Respiratory Diagnostics Market Size 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) & Region - Global Forecast to 2029
The global size of respiratory diagnostics market in terms of revenue was estimated to be worth $5.6 billion in 2023 and is poised to reach $8.2 billion by 2029, growing at a CAGR of 6.6% from 2023 to 2029. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market.
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 exposure to indoor or outdoor dust, making it prone to infections, leading the market growth.
Attractive Opportunities in Respiratory diagnostics market
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Respiratory Diagnostics Market Dynamics
Driver: High prevalence of tobacco smoking
Smoking is the leading cause of COPD. According to WHO, tobacco kills up to half of its users and over 80% of the world's 1.3 billion tobacco users, who live in low- and middle-income countries. Furthermore, as per the Centers for Disease Control and Prevention (CDC), cigarette smoking remains the leading cause of preventable diseases, disabilities, and deaths in the US, accounting for over 480,000 deaths annually, including more than 41,000 deaths from secondhand smoke exposure. Another 16 million live with a serious illness such as lung cancer, COPD, and respiratory infections caused by smoking. Each year, the US spends more than USD 225 billion on medical care to treat smoking-related diseases in adults. Studies suggest that 12% of the US adults smoke cigarettes in 2023 as compared to 11% in 2022. Adults of the age of 18 to 29 years, smoke e-cigarettes. Thus, it is expected to boost the market.
Restraint: Unfavorable reimbursement scenario
Patient needs to pay out of their pockets for most tests due to the increased testing capabilities and reduced reimbursement received by insurance players. Reimbursement is mainly influenced by the test type and payers fee structure. The cost of complete diagnostic testing like respiratory analysis, sleep analysis, mechanical tests, PCR test kits, etc., is partially reimbursed by insurance payers such as that of Medicare and Medicaid.
A decline in insurance claims if about 5% to 10% is a nominal range for the insurer. Mainly, the severity of the disease and criticality are majorly responsible for determining the claims rate. Medicare payment amounts for CPT 95806 (unattended, simultaneous recording of sleep study, oxygen saturation, respiratory airflow, heart rate and respiratory effort, and thoracoabdominal movement) continue with a 15% decrease in global service payment from the previous year. The difference between the two codes is that CPT 95800 may include the use of Peripheral Arterial Tone technology and the requirement for the measurement of sleep time by the devices.
Opportunity: Growing awareness about ill effects of untreated sleep apnea
Globally, many countries are becoming increasingly conscious of the economic impact of untreated sleep apnea. In the US, the total economic cost of insufficient sleep is USD 43–46 billion, while undiagnosed moderate to severe sleep apnea in middle-aged adults may cause USD 3.4 billion in additional medical costs (Source: ResMed). The estimated financial burden of OSA (including healthcare costs, lost productivity, and road and work-related accidents) in Australia is in the range of USD 2 to 8 billion per year (Source: Snore Australia).
Obstructive sleep apnea poses a significant threat to heart health, with potential long-term consequences extending to various related ailments such as cardiovascular disease, congestive heart failure, type 2 diabetes, stroke, and other sleep disturbances. Additionally, cognitive and memory impairments can result from undiagnosed sleep apnea, impacting not only a person's health but also their career, financial stability, and overall well-being. According to ResMed, individuals with obstructive sleep apnea face a 140% higher risk of heart failure, a 60% increased risk of stroke, and a 30% elevated risk of coronary heart disease. Remarkably, up to 83% of patients with type 2 diabetes may have undetected sleep apnea.
The severity of these cognitive diseases emphasizes the importance of early diagnosis, as it can significantly influence various aspects of an individual's life. Fortunately, government initiatives, healthcare campaigns, and check-up camps are creating ample opportunities for the detection of such insidious diseases. These efforts contribute to an expanding market space, allowing for increased awareness, diagnosis, and intervention in the realm of obstructive sleep apnea and its associated health risks.
Challenge: Low awareness and lack of diagnosis of respiratory diseases
Despite their high prevalence, major respiratory diseases such as asthma and COPD are significantly underdiagnosed and undertreated, particularly in developing economies. This is primarily attributed to the low awareness surrounding these conditions and the insufficient availability of resources for accurate diagnosis. According to the World Health Organization (WHO), over 90% of COPD deaths and 80% of asthma-related deaths occur in low- and middle-income countries.
COPD, a leading cause of global morbidity and mortality, poses a significant diagnostic challenge. Community-based studies across continents, including Europe, Australia, North and South America, and Asia, indicate that approximately 10 to 12% of adults aged 40 years or older exhibit persistent airflow limitation on spirometry. However, only 20 to 30% of these individuals receive a formal COPD diagnosis. In the United States alone, nearly 16 million adults succumb to COPD-related deaths without a prior diagnosis.
The lack of awareness and a substantial undiagnosed population pose significant challenges to the respiratory diagnostics market, hindering its potential for addressing and mitigating the impact of these respiratory diseases on global health.
Respiratory Diagnostics Market Ecosystem
Leading players in this market include well-established and financially stable service providers of respiratory diagnostic. These companies have been operating in the market for several years and possess a diversified product portfolio, advanced technologies, and strong global presence. Prominent companies in this market include Koninklijke Philips N.V(Netherlands), BD (US), Abbott (US), Thermo Fisher Scientific Inc(US), GE HealthCare (US), Bio-Rad Laboratories, Inc. (US), BioMérieux (France), RevvityInc(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), and Qiagen (Netherland).
The assays and reagents segment of the respiratory diagnostics industry accounted for the highest CAGR in of the product and services segment.
By products and services, the respiratory diagnostics market is segmented into instruments and devices, assays and reagents, and services and software. The assays and reagents accounted for the highest share due to the increased demand for improved and potent assay reagents, growing manufacturing units developing such consumables, and increased number of sample sizes. Assays and reagents are one-time use consumables, thus, their reduced shelf life is also a major reason for his high growth in this market.
The COPD segment of the respiratory diagnostics industry is estimated to grow at a higher CAGR during the forecast period.
Based on disease indication, the respiratory diagnostics market is segmented into chronic obstructive pulmonary disease (COPD), asthma, tuberculosis, lung cancer, and other disease indications The COPD segment is estimated to grow at a higher CAGR during the forecast period. Rise in smoking culture among young adults, exposure to chemical dusts, increased allergy to pollens in growing adults in developed countries, and increase in declined air quality mainly in emerging nations.
One of the major causes of COPD is tobacco smoking. According to the US Centers for Disease Control and Prevention (CDC), as many as 8 in 10 COPD-related deaths are due to smoking. Additionally, rising indoor and outdoor air pollution levels, exposure to dust and chemicals are other factors driving the prevalence of COPD.
The hospital settings segment of the respiratory diagnostics industry is expected to grow at the highest CAGR during the forecast period.
The respiratory diagnostics market is segmented into hospital, diagnostic laboratories, and others like universities, research institutions, and smaller study centers. The hospital region accounted for the highest CAGR mainly due to the large number of of admissions for respiratory diseases, increased advantage of in house testing capabilities, rise in pulmonary diseases and severity of the same, and availability of early diagnostic results and care under the same roof is the primary contributor to the growth of this market segment.
APAC is estimated to be the fastest-growing regional market for respiratory diagnostics industry.
The global respiratory diagnostics market is segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. In 2022, APAC is estimated to be the fastest-growing regional market for respiratory diagnostics market. Gradual increase in healthcare expenditure in emerging countries of Asia Pacific region, growth in medical tourism, low diagnostic testing cost due to increased number of diagnostic labs and increase in manufacturers, are the factors for the growth of Asia Pacific region.
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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), RevvityInc(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). Major players adopt growth strategies to expand their geographical presence and garner higher shares in the global market.
Scope of the Respiratory Diagnostics Industry
|
Report Metric |
Details |
|
Market Revenue in 2023 |
$5.6 billion |
|
Projected Revenue by 2028 |
$8.2 billion |
|
Revenue Rate |
Poised to Grow at a CAGR of 6.6% |
|
Market Driver |
High prevalence of tobacco smoking |
|
Market Opportunity |
Growing awareness about ill effects of untreated sleep apnea |
The research report categorizes respiratory diagnostics market to forecast revenue and analyze trends in each of the following submarkets:
By Product and Service
- Instruments & Devices
- Assays & Reagents
- Services & Software
By Test Type
-
Mechanical Tests
- Pulmonary Function Tests
- Spirometry
- Peak Flow Test
- Osa Diagnostic Tests
-
Imaging Tests
- X-Ray
- Computed Tomography
- Magnetic Resonance Imaging (MRI)
- Positron Emission Tomography (PET)
- Other Imaging Tests
-
Traditional Diagnostic Tests
- Immunodiagnostics
- Biochemical Tests
- Microscopy
-
Molecular Diagnostic Tests
- PCR
- Nucleic Acid Amplification Test
- In Situ Hybridization
- Dna Sequencing & Next-Generation Sequencing (NGS)
- Microarrays
- Others
By Technology Level
- Basic Equipment
- Advanced Equipment
- Cutting Edge Equipment
By Disease Indication
- Tuberculosis
- Asthma
- Lung Cancer
- Chronic Obstructive Pulmonary Disease
- Others
By End User
- Hospitals and Clinics
- Diagnostics Laboratories
- Others
By Region
-
North America
- US
- Canada
-
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
-
Asia Pacific
- China
- Australia
- Japan
- India
- Australia
- Rest of APAC
-
Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East and Africa
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global respiratory diagnostics market?
The global respiratory diagnostics market boasts a total revenue value of $8.2 billion by 2029.
What is the estimated growth rate (CAGR) of the global respiratory diagnostics market?
The global respiratory diagnostics market has an estimated compound annual growth rate (CAGR) of 6.6% and a revenue size in the region of $5.6 billion in 2023.
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13 APPENDIX
The market size for respiratory diagnostics market was estimated using four main methods in this study. The market, as well as its peer and parent markets, were the subject of extensive research. The subsequent phase involved doing primary research to confirm these conclusions, presumptions, and estimates with industry professionals across the value chain. For estimating the value market, top-down and bottom-up strategies were both used. The market size of segments and subsegments was then estimated using market breakdown and data triangulation processes.
Secondary Research
There were several secondary sources used in this study, including directories, databases like Bloomberg Business, Factiva, and Dun & Bradstreet, white papers, annual reports, corporate house documents, investor presentations, and firm SEC filings. To find and gather data for the detailed, technical, market-focused, and commercial analysis of the respiratory diagnostics market, secondary research was carried out. Relevant information on major companies, market classification and segmentation according to industry trends down to the most basic level, and significant changes regarding market and technological views were also obtained. Additionally, utilizing secondary research, a database of the important industry executives was created.
Primary Research
To gather qualitative and quantitative data for this study, a variety of sources from the supply and demand sides were interviewed during the main research phase. CEOs, vice presidents, marketing and sales directors, business development managers, technology, and innovation directors of respiratory diagnostics market manufacturing businesses, key opinion leaders, suppliers, and distributors are the main sources on the supply side.
Breakdown of Primary Interviews
Tiers are defined based on a company’s total revenue. As of 2022: Tier 1= >USD 2 billion, Tier 2 = USD 50 million to USD 2 billion, and Tier 3= <USD 50 million.
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Market Size Estimation
The market size for respiratory diagnostics market was calculated using data from four different sources, as will be discussed below. Each technique concluded and a weighted average of the four ways was calculated based on the number of assumptions each approach made. The market size for respiratory diagnostics market was calculated using data from four distinct sources, as will be discussed below:
Respiratory diagnostics market: Bottom up approach
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Respiratory diagnostics market: Top down approach
Respiratory diagnostics market: Revenue Share Analysis
Respiratory diagnostics market: Supply side analysis of top companies
Data Triangulation
The entire market was split up into several segments when the market size was determined. Data triangulation and market breakdown processes were used where necessary to complete the entire market engineering process and arrive at the precise statistics for all segments.
Approach to derive the market size and estimate market growth
Using secondary data from both paid and unpaid sources, the market rankings for the major players were determined following a thorough analysis of their sales of respiratory diagnostics. Due to data restrictions, the revenue share in certain cases was determined after a thorough analysis of the product portfolio of big corporations and their individual sales performance. This information was verified at each stage by in-depth interviews with professionals in the field.
Market Definition
Respiratory diagnostic devices are used to assess and monitor the functioning of the respiratory system. These devices play a crucial role in diagnosing and managing various respiratory conditions. They include a wide range of equipment designed to aid in breathing, improve pulmonary function, and assist in the removal of mucus from the airways. Some of the respiratory diagnostic tests include mechanical tests like Spirometry, Pulse Oximetry, Bronchoscopy, Diagnostic Imaging tests, and In vitro diagnostic tests.
Key Stakeholders
- Respiratory diagnostic device manufacturers and distributors
- Healthcare institutions (hospitals, laboratories, medical schools, and outpatient clinics)
- Research institutes
- Contract manufacturing organizations (CMOs)
- Government associations
- Market research and consulting firms
- Venture capitalists and investors
- Market research and consulting firms
Objectives of the Study
- To define, describe, and forecast the respiratory diagnostics market by product and service, test type, disease indication, end user, and region.
- To provide detailed information about the key factors influencing the market growth, such as drivers, restraints, opportunities, challenges, and industry trends
- To strategically analyze the regulatory scenario, Porter’s five force analysis, value chain analysis, supply chain analysis, ecosystem map, recession impact, and patent analysis
- To analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall respiratory diagnostics market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.
- To strategically profile the key players in this market and comprehensively analyze their market shares and core competencies2
- To strategically analyze the respiratory diagnostics market in five regions: North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
- To track and analyze competitive developments such as acquisitions, product launches, partnerships, and expansions in the respiratory diagnostics market.
- To evaluate the impact of the recession on the respiratory diagnostics market market worldwide.
Generating Response ...
Growth opportunities and latent adjacency in Respiratory Diagnostics Market