The COVID-19 outbreak around the globe has progressively impacted the global respiratory disease testing market due to increasing need of respiratory testing facilities across the globe during the pandemic. The global market is projected to continue to witness robust growth by 2027.
New York, USA, Sept. 27, 2021 (GLOBE NEWSWIRE) -- A research report published by Research dive on the global respiratory disease testing market explains the impact of COVID-19 pandemic on the current scenario and the future of the market. All-inclusive analysis on drivers, restraints, growth opportunities, challenges, COVID-19 impact, major segments of the market, and competitive landscape are provided in the report.
The COVID-19 outbreak has had favorable impact on the global respiratory disease testing market. According to the report, the respiratory disease testing market gathered $9.8 billion in 2019, and is projected to garner $20.1 billion by 2027, and exhibit a CAGR of 9.2% during the forecast period from 2020 to 2027. The estimated market size in 2020 was $10.6 billion before the outbreak of coronavirus. But, due to the coronavirus chaos, the market size increased to $10.8 billion due to the rapidly increasing cases of COVID-19 across the globe.
Factors Impacting the Market Growth during COVID-19 Pandemic
As per the analysts of Research Dive, the growing need for respiratory testing facilities during the coronavirus pandemic crisis. Thus, the leading organizations across the globe are developing as well as launching novel products to mitigate the COVID-19 pandemic. For example, in July 2020, BATM, a leading provider of real-time technologies for medical laboratory systems and networking solutions, announced the launch of 3 new diagnostic kits to help with the diagnosis of COVID-19 and other respiratory disorders.
Additionally, the government authorities around the world are coming forward with strategies and initiatives to fight against the COVID-19 transmission. For example, in March 2020, the Biomedical Advanced Research & Development Authority (BARDA) granted around $679,000 to DiaSorin Molecular, LLC in order to produce the Simplexa COVID-19 Direct Assay. All these factors are driving the growth of the respiratory disease testing market in the pandemic period.
Future Scope of the Market
The respiratory disease testing market is expected to continue to witness prominent growth even after the pandemic during the forecast period, majorly due to the increasing number of elderly patients and the growing prevalence of respiratory disorders across the globe. In addition, the increasing pollution, allergies to pollen, house dust mites, and animal fur, and rising tobacco addiction among people are other factors expected to bolster the market growth by 2027. Furthermore, technological developments in respiratory diagnostic systems is estimated to generate substantial growth opportunities for the global market in the coming future.
Prominent Market Players
The key players operating in the global respiratory disease testing industry include -
Koninklijke Philips N.V.
Thermo Fisher Scientific Inc.
These players are implementing various strategies such as strategic partnerships, technological advancements, product launches, and others to gain a competitive edge in the global industry. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in December 2019, Medtronic plc, a global leader in medical technology, services, and solutions, entered into a five-year collaborative agreement with ChristianaCare, a private not-for-profit regional health care system, to enhance outcomes for ChritianaCare’s patients in Delaware and the neighboring region. ChristianaCare and Medtronic are working together to standardize an improved respiratory monitoring initiative.
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