Koninklijke Philips N.V(Netherlands) and BD (US) are Leading Players in the Respiratory Diagnostics Market
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%. Growth in this market is largely driven by the increase in diseases like Chronic Obstructive Pulmonary Disorder (COPD), asthma, tuberculosis, lung cancer, and other pulmonary disorders. Further, there is an increase in the number of cigarette smokers and a rise in the geriatric population.
The prominent players in the respiratory diagnostics 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), ResMed Inc(US), Hologic, Inc(US), and Qiagen (Netherlands). These players are constantly involved in the development of new products and adopting growth strategies like acquisitions, merger, collaboration, etc. to strengthen their market reach.
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Koninklijke Philips N.V.
The company offers nearly 450+ products, and operates in 120 countries across the globe with 40,000 + employees. Its Connected Care segment is among the other segments namely Diagnostics and Treamtent, Personal Health, and Others. It offers Sleep and Respiratory diagnostic devices through the Sleep and Respiratory Care sub segment of Connected Care which accounts for ~28% of its connected care segment revenue. The company invests heavily on its R&D segment. It invested nearly 11.8% in 2022, a rise from 10.5% in 2021. Philips offers comprehensive customer support for its respiratory diagnostics products. This includes training, maintenance, and repair services. This can help customers to get the most out of their devices and improve patient outcomes. It is a leader in the mechanical test segment such as sleep diagnosis and one of the top leaders in the respiratory diagnostic imaging segment. In May 2023, company launched CT 3500, which is powered by AI and includes a range of image-reconstruction and workflow-enhancing features that help to deliver consistency, speed, and first-time-right image quality needed for confident diagnoses by clinicians.
BD
The company develops, manufactures, and distributes medical devices, instruments and reagents. It is functional in over 50 countries across the globe. Its major subsidiaries include BD Biosciences Pharmingen (U.S.), BD Biosciences Discovery Labware (U.S.), BD Biosciences (Canada), and Becton Dickinson GmbH (Germany). It is home to approximately 75,000 employees. The company offers molecular testing kits, assays, reagents, such as BD Max Respiratory Viral Panel,, CD Cor System, BD ProbeTec, etc., for testing of respiratory disorders. The company is constantly collaborating with unviersities or centers to improved clinical strudies and enhance diagnostic capabilities via enormous research. The company is launches new and improved products for molecular diafgnostic testing like BD COR System, or BD max Respiratory Virla Panel. A constant investment in R&D is also making the mark of BD in this market.
Abbott (US)
The company is a leading player in the diagnostic testing market. Further, it offers numerous tests kits related to testing of diseases like respiratory disorders, influenza, etc. FDA approvals are given to all the products launched by Abbott due to its clinical efficiency and accuracy. Despite the ongoing recession and economic set back the company has invested heavily on its R&D compared to the previous year. Its strong geographic presence in the US, has enabled the company to capture a large market and strengthen its market position. Its constant urge to be present at in all regions of the globe and increased collaboration with distribtuors, will allow it to grow in this market.
Related Reports:
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
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