Respiratory Diagnostics Market

The global size of respiratory diagnostics market in terms of revenue was estimated to be worth $5.6 billion in 2023 and is poised to reach $8.2 billion by 2029, growing at a CAGR of 6.6% from 2023 to 2029. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market.

Growth in this market is largely driven by the growth in the large patient population suffering from pulmonary diseases, increase in pre-term deliveries, rise in adults being exposed to poor air quality index environment, increased smoking of tobacco, increased cases of passive smoking due to exposure to harmful smoke inhalations, rise in dust and allergies associated with it leading to asthma and COPD, rising R&D expenditure by leaders in this market, increased trend of smoking in women more than men, and massive rise in underlying lung diseases, and continuous exposure to indoor or outdoor dust, making it prone to infections, leading the market growth.

Attractive Opportunities in Respiratory diagnostics market

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Respiratory Diagnostics Market Dynamics

Driver: High prevalence of tobacco smoking

Smoking is the leading cause of COPD. According to WHO, tobacco kills up to half of its users and over 80% of the world's 1.3 billion tobacco users, who live in low- and middle-income countries. Furthermore, as per the Centers for Disease Control and Prevention (CDC), cigarette smoking remains the leading cause of preventable diseases, disabilities, and deaths in the US, accounting for over 480,000 deaths annually, including more than 41,000 deaths from secondhand smoke exposure. Another 16 million live with a serious illness such as lung cancer, COPD, and respiratory infections caused by smoking. Each year, the US spends more than USD 225 billion on medical care to treat smoking-related diseases in adults. Studies suggest that 12% of the US adults smoke cigarettes in 2023 as compared to 11% in 2022. Adults of the age of 18 to 29 years, smoke e-cigarettes. Thus, it is expected to boost the market.

Restraint: Unfavorable reimbursement scenario

Patient needs to pay out of their pockets for most tests due to the increased testing capabilities and reduced reimbursement received by insurance players. Reimbursement is mainly influenced by the test type and payers fee structure. The cost of complete diagnostic testing like respiratory analysis, sleep analysis, mechanical tests, PCR test kits, etc., is partially reimbursed by insurance payers such as that of Medicare and Medicaid.

A decline in insurance claims if about 5% to 10% is a nominal range for the insurer. Mainly, the severity of the disease and criticality are majorly responsible for determining the claims rate.  Medicare payment amounts for CPT 95806 (unattended, simultaneous recording of sleep study, oxygen saturation, respiratory airflow, heart rate and respiratory effort, and thoracoabdominal movement) continue with a 15% decrease in global service payment from the previous year. The difference between the two codes is that CPT 95800 may include the use of Peripheral Arterial Tone technology and the requirement for the measurement of sleep time by the devices.

Opportunity: Growing awareness about ill effects of untreated sleep apnea

Globally, many countries are becoming increasingly conscious of the economic impact of untreated sleep apnea. In the US, the total economic cost of insufficient sleep is USD 43–46 billion, while undiagnosed moderate to severe sleep apnea in middle-aged adults may cause USD 3.4 billion in additional medical costs (Source: ResMed). The estimated financial burden of OSA (including healthcare costs, lost productivity, and road and work-related accidents) in Australia is in the range of USD 2 to 8 billion per year (Source: Snore Australia).

Obstructive sleep apnea poses a significant threat to heart health, with potential long-term consequences extending to various related ailments such as cardiovascular disease, congestive heart failure, type 2 diabetes, stroke, and other sleep disturbances. Additionally, cognitive and memory impairments can result from undiagnosed sleep apnea, impacting not only a person's health but also their career, financial stability, and overall well-being. According to ResMed, individuals with obstructive sleep apnea face a 140% higher risk of heart failure, a 60% increased risk of stroke, and a 30% elevated risk of coronary heart disease. Remarkably, up to 83% of patients with type 2 diabetes may have undetected sleep apnea.

The severity of these cognitive diseases emphasizes the importance of early diagnosis, as it can significantly influence various aspects of an individual's life. Fortunately, government initiatives, healthcare campaigns, and check-up camps are creating ample opportunities for the detection of such insidious diseases. These efforts contribute to an expanding market space, allowing for increased awareness, diagnosis, and intervention in the realm of obstructive sleep apnea and its associated health risks.

Challenge: Low awareness and lack of diagnosis of respiratory diseases

 Despite their high prevalence, major respiratory diseases such as asthma and COPD are significantly underdiagnosed and undertreated, particularly in developing economies. This is primarily attributed to the low awareness surrounding these conditions and the insufficient availability of resources for accurate diagnosis. According to the World Health Organization (WHO), over 90% of COPD deaths and 80% of asthma-related deaths occur in low- and middle-income countries.

COPD, a leading cause of global morbidity and mortality, poses a significant diagnostic challenge. Community-based studies across continents, including Europe, Australia, North and South America, and Asia, indicate that approximately 10 to 12% of adults aged 40 years or older exhibit persistent airflow limitation on spirometry. However, only 20 to 30% of these individuals receive a formal COPD diagnosis. In the United States alone, nearly 16 million adults succumb to COPD-related deaths without a prior diagnosis.

The lack of awareness and a substantial undiagnosed population pose significant challenges to the respiratory diagnostics market, hindering its potential for addressing and mitigating the impact of these respiratory diseases on global health.

Respiratory Diagnostics Market Ecosystem

Leading players in this market include well-established and financially stable service providers of respiratory diagnostic. These companies have been operating in the market for several years and possess a diversified product portfolio, advanced technologies, and strong global presence. Prominent companies in this 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), RevvityInc(US), Seegene Inc(South Korea), Nihon Kohden Corporation (Japan), Vitalograph (UK), SDI Diagnostics (US), ResMed Inc(US), Siemens Healthcare GmbH (Germany), Cosmed (Italy)Hologic, Inc(US), and Qiagen (Netherland).

The assays and reagents segment of the respiratory diagnostics industry accounted for the highest CAGR in of the product and services segment.

By products and services, the respiratory diagnostics market is segmented into instruments and devices, assays and reagents, and services and software. The assays and reagents accounted for the highest share due to the increased demand for improved and potent assay reagents, growing manufacturing units developing such consumables, and increased number of sample sizes. Assays and reagents are one-time use consumables, thus, their reduced shelf life is also a major reason for his high growth in this market.

The COPD segment of the respiratory diagnostics industry is estimated to grow at a higher CAGR during the forecast period.

Based on disease indication, the respiratory diagnostics market is segmented into chronic obstructive pulmonary disease (COPD), asthma, tuberculosis, lung cancer, and other disease indications The COPD segment is estimated to grow at a higher CAGR during the forecast period. Rise in smoking culture among young adults, exposure to chemical dusts, increased allergy to pollens in growing adults in developed countries, and increase in declined air quality mainly in emerging nations.

One of the major causes of COPD is tobacco smoking. According to the US Centers for Disease Control and Prevention (CDC), as many as 8 in 10 COPD-related deaths are due to smoking. Additionally, rising indoor and outdoor air pollution levels, exposure to dust and chemicals are other factors driving the prevalence of COPD.

The hospital settings segment of the respiratory diagnostics industry is expected to grow at the highest CAGR during the forecast period.

The respiratory diagnostics market is segmented into hospital, diagnostic laboratories, and others like universities, research institutions, and smaller study centers. The hospital region accounted for the highest CAGR mainly due to the large number of of admissions for respiratory diseases, increased advantage of in house testing capabilities, rise in pulmonary diseases and severity of the same, and availability of early diagnostic results and care under the same roof is the primary contributor to the growth of this market segment.

APAC is estimated to be the fastest-growing regional market for respiratory diagnostics industry.

The global respiratory diagnostics market is segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. In 2022, APAC is estimated to be the fastest-growing regional market for respiratory diagnostics market. Gradual increase in healthcare expenditure in emerging countries of Asia Pacific region, growth in medical tourism, low diagnostic testing cost due to increased number of diagnostic labs and increase in manufacturers, are the factors for the growth of Asia Pacific region.

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The prominent players in the respiratory diagnostics market are Koninklijke Philips N.V. (Netherlands), BD (US), Abbott (US), Thermo Fisher Scientific Inc (US), GE HealthCare (US) , Bio-Rad Laboratories Inc. (US), BioMérieux (France), RevvityInc(US), Seegene Inc(South Korea), Nihon Kohden Corporation (Japan), Vitalograph (UK), SDI Diagnostics (US), ResMed Inc(US), Siemens Healthcare GmbH (Germany), Cosmed (Italy)Hologic, Inc(US), Qiagen (Netherlands), Vyaire (US), Visby Medical Inc (US), Briota Technologies Private Limited (India), Bird Healthcare (Australia), Löwenstein Medical Technology (Germany), ProAxsis (Northern Ireland), ndd Medical Technologies (US) and Compumedics Limited (Australia). Major players adopt growth strategies to expand their geographical presence and garner higher shares in the global market.

Scope of the Respiratory Diagnostics Industry

The research report categorizes respiratory diagnostics market to forecast revenue and analyze trends in each of the following submarkets:

By Product and Service

• Instruments & Devices
• Assays & Reagents
• Services & Software

By Test Type

• Mechanical Tests
  • Pulmonary Function Tests
  • Spirometry
  • Peak Flow Test
• Osa Diagnostic Tests
• Imaging Tests
  • X-Ray
  • Computed Tomography
  • Magnetic Resonance Imaging (MRI)
  • Positron Emission Tomography (PET)
  • Other Imaging Tests
• Traditional Diagnostic Tests
  • Immunodiagnostics
  • Biochemical Tests
  • Microscopy
• Molecular Diagnostic Tests
  • PCR
  • Nucleic Acid Amplification Test
  • In Situ Hybridization
  • Dna Sequencing & Next-Generation Sequencing (NGS)
  • Microarrays
  • Others

By Technology Level

• Basic Equipment
• Advanced Equipment
• Cutting Edge Equipment

By Disease Indication

• Tuberculosis
• Asthma
• Lung Cancer
• Chronic Obstructive Pulmonary Disease
• Others

By End User

• Hospitals and Clinics
• Diagnostics Laboratories
• Others

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Australia
  • Japan
  • India
  • Australia
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of LATAM
• Middle East and Africa

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