Respiratory disease testing helps to efficiently diagnose various respiratory conditions such as asthma, chronic obstructive pulmonary disease (COPD), and lung cancer among others. Respiratory disease testing utilizes different diagnostic methods such as imaging tests, pulmonary function tests, tests for COPD, tests for asthma, and sleep testing to diagnose the underlying cause of respiratory symptoms. The rising levels of pollution and toxic gases in the atmosphere have significantly increased the incidences of respiratory diseases globally. As per the World Health Organization (WHO), around 4 million premature deaths occur each year due to outdoor air pollution. With urbanization and industrialization leading to deteriorating air quality, the need for effective respiratory disease testing has increased manifold to facilitate timely diagnosis and treatment of respiratory diseases.
The global Respiratory Disease Testing Market is estimated to be valued at US$ 3232 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of telemedicine for respiratory disease testing is an emerging trend in the market. With the COVID-19 pandemic accelerating digital health adoption globally, telemedicine presents lucrative opportunities for respiratory disease testing. Key players are focusing on integrating technologically advanced diagnostic tools and devices with telemedicine platforms to enable remote respiratory monitoring and testing for patients in isolation or living in remote areas with limited access to healthcare facilities. For instance, in 2020, ResApp Health launched BeSpiSMART, a telehealth platform integrated with the company’s smartphone-based respiratory disease diagnostic tool, to facilitate virtual COPD and asthma testing. Such telemedicine-enabled respiratory disease testing solutions offer significant convenience and improve access to prompt diagnosis and treatment.
Porter’s Analysis:
Threat of new entrants: The respiratory disease testing market faces moderate threat of new entrants due to high capital requirements and stringent government regulations. However, growing awareness and technological developments are lowering entry barriers.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative disease testing methods. However, growing need for accurate diagnostics increases dependence on tests.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to presence of multiple raw material suppliers and lack of product differentiation. Suppliers face threat from forward integration by existing players.
Threat of new substitutes: Threat of substitution is low as respiratory disease testing serves a unique purpose that cannot be met by alternative methods. However, technologies like artificial intelligence and mobile diagnostics pose threat.
Competitive rivalry: The global respiratory disease testing market consists of various global and regional players. Players compete based on test accuracy, turnaround time, service and price.
Key Takeaways:
The Global Respiratory Disease Testing Market Share is estimated to be valued at US$ 3232 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.
The global respiratory disease testing market is expected to witness high growth over the forecast period. The North America region currently dominates the market and is expected to retain its dominance due to high disease prevalence, advanced healthcare infrastructure and availability of reimbursement. This is attributed to factors such as high disease prevalence, increasing healthcare expenditure, presence of key market players and developed healthcare infrastructure. Asia Pacific is anticipated to exhibit highest growth rate owing to large patient pool, rising healthcare standards and increasing adoption of advanced diagnostic technologies.
Key players:
Key players operating in the respiratory disease testing market are Annandale Distillery, Rocky Mountain Barrel Company, Exotic Barrels, Esty Inc., Midwest Barrel Co., Mystic Barrels, Red Head Barrels, Kentucky Bourbon Barrel (Independent Stave Company), Country Connection, and Kelvin Cooperage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it