The global respiratory disease testing market is extensively competitive and fragmented in nature because of large pool of players being present in the market, says an upcoming Transparency Market Research (TMR) report. The prominent players in the global respiratory disease testing market include Philips Healthcare, GE Healthcare, Cosmed, CareFusion Corporation, and Nihon Kohden Corporation.
Rising number of asthma cases among all age groups is projected to surge the demand for the global respiratory disease testing market during the forecast period. The global respiratory disease testing market is likely to increase at a CAGR of 3.40% over the forecast period 2014 to 2024. The global respiratory disease testing market registered an estimated value of US$3.1mn in 2013, in terms of revenue. It is likely to reach the estimated value of US$ 3.1mn by the end of 2024.
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In terms of geography, North America held the largest share in the global respiratory disease testing market. The global respiratory disease testing market is segmented into hospitals, physician’s offices, and clinical laboratories. Among all these, hospitals are expected to emerge as a leading end user during the forecast period. Diseases such as cystic fibrosis, pneumonia, and asthma cases are expected to be dominant in the global respiratory disease testing market.
Rising Chronic Obstructive Pulmonary Disorder to Strengthen Market
The rising number of diseases such as COPD (Chronic Obstructive Pulmonary Disorder) is projected to create a huge demand for respiratory disease testing. Additionally, there is growing trend of increase in the number of cases of pneumonia and cystic fibrosis which is projected to further surge the demand for the respiratory disease testing market during the forecast period. Thus, the global respiratory disease market is likely to witness a steady growth in the upcoming years.
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Increase in Tuberculosis Cases to Promote Growth
The increasing number of tuberculosis cases across the globe is projected to increase the need and demand for respiratory disease. According to the study, in 2015, 10.4 million people were infected with tuberculosis and 1.4 people died of the condition. Therefore, the large attention and demand for respiratory testing is projected to boost the growth of the global respiratory disease testing market in the upcoming years.
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This review is based on the findings of a TMR report titled, “Respiratory Disease Testing Market (By Tests – Imaging, Spirometry, Peak Flow, Blood Gas, Lung Volume, and Other Tests); (By End-User – Hospitals, Physician Offices and Clinical Laboratories)) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2024.”
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