Pune: The global respiratory diagnostics market is projected to grow at a compound annual growth rate (CAGR) of 7.3 percent and reach $7.45 billion by 2021 from $5.24 billion in 2016, according to a new market research report by MarketsandMarkets.
Major factors driving the market growth are increasing prevalence of respiratory diseases, growing geriatric population, and technological advancements in respiratory diagnostic systems.
On the other hand, rising healthcare costs and reimbursement concerns are the major factors restraining the growth of the respiratory diagnostics market, states the report titled ‘Respiratory Diagnostics Market – Product & Service (Instruments/Devices, Kits/Reagents), Test Type (Pulmonary Function Test, Imaging Test), Disease (TB, Lung Cancer, COPD), End User (Reference Laboratories, Physician Offices) – Global Forecast to 2021’.
High potential emerging markets such as Japan, China, India, South Korea, Taiwan, Australia, and Singapore offer significant growth opportunities for the key players in the respiratory diagnostics market.
The global respiratory diagnostics market is segmented on the basis of product and service, test type, disease, end user, and region. On the basis of product and service, the respiratory diagnostics market is segmented into instruments and devices, assays and reagents, and software and services.
The instruments and devices segment is expected to account for the largest share of the respiratory diagnostics market in 2016. The continuous requirement of diagnostic instruments and devices in laboratories, point-of-care, and home care is a major factor driving the uptake of instruments and devices.
On the basis of test type, the respiratory diagnostics market is broadly classified into mechanical tests, imaging tests, traditional diagnostic tests, and molecular diagnostic tests.
In 2016, the traditional diagnostic tests segment is expected to account for the largest share of the respiratory diagnostics market. The large share of this segment is primarily attributed to the quick turnaround time of these tests.
On the basis of disease, the respiratory diagnostics market is segmented into asthma, chronic obstructive pulmonary disease, lung cancer, tuberculosis, and other diseases.
The tuberculosis segment is expected to account for the largest share of the respiratory diagnostics market in 2016. The large share of this segment is primarily attributed to the increase in tobacco smoking and growing air pollution levels.
On the basis of end user, the respiratory diagnostics market is categorized into hospital/clinical laboratories, reference laboratories, physician offices, and other end users (including blood banks, point-of-care testing, patient self-testing, home health agencies, nursing homes, and local public health laboratories).
In 2016, the hospital/clinical laboratories segment is expected to account for the largest share of the global respiratory diagnostics market. Most respiratory disease diagnostics are carried out in hospitals as they are complex in nature and require technologically advanced devices; this is driving the respiratory diagnostics market for hospital/clinical laboratories.
North America is expected to account for the largest share of the global respiratory diagnostics market in 2016, followed by Europe.
The growth of the respiratory diagnostics market in North America is majorly driven by the rising prevalence of respiratory diseases and growing geriatric population in the region. Other factors supporting the growth of this market include the presence of an advanced healthcare system and strong distribution channels for respiratory diagnostic products in North America.
The respiratory diagnostics market is dominated by established players such as Philips Healthcare (Netherlands), Becton, Dickinson and Company (US), Abbott Laboratories (US), Thermo Fisher Scientific (US), and Alere (US).