Pneumococcal Testing Market is estimated to reach US$ 3.6 billion by 2030, at a CAGR of 11.2% | FMI Study
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 predicted to reach US$ 3.6 billion by 2030.
The use of pneumococcal testing is gathering momentum around the world owing to its current diagnostic landscape, including unmet needs and emerging technologies. Over the last decade, pneumococcal testing has undergone many technical improvements. Increasing focus on molecular diagnostic methods for respiratory pathogen detection has yielded plethora of potential technologies.
Pneumococcal testing has gained clinical significance in terms of effective ability to demonstrate high analytical sensitivity and specificity with ability to process several respiratory specimens. Development of advanced nucleic acid detection tests and advancements in POCT products are the key factors for the growth of 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.
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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.
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.
- Bio-Rad Laboratories, Inc.
- Meridian Biosciences
- Quest Diagnostics
Pneumococcal Testing Market by Category
- Molecular Diagnostic
- Point of Care Testing
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- Enzyme Linked Immunosorbent Assay (ELISA)
- Western Blot Test
- Nucleic Acid Sequence based Amplification
- Polymerase Chain Reaction
By End User:
- Ambulatory Surgical Centers
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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