Equipment used to detectpulmonary abnormalities hold immense potential due to increasing prevalence ofvarious respiratory diseases such as asthma, chronic obstructive pulmonarydisease (COPD), cystic fibrosis and pneumonia. Moreover, growing geriatricpopulation and technological advancements would drive the global respiratorydisease testing market.
Statistics:
The global RespiratoryDisease Testing Market is estimated to account for US$ 3,738.8 Mn in termsof value by the end of 2027.
Global Respiratory DiseaseTesting Market: Drivers
Approval and launch of new testsis expected to propel growth of the global respiratory disease testing marketover the forecast period. For instance, in July 2020, the U.S. Food and DrugAdministration has given emergency approval to Quest Diagnostics to use itsCOVID-19 test with pooled samples for coronavirus testing.
Global Respiratory DiseaseTesting Market: Opportunities
R&D of novel diagnosticapproaches is expected to offer lucrative growth opportunities for players inthe global respiratory disease testing market. For instance, in November 2019,a team of researchers from the U.S. proposed COPDGene 2019, a new diagnosticcriteria for chronic obstructive pulmonary disease (COPD) that seek to identifymore patients in early stages of the disease, in a paper published today in thejournal Chronic Obstructive Pulmonary Diseases.
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Global Respiratory DiseaseTesting Market: Restraints
Low adoption rate of advancedspirometers and portable spirometer is expected to hinder the market growth.The cost of advanced spirometers and portable spirometer ranges from US$ 20,000to US$ 30,000.
Key Takeaways:
The global respiratory diseasetesting market was valued at US$ 2,831.0 Mn in 2019 and is forecast to reach avalue 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 expectedto assist the market growth.
Imaging Test segment helddominant position in the global respiratory disease testing market in 2019,accounting for 74.6% share in terms of value, the growth of the segment isattributed to increasing prevalence of lung cancer during the forecastedperiod.
Market Trends
Increasing cases of Covid-19 isboosting growth of the market. For instance, globally, as of 6:32pm CEST, 19July 2020, there have been 14,043,176 confirmed cases of COVID-19, including597,583 deaths, reported to the World Health Organization.
Major players in the market arefocused on adopting collaboration strategies to expand their product portfolio.For instance, in March 2020, IQVIA and Quest Diagnostics, through its jointventure Q2 Solutions, collaborated with the University of Texas Medical Branchto develop a novel assay for COVID-19 tests for rapid development of aCoronavirus vaccine.
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Regulations
Imaging devices (X-ray, MRI) areregulated by the Center for Devices and Radiological Health (CDRH) in the U.S.Prior commercialization of the devices manufactures required to comply with thefollowing guidelines: 21 CFR Part 807 (register their establishments with theFDA), 21 CFR Part 807 Subpart E (premarket notification letter from FDA), and21 CFR Part 814 (premarket approval from FDA).
Global Respiratory DiseaseTesting Market: Competitive Landscape
Major players operating in theglobal respiratory disease testing market include, CareFusion Corporation,Carestream Health, Inc., COSMED, Futuremed America, Inc., GE Healthcare, MGCDiagnostics Corporation, ndd Medical Technologies, Inc., Nihon Kohden Corporation,Perkin Elmer, Inc., Philips Healthcare, and Quest Diagnostics.
Global Respiratory DiseaseTesting Market: Key Developments
April 2020: Carestream Health,Inc. announced increasing the production of its portable diagnostic imagingsystems in response to the need for critical care during the COVID-19 crisis.
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