The coronavirus pandemic has made a significant impact on the global respiratory disease testing market. Moreover, clinical laboratories will have lucrative market growth, throughout the forecast period. Clinical laboratories are expected to achieve newer heights. The key players of the respiratory disease testing market are following effective strategies to acquire a prominent position in the global industry.
The communal transmission of coronavirus has created a significant impact on the global respiratory disease testing market. The growth of the global market is mainly driven by the extensively rising number of respiratory disease patients with COPD (chronic obstructive pulmonary disease) and asthma. In addition, technological developments in the diagnosis and treatment of respiratory diseases are also anticipated to augment the growth of the global respiratory disease testing market. Though the industries across the countries such as China, India, and Brazil are massively disrupted due to the COVID-19 outbreak, the demand for respiratory disease testing has shown exponential growth, in the pandemic timeframe. Therefore, to mitigate the communal spread of COVID-19 pandemic, major players of the market such as Abbtt., Thermo Fisher Scientific Inc., and ResMed are coming forward with new strategy implementation. In March 2020, Thermo Fisher Scientific has made an announcement of the collaboration with Janssen Biotech (Johnson & Johnson) to develop a companion diagnostic for lung cancer. These elements may boost the growth of respiratory disease testing in the global market, in the upcoming years.
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As per the recent publication of Research Dive, the global respiratory disease testing market is set to generate a revenue of $20.1 billion by 2027, at a noteworthy growth rate of 9.2%, throughout the projected period. The segmentation of the global respiratory disease testing market has been done based on the end-use, product, and region. The report provides key insights on driving factors vital segments, opportunities, restraints, and industry leaders of the global respiratory disease testing market.
The Factors Affecting Market Growth
As per our analyst estimates, the significantly growing prevalence of chronic respiratory disorders such as asthma, cystic fibrosis, and sleep apnea is accelerating the growth of the global respiratory disease testing market. However, the rising healthcare costs are anticipated to hamper the growth of the global respiratory disease testing market, during the forecast period.
Imaging Test Products Shall Have Significant Market Growth
Depending on the product, the global market for respiratory disease testing is classified into respiratory measurements, imaging tests, blood gas tests, and others. The imaging test products are valued at $12.4 billion in 2027 and are anticipated to rise at 9.6% growth rate; due to the growing adoption of x-ray imaging and other imaging devices for improved visualization of the disease condition.
Clinical Laboratories to Be The Most Lucrative
On the basis of end-use, the global market is mainly fragmented into physicians’ clinics, hospitals, clinical laboratories, and others. The Clinical laboratories shall have lucrative opportunities and are projected to register a revenue of $4.6 billion at a significant CAGR of 9.8%, during the analysis period. However, the hospital shall have a substantial market share and is expected to surpass $11.1 billion in 2027, at a 9.3% growth rate.
Geographical Analysis and Leading Market Players
Depending on the geographical region, the global market respiratory disease testing is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia-Pacific respiratory disease testing market valued $5.3 billion in 2027 and is anticipated to grow at 10.0% lucrative CAGR throughout the analysis period; owing to the extensively growing patient of respiratory diseases and increasing spending in R&D particularly in China, South Korea, and India.
The leading companies of the respiratory disease testing market consist BD., Koninklijke Philips N.V., COSMED srl, bioMérieux SA, SDI Diagnostics, CARESTREAM MEDICAL., Abbott., ResMed, Thermo Fisher Scientific Inc., and Seegene Inc.
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