New York, USA, Sept. 14, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global respiratory disease testing market is anticipated to generate a revenue of $20.1 billion and grow at a CAGR of 9.2% over the estimated timeframe from 2020 to 2027. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the respiratory disease testing market.
Factors Impacting the CAGR Figures Pre and Post the COVID-19 Pandemic
According to the report, the market is expected to rise at a CAGR of 9.2% during the forecast period, while it was projected to rise at a CAGR of 8.4% in the pre-pandemic scenario from 2020 to 2027. The growing adoption of respiratory disease testing in hospitals and home first-aid kits is expected to fortify the growth of the market during the forecast timeframe. In addition, the increasing prevalence of respiratory disorders among individuals aged above 65 years is predicted to augment the growth of the respiratory disease testing market over the analysis period.
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Factors Impacting the Market Size Pre and Post the COVID-19 Pandemic
According to the report, the real-time market size reached a revenue of $10.8 billion in 2020, while its estimations were $10.6 billion in the pre-pandemic scenario. The increasing technological advancements and heavy investments made by leading players in the market are predicted to create extensive growth opportunities for the market. Moreover, the continuous development and launching of novel products to diminish the severity of the Covid-19 pandemic are expected to bolster the growth of the market during the analysis timeframe. Furthermore, the increasing government initiatives to fight against the viral transmission caused by the novel coronavirus are expected to boost the growth of the respiratory disease testing market during the estimated period.
Post-Pandemic Insights
The increasing number of elderly patients, the growing prevalence of respiratory diseases, and technological innovations in respiratory diagnostic systems are the major factors expected to enhance the demand for respiratory disease testing systems during the forecast period. In addition, many companies are coming forward with innovative ideas for product development, insightful webinars, capacity expansion, and many more are expected to offer substantial growth opportunities for the respiratory disease testing market post-pandemic period.
Key Players of the Respiratory Disease Testing Market
The major players of the respiratory disease testing market are
- Abbott.
- CARESTREAM MEDICAL.
- COSMED srl
- Thermo Fisher Scientific Inc.
- bioMérieux SA
- ResMed
- BD.
- Seegene Inc.
- Koninklijke Philips N.V.
SDI Diagnostics
These market players are concentrating on developing strategies such as new product launches, research, and development, following trending market ideas, building product portfolios, mergers & acquisitions, collaborations, and business expansions.
For instance, in July 2021, IQVIA, an American multinational company serving the combined industries of health information technology and clinical research, announced its collaboration with BREATHE, the health data research hub for respiratory health. With this collaboration, the organizations aimed to improve the health outcomes and quality of life for people living with respiratory conditions in the UK.
Further, the report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments in the respiratory disease testing market.
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