Respiratory Diagnostics Market Size, Share, Manufacturers, Statistics, and Opportunities Forecast to 2021. The Global Respiratory Diagnostics market is estimated to grow at a CAGR of 7.3% between 2017 and 2021. Respiratory Diagnostics Market Research 2017 of 211 pages explores Global Respiratory Diagnostics Market reaching $7.45 billion by 2021.
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Respiratory Diagnostics Market by 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
“The Respiratory Diagnostics market is estimated to witness significant growth between 2017 and 2021”
Key factors driving the growth of the Respiratory Diagnostics include increasing prevalence of respiratory diseases, growing geriatric population, and technological advancements in respiratory diagnostic systems. New and innovative product launches was the dominant strategy adopted by key industry participants to increase their market share and cater to unmet needs.
Developing markets in Asia-Pacific such as Japan, China, India, South Korea, Taiwan, Australia, and Singapore offer lucrative opportunities for players in the respiratory diagnostics market. Rising geriatric population, growing per capita income, increasing investments in the healthcare industry by key market players, and expansion of private-sector hospitals to rural areas in various APAC countries are the major factors driving the growth of the respiratory diagnostics market.
The global respiratory diagnostics market is broadly segmented by 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 & devices, assays & reagents, and software & services.
The instruments and devices segment is expected to account for the largest share of the respiratory diagnostics market in 2016. This large share can be attributed to the continuous requirement of diagnostic instruments and devices in laboratories, point-of-care, and home care diagnosis.
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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 can be primarily attributed to the quick turnaround time of these tests. However, over the years, advancements in technology have led to the replacement of traditional techniques with molecular diagnostic techniques.
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 products; this is driving the respiratory diagnostics market for hospital/clinical laboratories. Point-of-care diagnostics and patient self-testing are also expected to contribute to the growth of the respiratory diagnostics market in the forecast period due to the increasing demand for convenient testing processes and quick results.
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From an insight perspective, this research report focuses on various levels of analysis—industry analysis (industry trends) and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the respiratory diagnostics market; high-growth regions; and market drivers, restraints, and opportunities.