Lung Function Tests Market Information: By Type (Spirometry, Bronchial Provocation Test), Indication (Asthma, Chronic Bronchitis, Respiratory Infections, COPD, Cystic Fibrosis), Devices (Spirometer, Oscillometer), End-User - Forecast Till 2027
The lung function tests market has been witnessing augmenting demand, mainly due to the vital role that these lung function tests play in the diagnosis of various diseases and disorders associated with the respiratory tract and lungs. Moreover, increasing occurrences of COPD, asthma, allergic rhinitis, chronic bronchitis, respiratory infections, cystic fibrosis, and lung cancer accelerate the growth of the market.
According to Market Research Future (MRFR), a leading research firm, the global lung function tests market is estimated to garner exponential accruals by 2025. MRFR, in its recent study report, also asserts that the market would register a 5.7% CAGR during the review period (2019 – 2025). Augmenting demand for effective and minimally invasive diagnostic procedures for lung cancer supports market growth.
Recent technological advancements are fostering market growth, offering phenomenally benefitting results, and improving the quality of life patients. Additionally, the increasing market demand led by the rising inclination of medical professionals is anticipated to boost the market growth, widening the adoption of drugs for treatments. Many emerging treatments and techniques are predicted to increase the size of the market.
On the other hand, unmet clinical needs in emerging regions are expected to pose challenges in the coming years. Also, the lack of awareness of the availability and advantages of these lung function tests is likely to hinder the market growth. Nevertheless, advances in techniques and devices used for the lung function tests market would support the market growth throughout the forecast period.
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Global Lung Function Tests Market - Regional Analysis
North America is projected to continue leading the global lung function tests market. The regional market is predominantly driven by the rising prevalence of various types of allergies, including allergy asthma and immunology, food allergy, and eczema, etc. Besides, the growing occurrences of diseases and disorders associated with lung functions, such as chronic bronchitis, respiratory infections, cystic fibrosis, COPD, pneumonia, lung cancer, and others, foster the regional market growth.
Lung function tests the market in the US heads the regional market with the high occurrences of various pulmonary disorders and diseases. Furthermore, high healthcare expenditure and the high adoption of advanced technology drive the Lung Function Tests market in North America.
Lung function tests the market in the European region stands second due to the rising chronic allergic diseases. Moreover, factors such as the increasing obesity disorders and changing lifestyles alongside the environmental changes drive the market demand hugely.
The presence of several key companies and well-established healthcare systems in the region acts as key driving force for the regional market. Additionally, increasing funding for research by private & public organizations would boost the growth of the Europe lung function tests market.
The Asia Pacific lung function tests market is expected to register a substantial CAGR during the forecast period. The high prevalence of asthma and government initiatives for healthcare reforms are driving the growth of the regional market. Japan, Hong Kong, and Singapore contribute to regional market growth significantly. Furthermore, rising cases of COPD, asthma, and other lung disorders would support market growth in the region.
Lung Function Tests Market - Competitive Analysis
Highly competitive, the global lung function tests market appears fragmented due to the presence of several well-established players. To gain a significant market share, players incorporate strategic initiatives, such as mergers & acquisitions, collaborations, expansion, and new therapeutics & technology launch. They invest heavily in R&D and clinical trials to develop effective drugs.
Major Players:
Players leading the lung function tests market include MGC Diagnostic Corporation (US), CareFusion Corporation (US), General Electric Company (US), Carestream Health, Inc. (US), Perkin Elmer (US), COSMED SRL (Italy), and Nihon Kohden Corporation (Japan), among others.
Industry/Innovation/ Related News:
September 05, 2019 ---- OncoCyte Corporation (the US), a leading biotechnology company, announced the acquisition of Razor Genomics, a biotechnology company transforming lung cancer care. OncoCyte focuses on the discovery, development, and commercialization of liquid biopsy diagnostics for the early detection of cancer. The company develops diagnostic tests for use in detecting breast, bladder, and lung cancers.
Razor Genomics has developed a prognostic test to assess risk in early-stage lung cancer patients after surgery. Razor’s test, an algorithmic genomic assay, enables OncoCyte to address an adjacent critical decision point that physicians & patients face during the lung cancer treatment, a journey that remains unmet till today.
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