Future Market Insights (FMI) has released an insightful study projecting a robust growth trajectory for the global pneumococcal testing industry, estimating a remarkable surge to US$ 3.6 billion by 2030. The study forecasts a significant Compound Annual Growth Rate (CAGR) of 11.2% over the coming years, building on the market’s current valuation of US$ 1.6 billion in 2022.
The escalating demand for pneumococcal testing stems from an evolving diagnostic landscape, marked by unmet needs and a surge in technological advancements. Pneumococcal testing, witnessing a surge in popularity worldwide, has undergone substantial technological enhancements over the past decade. These advancements have led to the emergence of multiple potential technologies, particularly with a heightened emphasis on molecular diagnostic techniques for the identification of respiratory infections.
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“The unprecedented growth projected for the pneumococcal testing industry underscores the pivotal role of technological innovation and the pressing need to address diagnostic gaps globally,” remarked a spokesperson from Future Market Insights.
This surge is indicative of a paradigm shift within the healthcare sector towards more precise and advanced diagnostic tools. The increased adoption of these cutting-edge technologies promises to revolutionize respiratory infection identification, offering healthcare professionals and patients alike a more efficient and accurate means of diagnosis.
The report by FMI highlights the pivotal trends shaping the pneumococcal testing landscape, foreseeing a future where technology-driven solutions play a defining role in global healthcare.
Key Takeaways of Pneumococcal Testing Market Study:
- Point of care testing (POCT) remains the preferred testing methos, representing about 2/5th of total market revenue. This is attributed to rising need to provide results in real time that help physicians make informed decisions in treatment of diseases. Moreover, POCT is useful as medical care shifts to a focus on prevention, early detection, and managing acute and chronic conditions.
- Analyzers capture a leading value share in market and will maintain the trend throughout the forecast period.
- Hospitals account for over half of overall market value, given availability of pneumococcal testing and skilled personnel for better clinical management of various diseases across several medical domains.
- Enzyme linked immunosorbent assay (ELISA) accounts for major revenue share, owing to its high sensitivity and specificity, and easier to perform compared to other methods used for the detection of substances in body.
- North America and Europe collectively contribute over 70% of market share in pneumococcal testing market, with the former expected to grow at a CAGR of 12% during the forecast period.
- Increasing prevalence of pneumococcal diseases, recent advancements in pneumococcal diagnostics and government support for quality healthcare is driving the pneumococcal testing market in North America.
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Key Companies Profiled:
- Thermo Fisher Scientific Inc
- Becton, Dickinson and Company
- Abbott Laboratories
- F-Hoffmann la Roche Ltd
- Hologic, Inc.
- bioMerieux
- Bio-Rad Laboratories, Inc.
- Meridian Biosciences
- Quest Diagnostics
- Quidel
Pneumococcal Testing Market by Category:
By Method:
- Immunodiagnostics
- Molecular Diagnostic
- Point of Care Testing
By Product:
- Consumables
- Analyzers
By Technology:
- Immunofluorescence
- Enzyme Linked Immunosorbent Assay (ELISA)
- Western Blot Test
- Nucleic Acid Sequence based Amplification
- Immunohistochemistry
- Polymerase Chain Reaction
- Others
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Clinics
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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