Respiratory Diagnostics Market Outlook 2019-2024 | Industry Opportunity & Growth Analysis
According to the latest report by IMARC Group, the global respiratory diagnostics market to reach a value of US$ 6.5 Billion by 2024, registering a CAGR of 6.6% during 2019-2024. Respiratory diagnostic, also known as respiratory or lung examination, is the clinical process carried for assessing lung functioning and other related issues. It is generally practiced when the patient experiences chest pain, cough and irritation in the respiratory tract, or irregular breathing patterns, among other medical conditions. Respiratory diagnostic procedures include chest X-ray, oximetry, sniff nasal inspiratory pressure (SNIP), CT scan, and spirometry. Advanced diagnostic methods improve patient management leading to reduced antibiotics dosage, shorter hospital stays, and minimized health risks.
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Rapid urbanization, particularly in developing countries, has given rise to sedentary lifestyles, leading to high consumption of tobacco and smoking. Also, the increasing air pollution in countries, like India and China, has accelerated the prevalence of chronic diseases, such as asthma, lung cancer, pulmonary fibrosis, and bronchitis. These factors, coupled with the growing geriatric population, have catalyzed the demand for respiratory diagnostic devices in private hospitals and clinics. Additionally, various technological advancements, such as the introduction of artificial intelligence (AI)-based advanced molecular diagnostic tests, has positively influenced the efficiency of respiratory diagnostics.
Key Market Segmentation:
Breakup by Product and Service Type
1. Instruments and Services
2. Assays and Reagents
3. Services and Software
Breakup by Test Type
1. Mechanical Tests
2. Obstructive Sleep Apnoea (OSA) Diagnostic Tests
3. Imaging Tests
4. Traditional Diagnostic Tests
5. Molecular Diagnostic Tests
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Breakup by Disease
3. Chronic Obstructive Pulmonary Disease (COPD)
4. Lung Cancer
Breakup by End User
3. Reference and Clinical Laboratories
Breakup by Region
1. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America
The report has also analyzed the competitive landscape of the market with some of the key players being Philips Healthcare, Abbott Laboratories, Biomerieux, Becton Dickinson, Thermo Fisher Scientific, Alere Inc., Seegene Inc., 3M, Bio-Rad Laboratories, SDI Diagnostics, COSMED, etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.