enhancing the market, and they shall play an instrumental role in the growth of the Asia Pacific region during the forecast period.
Key Players
- Medtronic (Ireland)
- COSMED srl (Italy)
- GENERAL ELECTRIC COMPANY (US)
- Koninklijke Philips N.V. (Netherlands)
- Hoffmann-La Roche Ltd (Switzerland)
- NIHON KOHDEN CORPORATION (Japan)
- GC Diagnostics Corporation (South Korea)
- Masimo (US)
- Drägerwerk AG Co. KGaA (Germany)
- Bio-Rad Laboratories Inc. (US)
- bioMérieux SA (France)
- Carestream Health (US)
- Abbott (US)
- Johnson Johnson Services Inc. (US)
- Thermo Fisher Scientific Inc. (US)
- Novartis AG (Switzerland)
- GlaxoSmithKline plc (UK)
- Bayer AG (Germany)
- BD (US)
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