Albany - NY, Aug. 26, 2015 (GLOBE NEWSWIRE) -- According to a new market research report published by Transparency Market Research "Respiratory disease Testing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022", the global respiratory disease testing market was valued at USD 2.3 billion in 2013 and is estimated to reach USD 3.1 billion in 2022, expanding at a CAGR of 3.4% from 2014 to 2022.
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Respiratory tests are required for the diagnosis of any chronic or acute respiratory disorder or disease. The diagnosis of respiratory disease is performed either by understanding the anatomy of respiratory organs, or by determining the respiratory capabilities of lungs. Equipment used to detect pulmonary abnormalities hold immense potential due to increasing prevalence of various respiratory diseases such as asthma, COPD, cystic fibrosis, and pneumonia. Moreover, growing geriatric population and technological advancements would increase the demand for respiratory disease testing products globally. However, low adoption rate of advanced equipment due to higher cost and limited applications are the factors that restrict the demand for respiratory disease testing products globally.
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Based on type of test, the respiratory disease testing market has been segmented into imaging, spirometry, peak flow, blood gas, lung volume, and other tests. Imaging tests accounted for the largest share of the global respiratory disease testing market in 2013. The segment dominated the market primarily due to widespread adoption of imaging measures, especially X-ray. In addition, these tests are considered first-line of diagnostic tests for respiratory diseases. However, the spirometry test segment is projected to expand at the highest CAGR during the forecast period due to accurate and effective diagnostic result in a short timespan and preference by physicians in lung function testing for their patients. In addition, introduction of new and advanced, but cost-efficient devices would propel the growth of the segment. Other factors that would increase global demand for respiratory disease testing equipment include rising prevalence of respiratory diseases and technological advancements in the respiratory disease equipment. On the other hand, low adoption rate of advanced equipment due to high cost and limited application areas are factors that could restrict demand for respiratory disease testing equipment.
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Hospitals accounted for the largest share of the global respiratory disease testing market in 2013. The segment dominated the market as most of the respiratory diagnostic instruments, especially X-ray machines and spirometers are predominantly installed and used in hospital settings. Moreover, these devices are expensive and small clinics and laboratories cannot afford them for diagnostic purposes. Furthermore, physicians prefer in-house alternatives to imaging tests for patients rather than referring them to outside laboratories. Hence, hospitals are likely to continue to act as viable alternatives, and would capture market shares of the clinical laboratories and physician offices segments during the study period. Therefore, the hospitals segment of the respiratory disease testing market is expected to grow at the highest CAGR between 2014 and 2022.
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The global respiratory disease testing market is highly fragmented, with the presence of a large number of small and multinational players. CareFusion Corporation (Complete PFT), Carestream Health, Inc. (CARESTREAM DRX-1 System), Cosmed (Quark SPIRO), GE Healthcare (Discovery XR656 Plus), and Perkin Elmer, Inc. (Flat panel X-ray detectors) are the key players operating in the global respiratory disease testing market.
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The global respiratory disease testing market is segmented as follows:
Global Respiratory Disease Testing Market, by Test
- Imaging Tests
- Spirometry Tests
- Peak Flow Tests
- Blood Gas Tests
- Lung Volume Tests
- Other Tests
Global Respiratory Disease Testing Market, by End-user
- Physician Offices
- Clinical Laboratories
Global Respiratory Disease Testing Market, by Geography
- Rest of Europe
- Rest of APAC
Latin America (LATAM)
- Rest of LATAM
Middle East North Africa (MENA)
- Saudi Arabia
- Rest of MENA
- Rest of the World
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research