Dublin, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The "Respiratory Disease Testing Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
This market analysis anticipates significant growth for the Global Respiratory Disease Testing Market, forecasting its size to expand from USD 5.59 billion in 2023 to USD 6.72 billion by 2028, reflecting a robust CAGR of 3.77% during the period of 2023-2028.
Rising Burden of Respiratory Diseases and Technological Progress
The burgeoning burden of respiratory diseases has emerged as a prime driver of the market's growth. Respiratory symptoms rank among the most common reasons for medical consultations, with ailments like asthma, COPD, allergic rhinitis, sleep apnea, and tuberculosis garnering significant attention. Updated data from the CDC, as of September 2022, reports a staggering 873,000 emergency department visits for Chronic Obstructive Pulmonary Disease (COPD) in the United States alone, alongside a 5% increase in the diagnosis of COPD, emphysema, and chronic bronchitis among adults.
The market's evolution is further accelerated by development initiatives like product launches, approvals, acquisitions, and mergers. A notable example is Cipla Limited's November 2021 launch of Spirofy, India's first pneumotach-based portable, wireless Spirometer, which strives to revolutionize the diagnosis of Obstructive Airway Disease (OAD) in India. These developments underscore the industry's commitment to innovative solutions, thereby contributing to projected market growth.
Emergence of In-vitro Diagnostics (IVD) Tests and Their Influence
One compelling market trend points to the growth of in-vitro diagnostics (IVD) tests within the respiratory disease testing domain. The shift from conventional diagnostics to advanced solutions, as well as the surge in respiratory diseases' prevalence, propels the IVD tests segment forward. An inherent advantage of IVD tests lies in their utilization of medical devices and consumables to perform diagnostics on biological samples. These tests play a crucial role in diagnosing a spectrum of medical conditions, including respiratory diseases and tract infections. Pioneering technologies like microfluidics and lab-on-a-chip (LOC) further bolster the segment's growth by offering rapid and precise diagnostic tools. For instance, Roche's introduction of molecular polymerase chain reaction (PCR) diagnostic test panels capable of detecting and differentiating common respiratory pathogens exemplifies the momentum driving the IVD tests segment.
North America's Dominance in the Forecast
Amid regional contributions, North America emerges as a frontrunner in the Global Respiratory Disease Testing Market. The prevalence of conditions like Chronic Obstructive Pulmonary Disease (COPD) and asthma, combined with an aging population susceptible to respiratory ailments, cements the region's significance. The United States, in particular, leads the charge, with over 12.5 million affected by COPD in 2021. Moreover, as Statistics Canada data from September 2021 indicates, Canada's rising asthma cases, reaching 2,802,700 in 2020, amplify the demand for early diagnosis. Major players in the industry, such as Becton, Dickinson, and Company, contribute to this growth through strategic endeavors like the introduction of new molecular diagnostic combination tests for respiratory viruses.
Fragmented Industry Landscape with Emphasis on Innovation
The respiratory disease testing market boasts a fragmented landscape where major players concentrate on continuous product innovation and expansion through acquisitions and collaborations. Renowned industry names such as Beckton Dickinson and Company, Koninklijke Philips N.V., ResMed Inc., Medtronic, Carestream Health, MG Diagnostic Corporation, Abbott, ThermoFisher Scientific, Biomerieux, QIAGEN, Seimens Healthineers AG, and F. Hoffmann-La Roche Ltd. are at the forefront of driving advancements.
In conclusion, the Global Respiratory Disease Testing Market is on a trajectory of substantial growth, driven by a confluence of factors including rising disease burdens, technological advancements, and a renewed emphasis on diagnostic accuracy. With regions like North America spearheading progress and major market players consistently pioneering innovation, the market is poised for promising expansion during the forecast period.
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