Respiratory disease testing market growth will be driven by the growing prevalence of respiratory diseases such as tuberculosis, asthma, chronic obstructive pulmonary disease, and COVID-19.
With the outbreak of the COVID-19 pandemic, the current respiratory disease testing capacity increased about 150% globally by March 2020, according to a new market analysis by Global Market Insights, Inc.
Incorporation of Artificial Intelligence (AI) with imaging modalities for rapid and effective respiratory disease diagnosis may favour industry outlook in the coming years. Estimates suggests that the respiratory disease testing market size will exceed $18.2bn (€15.5bn) in terms of annual valuation globally by 2026.
Spread of hospital acquired infections
According the Centers for Disease Control and Prevention (CDC), two million people in the United States are infected by hospital acquired infections every year. These infections result in lower respiratory tract infections such as ventilator-associated pneumonia and tracheobronchitis. Availability of novel and cost-efficient respiratory disease testing devices, kits, software, and consumables will aid early diagnosis of these diseases.
Prevalence of respiratory disorders
In 2018, 10 million individuals had tuberculosis, and 1.5 million deaths occur every year due to the disease. Rising incidence of asthma and tuberculosis will also be conducive to the adoption of testing solutions. Distress in the lung is one of the major symptoms found in coronavirus positive patients, and the growing number of patients affected by coronavirus will create opportunities for respiratory disease testing industry players.
Demand for in-vitro diagnostic tests
In-vitro diagnostic tests contribute to consumer safety and are witnessing major demand due to their affordability. A rise in respiratory disorder cases due to coronavirus is leading to high demand for cheap respiratory diagnostic tests, which in turn may fuel product demand. The in-vitro diagnostic test segment is estimated to register a growth rate of 8.1% over 2020 – 2026.
Point-of-care and molecular diagnostic tests are types of vitro-diagnostic test. Out of these, point-of-care tests are expected to experience major adoption due to the product’s expanded testing capabilities, rapid diagnosis, and efficiency in specimen stability as well as convenience in handling.
Rising cases of asthma and COPD
Asthma affects around 23.4 million individuals across the globe, annually. Also, around 250,000 asthma related deaths are reported every year globally. In 2019, asthma contributed to revenue generation of over $2.5bn towards the respiratory disease testing market share.
Also, over 90% of COPD deaths occur in low- and middle-income countries. Early COPD diagnosis can save millions of lives every year. The mounting need for effective diagnosis methods and devices will boost industry growth.
MERS and COVID-19 in the Middle East and Africa
The Middle East and Africa respiratory disease testing industry will reach $1.4bn in terms of annual valuation by 2026 due to the presence of MERS (Middle East respiratory syndrome-related coronavirus) which is now followed by COVID-19 pandemic. As of January 220, a total of 2,519 MERS cases had been registered in the region, accounting for around 866 deaths.
In addition, in Saudi Arabia alone, COVID-19 has resulted in 6,380 cases leading to 83 deaths. Increasing incidences of respiratory diseases across the region will create numerous avenues for the respiratory disease testing market players.