The global respiratory disease testing market is witnessing a surge in market valuation in the recent years. The rising frequency of respiratory diseases, triggered by the rapid increase in the global geriatric population, has given an impetus to the market in the past. This trend is also expected to boost the worldwide market for respiratory disease testing during the period from 2014 to 2024 significantly.
The global market for respiratory disease testing is broadly analyzed on the basis of the types of tests performed and the end-use industries. Spirometry tests, imaging tests, peak flow tests, lung volume tests, and blood gas tests are the major test segments of this market while hospitals, clinical laboratories, and physician offices are the primary end users.
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Apart from this, the worldwide respiratory disease testing market is also evaluated on the basis of its regional distribution into North America, Latin America, Europe, Asia Pacific, the Middle East and North Africa, and the Rest of the World. The U.S. and Canada drive the respiratory disease testing market in North America. Brazil, Mexico, and the Rest of LATAM lead it in Latin America. The U.K., Germany, and the Rest of Europe are the main markets for respiratory disease testing in Europe. Asia Pacific is driven by the market in China, Japan, and Rest of APAC and the Middle East and North Africa is led by the UAE, Saudi Arabia, and the Rest of MENA.
This research report provides a comprehensive overview of the global market for respiratory disease testing and helps market participants in making significant strategies and crucial decisions for the further development of their businesses.
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Overview of the Respiratory Disease Testing Market
The global market for respiratory disease testing has been continuously showing an impressive rise. In 2013, it stood at a US$2.3 bn. Analysts estimate it to expand at a CAGR of 3.40% during the period from 2014 to 2024 and reach a value of US$3.1 bn by the end of the forecast period.
Among the tests markets, the imaging tests segment led the worldwide market for respiratory disease testing in 2013 owing to the extensive uptake of imaging measures, specifically X-ray. However, the market for spirometry tests is expected to report the highest CAGR over the forecast period. The efficiency of these tests, enhancing the precision in results are projected to boost this market segment in the coming years.
Among end users, the hospital segment emerged as the market leader in 2013 and is likely to maintain its position in the near future.
Among regional markets, North America led the global respiratory disease testing market in 2013. On the other hand, the Asia Pacific respiratory disease testing market is anticipated to exhibit the highest CAGR over the forecast period.
The worldwide market for respiratory disease testing exhibits a positive growth. However, the low adoption rate of advanced spirometers as well as the digital radiography systems is likely to hamper the growth of this market over the next few years.
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Companies mentioned in the research report
CareFusion Corp., COSMED, Carestream Health Inc., Futuremed America Inc., MGC Diagnostics Corp., GE Healthcare, ndd Medical Technologies Inc., Perkin Elmer Inc., NIHON KOHDEN Corp., Philips Healthcare, Siemens Healthcare, SDI Diagnostics, and Smiths Medical are the major players operating in the global respiratory disease testing market.
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