Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
People all around the world may have experienced some sort of respiratory infections. Respiratory disease may result in death on the off chance that they are not diagnosed properly. As per the Forum of International Respiratory Societies (FIRS), more than 1 billion persons are suffering from chronic respiratory conditions in which an estimated 235 million people are affected with asthma, over 200 million people have chronic obstructive pulmonary disease (COPD). Healthcare costs for respiratory diseases are an increasing burden on the economies of all countries. For example, the annual cost of asthma in the USA is estimated to be $18 billion. Usually common respiratory disease incorporates asthma, acute respiratory infections, chronic obstructive pulmonary disease, and others.
Constantly increasing incidence of respiratory diseases due to rising air pollution levels and technological advancement in respiratory diagnostic systems are the major factors driving the growth of the market. As reported by WHO, approximately 65 million people suffer from chronic obstructive pulmonary disease (COPD) and it leads to approximately 3 million deaths annually, making it the third leading cause of death worldwide. Changing lifestyles have a key role to play in the increasing prevalence of these disorders. Conversely, the lack of awareness among the populace of developing and less-developed countries is limiting the widespread adoption of respiratory diagnostics. Nevertheless, emerging markets such as Asia-Pacific provide new growth opportunities for players in the market by initiating awareness campaigns to raise the visibility of their offerings in these regions.
The report analyses the Respiratory Diagnostics Market based on products and service, test types, disease, end user and geography.
On the basis of product and service, the market is bifurcated into Instruments & Devices, Assays & Reagents and Services & Software. The instrument segment is anticipated to hold for the major share of the market. This can be attributed to the constant requirement of diagnostic instruments and devices in laboratories, home care diagnosis, and point of care diagnosis.
Based upon test type, the global respiratory diagnostics market is bifurcated into mechanical tests, imaging tests, traditional diagnostic tests, and molecular diagnostic tests. The mechanical functional test is further divided into spirometry, peak flow test, OSA diagnostic tests and others. The imaging test is sub categorised into X-Ray, Computed Tomography, Magnetic Resonance Imaging (MRI), Positron Emission Tomography (PET) and other imaging tests. Further, the traditional diagnostic segment is sub categorised into immunodiagnostics, biochemical characterization and microscopy. And molecular diagnostic comprises of PCR, Nucleic Acid Amplification Test, In Situ Hybridization, Nucleic Acid Amplification Test, DNA Sequencing & Next-Generation Sequencing (NGS), Microarrays and other Molecular Diagnostic Tests. Among aforementioned test types, traditional diagnostic tests are observed to be most widely used test type segment, it can be primarily attributed to the quick turnaround time of these tests.
By disease type, the respiratory diagnostics market is categorised into asthma, chronic obstructive pulmonary disease, lung cancer, tuberculosis, acute respiratory infection and other diseases. The tuberculosis segment is expected to account for the significant share of the market. Growing burden of TB due to the increase in tobacco smoking and growing air pollution levels.is the primary factor attributed for the lucrative market growth. As per the World Health Organization, the global estimates of patients afflicted with TB were around 9.6 million in 2014. Which highlights the growing demand of the respiratory diagnostic need for the disease.
The Respiratory Diagnostics Market by end user, is bifurcated into hospital/clinical laboratories, reference laboratories, physician offices and other end users. Hospitals/ clinics segment is anticipated to observe lucrative growth over the forecast period attributed to the fact that instead of referring patients to outdoor labs, physicians prefer in-house options. Further, advanced disease diagnostic equipment installation such as X-ray machines and measurement devices and respiratory measurement instruments including spirometers, pulse oximeters, and non-invasive ventilators in hospitals result in higher revenue generation.
Geographically, the global Respiratory Diagnostics Market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
North America accounted for the largest share of the Respiratory Diagnostics Market in 2018 followed by Europe and Asia Pacific. The dominance of the North America region is attributed to the y the rising prevalence of respiratory diseases, generous investments and funding available for research in this field existing well-established healthcare system, rising geriatric population, quick adoption of new innovative products, and the presence of the key players in this region.
Moreover, Asia-Pacific region is observing robust growth in the market owing to the improving health care infrastructure and increasing patient awareness regarding availability of diagnostic procedures coupled with the rising prevalence of respiratory diseases, presence of large patient pool, booming medical tourism industry, and growing investments by market players in the region.
The key players operating the respiratory diagnostics market globally are Philips Healthcare, Becton, Dickinson & Company, Abbott Laboratories, Thermo Fisher Scientific Inc., Biomérieux, Alere Inc., Bio-Rad Laboratories, Inc., Cosmed, Seegene Inc., SDI Diagnostics, Koninklijke Philips N.V.(Respironics), ResMed Company, Fischer & Paykel, Medtronic, MGC Diagnostics Corporation and Subsidiaries, CAREstream Medical Ltd and others.
