Respiratory Diagnostics Market by Product & Services (Devices, Reagents, Software), Test (PFT, Peak Flow, Spirometry), OSA, Imaging (X-ray, CT, MRI, PET), Molecular (PCR, DNA Sequencing), Indication (Lung Cancer, Asthma, COPD, TB) - Global Forecast to 202

Respiratory Diagnostics Market by Product & Services (Devices, Reagents, Software), Test (PFT, Peak Flow, Spirometry), OSA, Imaging (X-ray, CT, MRI, PET), Molecular (PCR, DNA Sequencing), Indication (Lung Cancer, Asthma, COPD, TB) - Global Forecast to 2029

The global respiratory diagnostics market is projected to reach USD 8.2 billion by 2029 from USD 5.6 billion in 2023, at a CAGR of 6.6% during the forecast period. The growth of the respiratory diagnostics market is propelled by a combination of factors that collectively address the increasing global burden of respiratory diseases. Technological advancements, particularly in diagnostic tools and imaging techniques, have greatly improved the precision and efficiency of respiratory diagnostics, allowing for early detection and more effective management of conditions like COPD, TB, and lung cancer etc. Rising awareness among healthcare professionals and the public about the importance of early diagnosis, coupled with government-led screening programs, has contributed to a higher demand for respiratory diagnostic tests. The emergence of the COVID-19 pandemic has added a new dimension to the market, emphasizing the urgency of rapid and accurate diagnostics for respiratory infections. Changes in regulations, such as new requirements for product approval, labeling, or quality standards, can restrain the market growth.

""Instruments and Devices segment accounted for the largest share and is expected to grow at the highest rate during the forecast period.""

Due to the continuous advancements in diagnostic technologies, including imaging devices, spirometers, and other respiratory diagnostic instruments. Additionally, the increasing prevalence of respiratory diseases worldwide has driven the demand for sophisticated and accurate diagnostic tools, amplifying the significance of this segment. Innovations in point-of-care testing devices and portable diagnostic instruments have further fueled the growth of the Instruments and Devices segment, enabling healthcare professionals to conduct rapid and precise respiratory assessments. Hence, the aforementioned factors are driving the growth of the respiratory diagnostics market.

""The Mechanical tests segment accounted for the largest share and is expected to grow at the highest rate during the forecast period.""

Mechanical tests encompass a range of diagnostic tools, such as spirometers and peak flow meters, which play a significant role in evaluating lung capacity and airflow. The growing prevalence of respiratory disorders, coupled with the need for accurate diagnosis and monitoring, has propelled the demand for mechanical tests. Additionally, advancements in technology have enhanced the efficiency and accuracy of these tests, further driving their widespread adoption. Increasing demand for precise and comprehensive mechanical assessments of respiratory function will drive the growth of the respiratory diagnostics market.

""Asthma segment accounted for the largest share of the global respiratory diagnostics market.""

The rise in environmental pollutants, changing lifestyles, and genetic factors contribute to the growing incidence of asthma, necessitating advanced diagnostic solutions. The Asthma segment encompasses a range of diagnostic modalities, including pulmonary function tests, imaging techniques, and biomarker assessments, providing a comprehensive approach to asthma diagnosis and management. The continuous research and development efforts in this segment, with a focus on personalized medicine, are driving the growth of the respiratory diagnostics market.

“Hospitals and clinics end-user segment held the largest market share growing at the highest CAGR during the forecast period of the global respiratory diagnostics market.""

The rise in respiratory diseases, coupled with the growing awareness of the importance of early detection, has led to a surge in diagnostic procedures conducted in these facilities. The Hospitals and Clinics segment encompasses a wide range of diagnostic tools and services, including imaging studies, pulmonary function tests, and molecular diagnostics, providing a comprehensive approach to respiratory health assessment. By the increasing demand for respiratory diagnostic services in healthcare settings, where hospitals and clinics play a central role in disease diagnosis, management, and treatment, position this segment at the forefront of addressing the evolving challenges in respiratory diagnostics.

“North America to Witness Significant Growth From 2023 to 2029.”

Respiratory diagnostics market has been segmented into five major regional segments: North America, Europe, Asia Pacific, Latin America and Middle East and Africa. In 2022, the Asia Pacific region is anticipated to exhibit the highest compound annual growth rate (CAGR) during the forecast period. However, the North American market held the largest market share of the global market. North America stands as the frontrunner in the respiratory diagnostics market, commanding the largest market share throughout the forecast period. This leadership position is attributed to several factors, including a well-established healthcare infrastructure, high prevalence of respiratory diseases, and robust research and development activities in the region. The sophisticated diagnostic technologies available, coupled with a strong emphasis on early disease detection and management, contribute to the region's dominance. Additionally, increased healthcare spending, a rising geriatric population, and growing awareness about respiratory health further propel market growth.

Breakdown of supply-side primary interviews: • By Company Type: Tier 1 – 35%, Tier 2 – 40%, and Tier 3 – 25% • By Designation: C-level – 30%, Director-level – 23%, and Others – 47% • By Region: North America - 35%, Europe – 20%, APAC – 25%, Latin America – 13%, Middle East & Africa – 7%

Some of the prominent players in the respiratory diagnostics market are Koninklijke Philips N.V. (Netherlands), BD (US), Abbott (US), Thermo Fisher Scientific Inc. (US), GE HealthCare (US), Bio-Rad Laboratories, Inc. (US), BioMérieux (France), Revvity, Inc. (US), Seegene Inc. (South Korea), Nihon Kohden Corporation (Japan), Vitalograph (UK), SDI Diagnostics (US), ResMed Inc. (US), Siemens Healthcare GmbH (Germany), Cosmed (Italy), Hologic, Inc. (US), Qiagen (Netherlands), Vyaire (US), Visby Medical, Inc (US), Briota Technologies Private Limited (India), Bird Healthcare (Australia), Löwenstein Medical Technology (Germany), ProAxsis (Northern Ireland), ndd Medical Technologies (US) and Compumedics Limited (Australia).

Research Coverage

This report studies respiratory diagnostics market based on products and services, test type, disease indication, end user, and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth. It analyzes the opportunities and challenges in the market and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five main regions and respective countries.

Reasons to Buy the Report

The report can help established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or a combination of the below-mentioned five strategies.

This report provides insights into the following pointers:

Analysis of key drivers (rising prevalence of respiratory diseases, Increasing incidence rate of preterm births, growing outbreaks of infectious diseases affecting the respiratory system, growing population with sleep disorders, rising R&D investments for technological advancement of medical devices), restraints (unfavorable reimbursement scenario for respiratory care diagnostics), opportunities (high respiratory diagnostics market growth opportunities in Asia Pacific and Latin America, improving POC diagnostics, growing awareness about the ill effects of untreated sleep apnea), and challenges (low awareness and lack of diagnosis of respiratory diseases) influencing the growth of respiratory diagnostics market.

Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in respiratory diagnostics market.

Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various types of respiratory diagnostics across regions.

Market Diversification: Exhaustive information about products, untapped regions, recent developments, and investments in respiratory diagnostics market.

Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in respiratory diagnostics market.