According to a recent market survey conducted by Future Market Insights (FMI), the global Pneumococcal Testing Market is valued at US$ 1.6 billion in 2022 and is expected to reach US$ 3.6 billion by 2030.
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Pneumococcal testing is gaining popularity around the world as a result of its current diagnostic landscape, which includes unmet needs and emerging technologies.
Pneumococcal testing has advanced significantly over the last decade.
The growing emphasis on molecular diagnostic methods for respiratory pathogen detection has resulted in a plethora of potentially useful technologies.
Pneumococcal testing has gained clinical significance due to its ability to demonstrate high analytical sensitivity and specificity while processing a variety of respiratory specimens.
The advancement of POCT products and the development of advanced nucleic acid detection tests are the key factors driving the growth of the pneumococcal testing market over the forecast period.
Moreover, rise in awareness about the benefits of early diagnosis among patient pool has increased the number of diagnostic tests in developing regions such as India, and Africa.
Additionally, increase in adoption of molecular diagnostic testing and untapped markets in the developing regions are expected to provide new avenues for the growth of pneumococcal testing market in the near future.
FMI’s Extensive Report Coverage
Future Market Insights provides a comprehensive research report on forecasted revenue growth at the global, regional, and country levels, as well as an analysis of the most recent industry trends in each sub-segment from 2015 to 2030.
The global pneumococcal testing market is segmented in depth to cover every aspect of the market and provide the reader with a comprehensive market intelligence approach.
The study provides compelling insights on pneumococcal testing market on basis of method (Immunodiagnostics, Molecular Diagnostic, Point of Care Testing), product type (Consumables, Analyzers), technology (Immunofluorescence, Enzyme Linked Immunosorbent Assay (ELISA), Western Blot Test, Nucleic Acid Sequence based Amplification, Immunohistochemistry, Polymerase Chain Reaction, Others)
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Key Takeaways of Pneumococcal Testing Market Study
- POCT remains the preferred testing strategy, accounting for roughly two-fifths of total market revenue. This is due to the growing need to provide real-time results that assist physicians in making informed decisions about disease treatment. Furthermore, POCT is useful as medical care focuses on prevention, early detection, and management of acute and chronic conditions.
- Analyzers have the highest market value share and will continue to do so throughout the forecast period.
- Given the availability of pneumococcal testing and skilled personnel for better clinical management of various diseases across several medical domains, hospitals account for more than half of total market value.
- Because of its high sensitivity and specificity, as well as its ease of use when compared to other methods for detecting substances in the body, enzyme linked immunosorbent assay (ELISA) accounts for a significant revenue share.
- North America and Europe account for more than 70% of the pneumococcal testing market, with the former expected to grow at a CAGR of 12% over the forecast period.
- The rising prevalence of pneumococcal diseases, recent advances in pneumococcal diagnostics, and government support for quality healthcare are driving the North American pneumococcal testing market.
Tracking the COVID-19 Impact on Market Performance
The coronavirus (COVID-19) pandemic is having positive impact on market growth. The Centers for Disease Control and Prevention (CDC) has reported an upsurge in pneumonia mortalities related to the novel coronavirus.
This has spurred the adoption of molecular diagnostic tests for treating COVID-19 pneumonia. Health systems worldwide are gathering random samples from patients having severe respiratory illnesses such as pneumonia, including those with travel history, and testing them for COVID-19.
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Acquisition Strategic Focus of Pneumococcal Testing Manufacturers
Acquisition strategy helps in complementing life sciences offering innovative technologies that create significant value to organizations.
For example, in March 2020, Thermo Fisher Scientific Inc., the world leader in serving science acquired QIAGEN N.V., a leading global provider of molecular diagnostics and sample preparation technologies.
This acquisition provides an opportunity to leverage industry-leading capabilities and R&D expertise to accelerate innovation.
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
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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