Selbyville, Delaware, April 26, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on respiratory disease testing market which estimates the global market valuation for respiratory disease testing will cross US$ 18.2 billion by 2026. Increasing prevalence of infectious diseases will drive the market growth in the coming years.
Additionally, the surge in spread of hospital acquired infections and respiratory ailments will further augment the industry growth in the coming years. Hospital acquired infections results in lower respiratory tract infections such as tracheobronchitis and hospital-acquired and ventilator-associated pneumonia. The introduction of novel and cost-efficient respiratory disease testing kits, devices, consumables and software will further boost the market demand. Such factors will contribute to the market expansion during the analysis period.
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Rising incidence of COVID-19, in which distress in lung is one of the major symptoms, will further create opportunities for respiratory disease testing market expansion. Also, the continuously increasing incidence of tuberculosis and asthma will be conducive in propelling the market growth. For instance, about 10 million individuals were suffering from tuberculosis in 2018 and has resulted in around 1.5 million deaths globally.
In-vitro diagnostic test segment accounted for a moderate share of the global market and is expected to register a CAGR of 8.1% during the analysis period. In-vitro diagnostic test segment is further bifurcated into point-of-care test, molecular diagnostic test and others. In-vitro diagnostic tests are cost efficient and contribute to consumer safety but are often overlooked. However, point-of-care test is expected to register a higher growth rate during the forecast period. This is due to the benefits offered by point-of-care tests such as efficiency, expanded testing capabilities, rapid diagnosis as well as it efficiency in specimen stability and convenience in handling.
Asthma accounted for a significant revenue share in 2019 and was valued at USD 2.5 billion. Asthma affects around 23.4 million individuals or around 5-10% of the total population. Also, approximately 250,000 asthma related deaths are reported globally every year. Thus, due to the increase in asthma cases globally, there is a surge in need for effective diagnosis methods and devices for early diagnosis, thereby driving the market growth.
Clinics segment is expected to register a CAGR of 8.8% during 2020 to 2026. Clinics ensures immediate attention to the signs and symptoms of the patients, thus, assisting in effective treatment of respiratory diseases. The diagnosis is conducted by utilizing various imaging modalities such as X-ray, computed tomography and magnetic resonance imaging among others. The aforementioned factors will foster the segmental growth.
Browse key industry insights spread across 200 pages with 406 market data tables & 26 figures & charts from the report, “Respiratory Disease Testing Market Share & Forecast, 2020– 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/respiratory-disease-testing-market
Respiratory disease testing market in the Middle East & Africa region is expected to show a considerable growth rate during the forecast period to reach USD 1.4 billion by 2026. This is due to the presence of Middle East respiratory syndrome-related coronavirus (MERS) as well as COVID-19 pandemic in the Middle Eastern countries. MERS has resulted in around 2,519 cases as of January 2020 and around 866 deaths. Whereas, COVID 19 in Saudi Arabia alone has resulted in 6,380 cases as of April 2020 and 83 deaths. Such high incidences of respiratory diseases will create profitable opportunities in the market for key industry players. Moreover, presence of many small and regional players in Saudi Arabia, UAE and South Africa will further boost the regional growth.
Some major findings of the respiratory disease testing market report include:
- Imaging modalities incorporated with artificial intelligence (AI) has been introduced for rapid and effective screening of respiratory ailments
- The current testing capacity has increased to about 150% globally in March 2020 due to the outbreak of COVID 19 pandemic
- Prominent players operating in the market are Becton Dickinson & Company, Koninklijke Philips N.V., Abbott Laboratories and Thermo Fisher Scientific Inc. among others
- Middle East region will witness a significant growth during the coming years due to the presence of Middle East respiratory syndrome-related coronavirus (MERS) and the current COVID-19 outbreak in countries such as UAE and Saudi Arabia
A few notable companies operating in the respiratory disease testing market include Becton Dickinson & Company, Koninklijke Philips N.V., ResMed, Fischer & Paykel, Medtronic, CAREstream Medical, Ltd., Abbott Laboratories, Thermo Fisher Scientific Inc. and Biomérieux. Industry players are focusing on various organic and inorganic strategies such as novel product launches, business expansion and collaboration to sustain their market presence.
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Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. Global respiratory disease testing industry 360⁰ synopsis, 2015 - 2026
2.1.1. Business trends
2.1.2. Test type trends
2.1.3. Application trends
2.1.4. End-use trends
2.1.5. Regional trends
Chapter 3. Global Respiratory Disease Testing Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Rising prevalence of COVID-19 infection
3.3.1.2. Increasing incidence of respiratory diseases
3.3.1.3. Surge in tuberculosis and hospital acquired infections
3.3.1.4. Technological advancements in imaging modalities
3.3.2. Industry pitfalls & challenges
3.3.2.1. Rise in laboratory testing costs
3.3.2.2. Lack of awareness
3.4. Growth potential analysis
3.4.1. By test type
3.4.2. By application
3.4.3. By end-use
3.5. COVID-19 impact analysis
3.5.1. Impact of COVID-19 on 10 major markets
3.5.1.1. Overview
3.5.1.2. U.S.
3.5.1.3. Canada
3.5.1.4. UK
3.5.1.5. Germany
3.5.1.6. Italy
3.5.1.7. Spain
3.5.1.8. France
3.5.1.9. India
3.5.1.10. China
3.5.1.11. Japan
3.5.2. Impact of COVID-19 on industry segments, by 10 major markets (2020)
3.5.2.1. Mechanical tests
3.5.2.2. Imaging tests
3.5.2.3. In-vitro diagnostic tests
3.5.3. Impact of COVID-19 on industry value chain
3.5.3.1. Research and development
3.5.3.2. Manufacturing
3.5.3.3. Marketing
3.5.3.4. Supply
3.5.4. Impact of COVID-19 on industry competition
3.5.4.1. Strategy
3.5.4.2. Distribution network
3.5.4.3. Product portfolio
3.5.4.4. Business growth
3.6. Porter’s analysis
3.7. Competitive landscape, 2019
3.7.1. Market structure
3.8. PESTEL analysis
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.