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Respiratory Disease Testing Market Projections 2026 | Becton Dickinson & Company, Koninklijke Philips N.V., ResMed

05-07-2021 04:33 AM CET | Health & Medicine

Press release from: Global Market Insight, Inc

Respiratory Disease Testing Market Projections 2026 | Becton

In the next few years, respiratory disease testing market share could witness unprecedented gains due to a significant rise in the number of infections across both developed and developing nations. Moreover, there is a rise in the spread of infections acquired from the hospital and other respiratory diseases. Hospital-acquired infections lead to lower respiratory tract infections like tracheobronchitis and ventilator derived pneumonia.

Market players are constantly aiming at introducing advanced and cost-effective testing kits, consumables, devices, and software to meet the demand from healthcare centers. The increasing number of clinics in both developed and developing nations is a major consumer of respiratory diagnostic kits. This is mainly due to the ease in establishing healthcare clinics even in the remote parts of a country.

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Clinics provide immediate attention to the symptoms of the patients, providing accelerated treatment of respiratory disease. The treatment may be provided through various imaging solutions like computed tomography, X-ray, and magnetic resonance imaging. The channel represents a promising avenue for the expansion of respiratory disease testing market size, which is pegged to reach USD 18.2 billion in yearly revenues by 2026.

The recent coronavirus pandemic directly affects the operation of the lungs and drives the demand for effective respiratory testing kits. Moreover, there has been a rapid increase in the total cases of other breathing disorders like asthma and tuberculosis (TB) due to various factors like exposure to harmful bacteria, pollution, consumption of tobacco, hereditary factors, and the presence of harmful chemicals in the air. Reportedly, nearly 10 million people were suffering from TB across the globe in the year 2018 claiming nearly 1.5 million lives.

There has been a rapid rise in the total number of asthma cases worldwide. As per reports, in the year 2019, asthma segment was responsible for a considerable share of respiratory disease testing demand and was valued at USD 2.5 billion in terms of revenues. The respiratory disease affects nearly 23.4 million people or 5-10% of the total global population annually and nearly 250,000 deaths caused due to asthma are reported every year.

There is a growing need for reliable diagnostic testing methods for early disease detection to control the mortality rate. In-vitro diagnostic tests are gaining recognition due to their cost-effectiveness and high consumer safety. The in-vitro diagnostic test segment is expected to register a notable CAGR of 8.1% during 2020-2026.

The segment is further divided into molecular tests, point-of-care-test, and others. Point-of-care diagnostic tests, in particular, are gaining widespread demand primarily due to various benefits offered such as expanding testing abilities, effectiveness, rapid diagnosis, convenient handling, and efficiency in specimen stability, among various others.

The presence of the Middle East respiratory syndrome (MERS) related coronavirus cases along with the COVID-19 cases in the Middle Eastern region is magnifying the regional respiratory disease testing industry prospects. As of January 2020, MERS has reported nearly 2,519 cases and 866 deaths.

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In Saudi Arabia, COVID 19 has led to approximately 6,380 cases as of April 2020 and claimed 83 lives. The respiratory disease testing industry in the Middle East & Africa region is projected to showcase tremendous growth in the coming years to reach USD 1.4 billion in value by the end of the forecasted timeframe.

Some of the established respiratory disease testing product providers include Fisher & Paykel, Thermo Fisher Scientific Inc., Becton Dickinson & Company, and Abbott Laboratories, among various others.

Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688

About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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