Equipment used to detect pulmonary abnormalities hold immense potential due to increasing prevalence of various respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), cystic fibrosis and pneumonia. Moreover, growing geriatric population and technological advancements would drive the global respiratory disease testing market.
The global respiratory disease testing market is estimated to account for US$ 3,738.8 Mn in terms of value by the end of 2027.
Global Respiratory Disease Testing Market: Drivers
Approval and launch of new tests is expected to propel growth of the global respiratory disease testing market over the forecast period. For instance, in July 2020, the U.S. Food and Drug Administration has given emergency approval to Quest Diagnostics to use its COVID-19 test with pooled samples for coronavirus testing.
Global Respiratory Disease Testing Market: Opportunities
R&D of novel diagnostic approaches is expected to offer lucrative growth opportunities for players in the global respiratory disease testing market. For instance, in November 2019, a team of researchers from the U.S. proposed COPDGene 2019, a new diagnostic criteria for chronic obstructive pulmonary disease (COPD) that seek to identify more patients in early stages of the disease, in a paper published today in the journal Chronic Obstructive Pulmonary Diseases.
Global Respiratory Disease Testing Market: Restraints
Low adoption rate of advanced spirometers and portable spirometer is expected to hinder the market growth. The cost of advanced spirometers and portable spirometer ranges from US$ 20,000 to US$ 30,000.
The global respiratory disease testing market was valued at US$ 2,831.0 Mn in 2019 and is forecast to reach a value of US$ 3,738.8 Mn by 2027 at a CAGR of 3.5% between 2020 and 2027. Increasing product approval and launch during the forecast period is expected to assist the market growth.
Imaging Test segment held dominant position in the global respiratory disease testing market in 2019, accounting for 74.6% share in terms of value, the growth of the segment is attributed to increasing prevalence of lung cancer during the forecasted period.
Increasing cases of Covid-19 is boosting growth of the market. For instance, globally, as of 6:32pm CEST, 19 July 2020, there have been 14,043,176 confirmed cases of COVID-19, including 597,583 deaths, reported to the World Health Organization.
Major players in the market are focused on adopting collaboration strategies to expand their product portfolio. For instance, in March 2020, IQVIA and Quest Diagnostics, through its joint venture Q2 Solutions, collaborated with the University of Texas Medical Branch to develop a novel assay for COVID-19 tests for rapid development of a Coronavirus vaccine.
Imaging devices (X-ray, MRI) are regulated by the Center for Devices and Radiological Health (CDRH) in the U.S. Prior commercialization of the devices manufactures required to comply with the following guidelines: 21 CFR Part 807 (register their establishments with the FDA), 21 CFR Part 807 Subpart E (premarket notification letter from FDA), and 21 CFR Part 814 (premarket approval from FDA).
Global Respiratory Disease Testing Market: Competitive Landscape
Major players operating in the global respiratory disease testing market include, CareFusion Corporation, Carestream Health, Inc., COSMED, Futuremed America, Inc., GE Healthcare, MGC Diagnostics Corporation, ndd Medical Technologies, Inc., Nihon Kohden Corporation, Perkin Elmer, Inc., Philips Healthcare, and Quest Diagnostics.
Global Respiratory Disease Testing Market: Key Developments
April 2020: Carestream Health, Inc. announced increasing the production of its portable diagnostic imaging systems in response to the need for critical care during the COVID-19 crisis.
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