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.
Statistics:
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.
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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.
Key Takeaways:
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.
Market Trends
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.
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Regulations
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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