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Albany, NY, Aug. 03, 2018 (GLOBE NEWSWIRE) -- As per the TMR report, the respiratory disease testing market is estimated to reach a valuation of US$3.1 mn by the end of the forecast period of 2022. The CAGR is expected to expand by 3.40% during the forecast period, ending in 2022. According, to the application segment the respiratory disease testing market is significant in hospitals, physicians’ clinics, and clinical laboratories. Among these, hospitals segment is anticipated to lead the end user category during the forecast period. Additionally, the demand for imaging test is highly preferred as compared to various other test used to detect respiratory disease. Geographically, North America is leading the market, as the region is experiencing higher incidence of respiratory diseases. It is also anticipated that the region will dominate the market in coming years.
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Increasing scores of People Suffering from Respiratory Diseases to Fuel the Market
The growth for the respiratory disease testing market is mainly due to increasing number of people suffering from chronic diseases, which includes chronic obstructive pulmonary disease (COPD), cystic fibrosis, pneumonia, and asthma. The early detection of these diseases helps in providing better treatments. Thus, the demand for respiratory diseases testing is increasing greatly in the global market. Additionally, increasing geriatric population, susceptible to respiratory problems will further boost the demand for respiratory disease testing market.
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Technological Advancements to Enhance Testing Procedures for Respiratory Diseases
Increasing use of advanced technology to formulate new devices and services is expected to expand the market during the forecast period. Implementation of innovative technologies, such as computed tomography to diagnosis chronic obstructive pulmonary diseases is projected to drive the market. Newer technologies such as pulse oximeter are used to monitor outpatient suffering from acute COPD. Additionally, technological innovations have increased the demand for Noninvasive Mechanical Ventilation (NIV) to manage COPD.
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Despite various efforts made to improve the testing procedure for respiratory disease through innovative technologies, lower adoption rate can restrain the market to gain its full potential. It has been noted that less usage of spirometers and digital radiology will hamper the market growth in coming years. Moreover, increasing cost for testing devices may also hinder the market to flourish. However, rising government support to enhance healthcare sector through promoting awareness programs will benefit the market to curb various obstructions.
The global market for respiratory diseases testing is projected to experience high competition among the leading player, analyzed by Transparency Market Research (TMR). As the leading companies are continuously investing in research and development activities to develop technologically advanced diseases testing devices mainly for the respiratory disorders. Until now, companies were highly dependent on technology for their growth; however, increasing understanding of strategic collaborations that will further strengthen their position in the global market as per the report. The key companies contributing the global respiratory diseases testing market are CareFusion Corporation (MicroRPM), GE Healthcare (Discovery XR656 Plus), Medical Technologies Inc. (EasyOne Pro LAB), MGC Diagnostic Corporation (CPFS/D USB spirometer), and Nihon Kohden Corporation (Oxypal OLV-2700 Pulse Oximeter).
The information presented in this review is based on a TMR report, 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.”
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