Respiratory Diagnostics Market Soaring at 7+% CAGR to Register $US 7.45Bn by 2021
The respiratory diagnostics market is to reach USD 7.45 billion by 2021 at a CAGR of 7.3% from 2016 to 2021 while instruments and devices segment is expected to account for the largest share driven by continuous requirement of diagnostic instruments and devices in laboratories.
Pune, India – November 18, 2016 /MarketersMedia/ —
The growth of respiratory diagnostics market is mainly driven by increasing prevalence of respiratory diseases, growing geriatric population, and technological advancements in respiratory diagnostic systems.
Developing markets in Asia-Pacific such as Japan, China, India, South Korea, Taiwan, Australia, and Singapore offer lucrative opportunities for players in the respiratory diagnostics market. Rising geriatric population, growing per capita income, increasing investments in the healthcare industry by key market players, and expansion of private-sector hospitals to rural areas in various APAC countries are the major factors driving the growth of the respiratory diagnostics market.
Complete report on respiratory diagnostics market spread across 114 pages, profiling 10 companies and supported with 83 tables and 39 figures is now available at http://www.reportsnreports.com/reports/756386-respiratory-diagnostics-market-by-product-service-instruments-devices-kits-reagents-test-type-pulmonary-function-test-imaging-test-disease-tb-lung-cancer-copd-end-user-reference-laboratories-physici-st-to-2021.html .
The global respiratory diagnostics market is broadly segmented by product and service, test type, disease, end user, and region. On the basis of product and service, the respiratory diagnostics market is segmented into instruments &devices, assays &reagents, and software &services. The instruments and devices segment is expected to account for the largest share of the respiratory diagnostics market in 2016. This large share can be attributed to the continuous requirement of diagnostic instruments and devices in laboratories, point-of-care, and home care diagnosis.
On the basis of test type, the respiratory diagnostics market is broadly classified into mechanical tests, imaging tests, traditional diagnostic tests, and molecular diagnostic tests. In 2016, the traditional diagnostic tests segment is expected to account for the largest share of the respiratory diagnostics market. The large share of this segment can be primarily attributed to the quick turnaround time of these tests. However, over the years, advancements in technology have led to the replacement of traditional techniques with molecular diagnostic techniques.
On the basis of disease, the respiratory diagnostics market is segmented into asthma, chronic obstructive pulmonary disease, lung cancer, tuberculosis, and other diseases. The tuberculosis segment is expected to account for the largest share of the respiratory diagnostics market in 2016. The large share of this segment can be primarily attributed to the increase in tobacco smoking and growing air pollution levels.
The respiratory diagnostics market is dominated by established players such as Philips Healthcare (Netherlands), Becton, Dickinson and Company (U.S.), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.), and Alere, Inc. (U.S.).
Request a discount on copy of Respiratory Diagnostics Market by Product & Service (Instruments/Devices, Kits/Reagents), Test Type (Pulmonary Function Test, Imaging Test), Disease (TB, Lung Cancer, COPD), End User (Reference Laboratories, Physician Offices) – Global Forecast to 2021 research report at http://www.reportsnreports.com/contacts/discount.aspx?name=756386 .
On the basis of end user, the respiratory diagnostics market is categorized into hospital/clinical laboratories, reference laboratories, physician offices, and other end users (including blood banks, point-of-care testing, patient self-testing, home health agencies, nursing homes, and local public health laboratories). In 2016, the hospital/clinical laboratories segment is expected to account for the largest share of the global respiratory diagnostics market. Most respiratory disease diagnostics are carried out in hospitals as they are complex in nature and require technologically advanced products; this is driving the respiratory diagnostics market for hospital/clinical laboratories. Point-of-care diagnostics and patient self-testing are also expected to contribute to the growth of the respiratory diagnostics market in the forecast period due to the increasing demand for convenient testing processes and quick results.
New and innovative product launches was the dominant strategy adopted by key industry participants to increase their market share and cater to unmet needs.
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