The global respiratory diagnostics market is projected to reach USD 7.45 Billion by 2021 from USD 5.24 Billion in 2016, at a CAGR of 7.3% from 2016 to 2021. In this report, the global market is broadly segmented by product and service, test type, disease, end user, and region.
Increasing prevalence of respiratory diseases, growing geriatric population, and technological advancements in respiratory diagnostic systems are the major factors driving the growth of the global market. On the other hand, rising healthcare costs (a major factor limiting the use of novel respiratory diagnostic techniques) and reimbursement concerns are the major factors restraining the growth of the market.
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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
North America is expected to account for the largest share of the global respiratory diagnostics market in 2016, followed by Europe. The growth of the market in North America is majorly driven by the rising prevalence of respiratory diseases and growing geriatric population in the region. Other factors supporting the growth of this market include the presence of an advanced healthcare system and strong distribution channels for respiratory diagnostic products in North America.
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.).
