Respiratory Disease Testing Market size to exceed $18 Bn by 2026

Respiratory Disease Testing Market size is expected to cross USD 18 billion by 2026; according to a new research report by Global Market Insights, Inc.
 

Rising hazardous gases and pollutants will lead to various lung disorders. Furthermore, rising population base in developed and under develop countries, rising inclination towards sedentary lifestyles may contribute to the market growth. COVID-19 outbreak has affected patients with severe respiratory distress thereby increasing the demand for respiratory disease testing market. The adoption of imaging modalities in various geographical locations to detect COVID-19 will further boost the demand.

 

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Increasing utilization of computed tomography and magnetic resonance imaging for lung imaging

Imaging tests market segment is expected to grow at 8.6% CAGR during 2020 to 2026. The rising demand is attributed to increasing adoption of X-ray, CT-scan and other modalities for clear visualization and diagnosis of disease condition. Computed tomography (CT) is forecast to expand with the highest growth rate due to its various advantages over traditional imaging modalities. For instance, CT is widely available across various healthcare settings and efficiently provides detailed images of soft tissue, bone and blood vessels at the same time.
 

CT has proven to be effective imaging device for a wide array of medical applications. Furthermore, major industry players are launching technologically advanced devices that are based on artificial intelligence, thereby augmenting the market size. For instance, Aidoc offers AI based software in CT imaging of head, chest, abdomen and spine among others.
 

Respiratory Disease Testing Market

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Browse key industry insights spread across 200 pages with 406 market data tables & 26 figures & charts from the report, “Respiratory Disease Testing Market Size By Test Type (Mechanical Tests {Spirometry, Peak-flow Test, Pulmonary Function Test, Blood Gas Test), Imaging Test {X-ray, CT-scan, Ultrasonography, MRI}, In-vitro Diagnostic Tests {Point-of-care Test, Molecular Diagnostic Test}), By Application (Chronic Obstructive Pulmonary Disease, Lung Cancer, Asthma, Tuberculosis) By End-use (Diagnostic Centers, Hospitals, Clinics), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020– 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/respiratory-disease-testing-market
 

Increasing need for lung cancer testing will ensure lucrative segmental growth

Respiratory disease testing market share from Lung cancer application is expected to grow at 8.6% CAGR during 2020 to 2026. Globally, the prevalence of lung cancer has increased among individuals due to lifestyle changes and rise in tobacco consumption. This leads to various type of lung cancers such as adenocarcinoma and squamous cell carcinoma. For instance, lung cancer is the leading type of cancer and has accounted for about 2.09 million cases globally. Thus, there is a significant need for diagnostics and treatment for the advanced stages of lung cancer.
 

Surge in diagnosis tests for various respiratory ailments will drive the demand

The diagnostic centers segment accounted for USD 2.9 billion in 2019 and is expected to show similar growth over 2020-2026. The segmental growth is primarily driven by wide scope of clinical applications and rising demand for early respiratory disease diagnosis. The rise in health-conscious consumers and disease burden such as chronic and infectious diseases will increase the demand for respiratory disease testing especially in the diagnostic centers.
 

High incidence of COVID 19 in the European region

Europe respiratory disease testing market held a significant revenue share in 2019 and is anticipated to surpass USD 5.1 billion by 2026. The regional growth is due to the presence of eminent market players that provide wide range of innovative imaging devices & tests in this region.
 

Increasing cases of various infections and chronic diseases such as novel coronavirus and lung disorders among others will also drive the market growth. For instance, about 120,000 patients have already died due to the novel coronavirus outbreak globally and 70% of them are in the European region. As of 16th April 2020, there were more than 1 confirmed cases and about 89,338 confirmed deaths according to the WHO in Europe.
 

In UK, patients were diagnosed with respiratory illnesses. This has increased the patient’s visits to diagnostic centers and hospitals, thus, resulted in high demand for respiratory disease testing market growth. Additionally, presence of skilled medical professionals is expected to boost the market growth in Europe.
 

Market players are focusing on new product launch for the detection of COVID-19 virus

Prominent market players in the global respiratory disease testing market share are Becton Dickinson & Company, Koninklijke Philips N.V., Medtronic, CAREstream Medical, Ltd., Abbott Laboratories, ResMed, and Thermo Fisher Scientific Inc. among others. The market players are focused on developing innovative technologies to meet the demand from various geographies.
 

Furthermore, due to occurrence of COVID-19, major players are launching new devices and solutions to diagnose patients, therefore increasing its revenue sale. For instance, Thermo Fischer Scientific has launched multiplex diagnostic kit in India to diagnose COVID-19 caused by SARS-CoV-2 infection. The company is currently focusing on manufacturing diagnostic kit that are essential during COVID-19 outbreak, to support healthcare professionals and patients. This strategy will help the company to increase the revenue share as well as expand its geographical coverage.
 

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