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Global Respiratory Disease Testing Industry to Gain $20.1 Billion by 2027 at a CAGR of 9.2% during the Covid-19 Pandemic – Exclusive Report [227 Pages] By Research Dive

The global respiratory disease testing market is projected to upsurge during the coronavirus pandemic due to rise in the respiratory diseases. The key market players are coming up with new products to aid the market growth.

/EIN News/ -- New York, USA, June 10, 2021 (GLOBE NEWSWIRE) -- As per a new report studied by Research Dive, the global respiratory disease testing market is anticipated to surpass $20.1 billion revenue by 2027, rising from a market size of $9.8 billion in the year 2019, at a CAGR of 9.2% during 2020-2027 estimated timeframe. The market report includes numerous facets such as the Covid-19 impact, current driving factors & restrains, forecasts, and trends. The market report is based on primary and secondary research methodologies which include acquiring information from authentic websites, conducting interviews, and reading journals or periodicals.

Apart from this, the common respiratory diseases are asthma, influenza, tuberculosis, COPD (Chronic obstructive pulmonary disease), pneumoconiosis, obliterative bronchiolitis, silicosis, and mesothelioma. Basically, the market is growth is attributed to the rise in the respiratory disorders cases worldwide.

For More Detail Insights, Download Free Sample Copy of the Report at: https://www.researchdive.com/download-sample/387

Effect of Covid-19 on the CAGR Figures

The global market worldwide registered for a significant growth rate of 8.4% before the onset of the coronavirus disease. However, the estimates state that the CAGR figure of the market witnessed a rise and is expected augment at a CAGR of 9.2% during the Covid-19 emergency. The market growth is due to the increase in the cases of respiratory diseases during the pandemic. Therefore, leading businesses are launching new products to meet the needs of the respiratory testing products. For example, BATM, a leader in real-time technology and medical devices, introduced three diagnostic kits to aid with coronavirus diagnosis and several other respiratory diseases. The three tests consist of a Covid-19 serologic test, antigen test, and molecular diagnosis. This aspect is predicted to boost the global market during the pandemic phase.

Supportive Government Approvals, During The Outbreak Of Covid-19 Pandemic, To Promote The Respiratory Disease Testing Market

Effect on Covid-19 on the Revenue Figures

The market was recorded to generate a revenue of $10.6 billion in 2020, before the outbreak of the Covid-19 disease. However, the market saw a rise in the revenue figures during the pandemic and garnered a revenue of $10.8 billion in 2020. A majority of the countries have gone under strict lockdown like conditions to stop the infection from spreading. All industries, factories, businesses, and organizations have been shut down and the trend for work-from-home is surging rapidly amongst companies. The government bodies from all nations are generating support to fight the disease transmission. For example, in March 2020, BARDA (Biomedical Advanced Research & Development Authority) granted $679,000 to produce Simplexa, a Covid-19 direct assay. The money was allotted to DiaSorin Molecular, LLC to prepare the assay. Also, BARDA granted $598,000 to the QIAGEN LLC for developing a Covid-19 test called QIAStat-Dx RPS2. Apart from this, in May 2020, the FDA granted EUA (Emergency Use Authorization) to Hologic Inc for the diagnostic test kit. The kit has the potential to provide results in three hours and perform around 1000 tests within 24 hours. All these government initiatives during Covid-19 emergency are projected to bolster the growth of the market.

Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/387

Future Scope of the Market

The market is anticipated to surge spontaneously due to rise in the prevalence of respiratory diseases such as COPD and asthma globally. For example, as per a report published by the WHO (World Health Organization), around 235 billion patients are diagnosed with asthma worldwide, also, increase in pollution, allergies to pollen, tobacco addiction, and much more are projected to fuel the market in the coming years. Apart from this, surge in the respiratory diseases amongst the geriatric population is estimated to drive the market in the forthcoming years.

Leading players of the global respiratory disease testing market include -

  1. BD.
  2. Koninklijke Philips N.V.
  3. COSMED srl
  4. bioMérieux SA
  5. Abbott
  6. ResMed
  7. Seegene Inc.
  8. Thermo Fisher Scientific Inc.
  9. CARESTREAM MEDICAL
  10. SDI Diagnostics

Some of the prominent players of the market are concentrating on several business strategies like investments in the research & development and technological advances for the market growth. For example, in October 2018, Abbott, a healthcare company, announced that FDA has granted permission for its influenza A and B2 assays for POC testing. These new molecular assays are capable of getting quickest results for the influenza virus. All these aspects are expected to propel the growth of the global market in the coming years.

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