Respiratory Pathogen Testing Kits Market Will Witness A Substantial CAGR Of 6.5% Between 2020 And 2030
The global respiratory pathogen testing kits market was valued at US$2.49 Bn in 2019 up by 5% over 2018. As per study conducted by Future Market Insights (FMI), the market will witness a substantial CAGR of 6.5% between 2020 and 2030. The report states that the prevalence of microbial infections in the form of common cold, pneumonia, tuberculosis, influenza, bronchitis, and the latest – Covid-19 is driving the manufacturers towards increased production of respiratory pathogen testing kits. The global conglomerates are entering into partnership with local players to suffice the increasing demand for these kits.
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This report encloses in-depth insights into the respiratory pathogen testing kits market. A few of them are:
- The market is estimated to reach US$ 2.65 Bn by the end of 2020.
- Numerous companies are opting for strategic expansion in Asia Pacific due to the ever-increasing incidences of pathogen-centric diseases (more so due to population density in Asia Pacific). Some of them are also tying up with local players to address the increasing demand and provide affordable kits.
- Extensive research being funded by governments/government agencies is contributing to the growth of market and this trend is expected to continue in the forecast period as well.
“Emerging markets such as India, China are in growth phase as the key players in the region are focusing to develop more and new respiratory pathogen testing kits. Latin America and MEA will be following APAC region, entering in the growth phase” says the FMI Analyst.
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Outbreak of Covid-19 To Spur the Demand for Respiratory Pathogen Testing Kits
The existing medical conditions impelling the respiratory pathogen testing kits market include bronchitis, pneumonia, TB, influenza, common cold, and tonsillitis. The outbreak of Covid-19 has bolstered the market as the number of cases are rising every single day at an alarming rate. To employ corrective measures within the stipulated timeframe; it’s imperative to have respiratory pathogen testing kits in place. Flagship companies along with government bodies are coming together to keep pace with regards to these kits availability.
On the other hand, certain high-risk professions like coal mines are subject to safety guidelines by their respective governments. These workers, over the period of time, encounter COPD (Chronic Obstructive Pulmonary Disease) as they unknowingly inhale silica dust (abreast with bacteria). The governments mandate regular health check-ups of these workers. As such, these workplaces do make use of respiratory pathogen testing kits for reporting the HQ (health quotient) of the workers. This consistent demand is likely to hold the flag high for respiratory pathogen testing kits market.
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Who Is In Win-Win Situation?
The key respiratory pathogen testing market players covered by FMI include Thermo Fisher Scientific, Abbott Laboratories, Danaher Corporation, Becton, Dickinson and Company, Mobidiag, iGenetic Diagnostics, Hoffmann-La Roche Ltd., etc. They are focusing on devising innovative products with competitive pricing, thus expecting to account for maximum market share. The other measures include collaborating with regional market players in the Asia Pacific region in order to expand their clientele and grab respiratory pathogen testing kits market share in emerging economies.