New York, Feb, 2021: Axiom Market Research & Consulting™ added a report on global Respiratory Diagnostics market which includes study on product, test type, disease, end user across various countries of key regions across the globe. The global respiratory diagnostics market was projected to grow at a CAGR of 8.06 % for the forecast period 2021 to 2027. The global market is estimated and forecasted in terms of revenue (USD Million) generated by the Respiratory Diagnostics market.
The key factors like rising prevalence of respiratory diseases owing increasing environmental pollution, hazardous pollution, changing lifestyle dietary factors and abnormal response to certain allergy are driving the growth of market. Also, COVID-19 outbreak has provided positive opportunity for the market as there was a growing demand for respiratory diagnostics market for virus detection. In addition rising geriatric population has increasing demand for respiratory diagnostics attributing to growing respiratory disease, cancer, cardiovascular disease thereby having reduced ability to breathe is likely to contribute to the healthy growth of the market.
The report analyses the global respiratory diagnostics based on product, test type, disease, end user and geography.
The products and services in global respiratory diagnostics market are bifurcated into instruments & devices, assays & reagents, and services & software. These are available for different test types including imaging tests, mechanical tests, molecular diagnostic tests, traditional diagnostic tests. Depending on the disease type the market is categorized into asthma, chronic obstructive pulmonary disease, lung cancer, tuberculosis. The market finds its major end user in hospital/clinical laboratories, physician offices, reference laboratories. The global respiratory diagnostics market is studied for various region including North America, Europe, Asia-Pacific and Rest of the world (RoW).
Instruments & Devices segment accounted for the major share of market
The instruments & devices segment is anticipated to dominate in the Respiratory Diagnostics market during the forecast period 2021 to 2027. The increasing use of device for the diagnosis had made easier for physician to make medical decisions. Also, 70% of medical decision are based on diagnosis thereby there is huge demand for instruments & devices in respiratory diagnostics market .
Imaging Tests is anticipated to witness highest growth in the Respiratory Diagnostics market
Imaging test is estimated to gain the highest growth in upcoming years. The growth of the segment is due to rapid and accurate diagnosis and are cost effective. Further this imaging test provide safety for patients while diagnosis and helps doctors to diagnose medical conditions.
Chronic obstructive pulmonary disease is expected to dominate the Respiratory Diagnostics market during the forecast period
Chronic obstructive pulmonary disease is projected to dominate in the market owing to increasing number of patients and further due to indoor and outdoor air pollution in urban as well as rural areas, geriatric population, burning of biomass fuel respiratory infection, smoking are leading factor fuelling the demand for respiratory diagnostics market.
Hospital/Clinical Laboratories end use industry accounted for the major market share
The hospital/clinical laboratories is expected to gain major market share in the respiratory diagnostics market attributing to presence of advance device in hospital/clinical for diagnosis. In addition increasing inflow of patients for diagnostic for respiratory disease is further propelling the growth of the market.
North America dominated Respiratory Diagnostics market in 2020 and is expected to witness the highest growth in upcoming years
North America is anticipated to witness the growth at fastest pace owing to increasing prevalence of disease in the region. The growing demand hospital/clinical laboratories, physician offices, reference laboratories is expected to further drive the growth. In addition adoption and demand for new innovative products is further boosting the growth of market. U.S. followed by Canada is expected to have major growth for the respiratory diagnostics market during the forecast period.
The key players in respiratory diagnostics market include Abbott Laboratories (U.S.), Alere Inc. (U.S.), Becton(U.S.), Dickinson & Company(U.S.), Biomerieux(France), Bio-Rad Laboratories, Inc.(U.S.), Cosmed(Italy), Philips Healthcare(Netherlands), Sdi Diagnostics(U.S.), Seegene Inc(South Korea), Thermo Fisher Scientific Inc.(U.S.), ResMed(U.S.), Fischer & Paykel(New Zealand), MGC Diagnostics Corporation and Subsidiaries (U.S.) and CAREstream Medical, Ltd.(U.S.).
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