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Respiratory Diagnostics Market Opportunities And Future Trends For Forecast Year 2020-2030
Respiratory diagnosis refers to the clinical examination of lung function and associated processes. It encompasses a variety of mechanical, radiological, and molecular diagnostic tests for the detection of asthma, COPD, lung cancer, bronchitis, and pulmonary fibrosis. It uses methods such as Spirometry, oximetry, transcutaneous CO2 monitoring, sniff nasal inspiratory pressure (SNIP), chest X-ray, and computed tomography (CT) scan. Sleep studies are used to identify and analyze the occurrence of sleep apnea and nocturnal hypoventilation in some cases. The global market for respiratory diagnostics has a lot of room for expansion. In the near future, the entry of new companies in the market is anticipated to heighten competition. To keep ahead of the competition, leading companies are likely to focus on product innovation and technical developments.
Philips Healthcare
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
COPD and other serious respiratory illnesses, such as lung cancer, are on the rise due to an increase in smokers and alcohol intake, as well as sedentary living habits and stressful routines. Furthermore, several technical advancements in respiratory diagnostic tests, such as the use of the Internet of Things (IoT) and Artificial Intelligence (AI) for COPD diagnosis and outpatient care, are boosting market expansion. The market for respiratory diagnostics is also being driven by an increase in demand for respiratory diagnostics devices in various privately-owned hospitals and healthcare centers, as well as efforts by both government and non-governmental organizations (NGO) to make quality healthcare facilities available to all.
The market is being driven by technological advancements and innovation in the respiratory diagnostic system. The use of cutting-edge technologies such as monitoring systems and electronic inhalers is helping to drive growth. Furthermore, rising treatment awareness in both developed and developing nations is adding to the market's growth throughout the forecast period.
In June 2020, GE Healthcare announced the Thoracic Care Suite which includes eight artificial intelligence (AI) algorithms that allow chest X-rays to detect anomalies, such as pneumonia, a symptom linked to COVID-19. This new product, introduced by the firm during the expansion of COVID-19, has increased the firm's market reputation.
In May 2020, Philips and Masimo formed a cooperation. This collaboration sought to integrate Masimo's measuring technology into certain Intellivue MX-Series multi-parameter monitors, allowing doctors to analyse ventilation status and cerebral oximetry more easily.
Note: Although care has been taken to maintain the highest levels of accuracy in Fatpos Global’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
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