The presence of large pool of players points towards a high competitive business landscape in the globalrespiratory disease testing market, states a new study by Transparency Market Research (TMR). The leading companies, such as GE Healthcare, Cosmed, Philips Healthcare, and CareFusion Corp., are actively investing in research activities to accelerate the development of novel and technologically advanced respiratory disease testing devices and solutions. Hitherto, players have been relying upon technology for their growth; however, a shift in their focus is anticipated in the near future towards strategic collaborations to strengthen their positions in this market, reports the study.
As per TMR, the opportunity in the worldwide market for respiratory disease testing was US$2.32 bn in 2013. Expanding at a CAGR of 3.40% during the period from 2014 to 2022, the market is likely to reach a value of US$3.1 mn by the end of the forecast period. Respiratory disease testing solutions find significant application in hospitals, clinical laboratories, and physicians’ clinics. Hospitals have emerged as the leading end user of these solutions and are expected to remain so over the next few years. Currently, the demand for imaging test is much higher than other types of tests for the detection of respiratory diseases. Researchers anticipate this trend to continue in the near future.
Regionally, the global respiratory disease testing market reports its presence across the Middle East and Africa, Latin America, Asia Pacific, North America, and Europe. North America led the global market in 2013 and is projected to retain its dominance over the period of the forecast, states the research report.
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Significant Rise in Respiratory Disease Cases to Boost Market’s Growth
“The significant rise in the prevalence of respiratory disorders, such as chronic obstructive pulmonary disease (COPD), asthma, pneumonia, and cystic fibrosis, is the main factor behind the constant growth of the global market for respiratory disease testing,” states the author of the study. Since early detection of these diseases assist in effective treatment, the demand for respiratory disease testing solutions is continually increasing, reflecting greatly on this market.
The rise in the population of elderly people, prone to respiratory problems, are also supporting the market’s progress remarkably. The technological advancements in these devices and solutions are projected to boost this market in the years to come, reports the study.
Low Adoption Rate of Respiratory Disease Testing devices to Pose Challenges
In spite of the high demand for respiratory disease testing solutions across the world, the market may face significant challenges from the low adoption rate of portable spirometers and digital radiography among masses over the forthcoming years. The high cost of these testing devices are also projected to create hindrances in the market’s growth trajectory in the near future.
Nonetheless, the increasing governmental support, in terms of funding, for research and development and the escalating number of awareness programs are anticipated to keep the market going over the forecast period, states the report.
The review is based on a report by Transparency Market Research (TMR), titled “Respiratory Disease Testing Market (Tests – Imaging, Spirometry, Peak Flow, Blood Gas, Lung Volume, and Other Tests; End User – Hospitals, Physician Offices, and Clinical Laboratories) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2022.”