(PharmaNewsWire.Com, January 04, 2024 ) As per the recently published report by MarketsandMarkets™, The report "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", is expected 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.
Browse 83 Market Data Tables 45 Figures 146 Pages and in-depth TOC on " Respiratory Diagnostics Market - Global Forecast to 2029”
Some of the prominent key players are: Koninklijke Philips N.V. (Netherlands), BD (US), Abbott (US), Thermo Fisher Scientific Inc. (US), GE Healthcare (US), Bio-Rad Laboratories, Inc. (US), and many more......
Mergers & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Respiratory Diagnostics Market.
The growing trend towards point-of-care testing (POCT) represents a paradigm shift in healthcare, significantly contributing to the growth of the instruments and devices segment. Portable respiratory diagnostic instruments, such as handheld spirometers, peak flow meters, and portable imaging devices, enable real-time assessment of lung function and conditions.
The escalating prevalence of respiratory disorders, particularly chronic obstructive pulmonary disease (COPD) and asthma, underscores the critical role of mechanical tests in assessing lung function. Mechanical tests, such as spirometry and peak flow test, play a fundamental role in evaluating lung function by measuring parameters like airflow, lung volume, and capacity.
Personalized asthma care is increasingly reliant on sophisticated diagnostic tools that consider individual patient profiles. Advanced diagnostics, such as molecular testing and biomarker analysis, enable healthcare professionals to delve into the specific genetic and molecular factors contributing to a patient's asthma.
Hospitals and clinics are increasingly integrating respiratory diagnostics into routine care protocols. The seamless integration of respiratory diagnostics within hospitals and clinics ensures that diagnostic services are readily accessible to a broad spectrum of patients seeking routine or specialized care.
In 2022, North America held the largest market share for respiratory diagnostics market. The growing awareness of the significance of early detection and effective management of respiratory diseases has emerged as a significant factor propelling the utilization of respiratory diagnostics products and services in North America.
Growth in this market is largely driven by the growth in the large patient population suffering from pulmonary diseases, increase in pre-term deliveries, rise in adults being exposed to poor air quality index environment, increased smoking of tobacco, increased cases of passive smoking due to exposure to harmful smoke inhalations, rise in dust and allergies associated with it leading to asthma and COPD, rising R&D expenditure by leaders in this market, increased trend of smoking in women more than men, and massive rise in underlying lung diseases, and continuous exposre to indoor or outdoor dust, making it prone to infections, leading the market growth.
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