The global respiratory disease testing market accounted for $9.8 billion in 2019 and is projected to cross $20.1 billion by 2027, at a CAGR of 9.2%. The respiratory disease test mainly consists of diagnosis, severity assessment, treatment monitoring, and evaluation of prognosis.
The respiratory disorders primarily include influenza, asthma, tuberculosis, pneumoconioses, chronic obstructive pulmonary disease (COPD), obliterative bronchiolitis, mesothelioma, and silicosis. The growth of the global respiratory disease testing market is mainly attributed to the growing adoption of respiratory disease testings in hospitals as well as in home first-aid. In 2020, the global market for respiratory disease testing is projected to witness significant growth owing to the COVID-19 outbreak.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|8.4%||9.2%||81||USD 10.6 Billion||USD 10.8 Billion|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
The significantly growing prevalence of diseases associated with respiration such as asthma and COPD worldwide is projected to foster the growth of the respiratory disease testing market during the forecast period. For instance, according to the published report of the World Health Organization (WHO), approximately 235 billion patients suffer from asthma, across the globe. In addition, rising pollution, tobacco addiction, and allergies to pollen, animal fur, and house dust mites are predicted to trigger the figures in upcoming years. These factors may boost the demand for the respiratory disease testing market during the analysis period. Moreover, increasing cases of respiratory disorders among people aged ?65 yrs are also anticipated to propel the growth of the global market during the review period.
In addition to this, industry leaders of the global respiratory disease testing market are focussing mainly on multiple business development strategies such as technology advancements and heavy investments on R&D. For instance, in October 2018, Abbott, the global healthcare company, has made an announcement that the U.S. Food and Drug Administration has granted approval on its next-generation Influenza A & B2 molecular assays for point-of-care (POC) testing. The newly innovated assays enable the fastest influenza A & B results at the POC. These factors may significantly impact the global respiratory disease testing market, in the future.
In the last several months of 2019, the COVID-19 pandemic has created a health emergency worldwide. Majority of economies such as Australia, the UK, and Brazil have strictly imposed industrial shutdown in order to curb the communal transmission of the viral outbreak. Owing to such lockdowns activities of numerous businesses are disrupted. On the other hand, the need for respiratory testing facilities has been astonishingly rising during the COVID-19 pandemic crisis. Therefore, leading organizations across the world are developing and launching novel products to mitigate the COVID-19 pandemic. For instance, BATM, a pioneer in medical devices and real-time technologies has launched 3 new diagnostic kits to help with the COVID-19 diagnosis and other respiratory disorders. The 3 tests include a COVID-19 antigen test, COVID-19 serologic test, and a molecular diagnostics. These factors are anticipated to augment the respiratory disease testing market growth, during the pandemic timeframe.
Moreover, government authorities across the globe are coming forward with great support to fight against the COVID-19 viral transmission. For instance, in March 2020, the Biomedical Advanced Research and Development Authority (BARDA) has granted around $679,000 to DiaSorin Molecular, LLC to produce the Simplexa COVID-19 Direct Assay, along with around $598,000 to QIAGEN LLC to rapidly develop the QIAstat-Dx RPS2 test for coronavirus disease. Furthermore, in May 2020, the U.S Food and Drug Administration has granted emergency use authorization (EUA) to Hologic Inc for its COVID-19 diagnostic test. This test has the capability to provide initial results in around 3 hours as well as perform approximately 1,000 tests in 24 hours. These government initiatives are anticipated to boost the growth of the respiratory disease testing market, throughout the COVID-19 apocalypse.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
In addition, as per the research report published by Research Dive, it is expected that the global respiratory disease testing market will witness an exponential growth after the COVID-19 pandemic outbreak. An increasing number of elderly patients, rising prevalence of respiratory disorders, technological innovations in technological innovations in respiratory diagnostic systems are the stimuli of the respiratory disease testing systems, which may offer lucrative opportunities for the global market, in the upcoming years.
In the midst of the outbreak of COVID-19, multiple companies are coming forward with capacity expansion, insightful webinars, and product development and their launching. For instance, in July 2020, SIME, a Clinical AI venture specializing in rapid ICU diagnostics, has made an announcement that they have developed and completed a clinical study of world’s 1st predictive test for neonatal chronic lung disease (CLD). With the help of this cutting-edge digital test, doctors will be able to screen for CLD at birth, as well as provide early targeted treatment for the disease. These breakthrough innovations may lead to offer substantial opportunities for the global respiratory health disease testing market, after the COVID-19 pandemic.
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- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Respiratory Disease Testing Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity