By the end of 2022, the global pneumonia diagnostics market is anticipated to be worth US$ 521.1 million. From 2022 to 2032, the market is projected to grow at a CAGR of 5.6%, reaching a valuation of US$ 899.4 million. A significant element driving demand for pneumonia diagnostics in the market is the rising prevalence of pneumonia and the increasing requirement for early detection of this medical condition to begin an effective therapy.
Over the next ten years, the market for pneumonia diagnostics is expected to grow at the greatest CAGR in the viral pneumonia-based sector. By the end of 2027, the viral pneumonia section of the market for pneumonia diagnostics is expected to reach US$ 180 million, making it worthwhile for key players to invest in. Approximately 8% of all instances of community-acquired pneumonia that needed hospitalisation are thought to be caused by viral pneumonia.
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According to the World Health Organisation, pneumonia caused more than 920,000 deaths of children under the age of five in 2015, or 16% of all paediatric fatalities. According to the WHO, treating pneumonia with antibiotics in the same year to ensure the survival of children and newborns costs about US$110 million. Therefore, a market analysis of pneumonia diagnostics is urgently required. Future Market Insights has conducted a thorough analysis of the pneumonia diagnostics market, which is expected to be worth more than US$ 685 million in 2027. The research is named “Pneumonia Diagnostics Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027.”
Region – North America and Western Europe Vital in Pneumonia Diagnostics Market:
North America has the maximum share in the pneumonia diagnostics market and is on track to retain this share for some time. The US, primarily due to its world-class healthcare infrastructure and a geriatric population susceptible to pneumonia, represents a larger opportunity than Canada in the North America pneumonia diagnostics market. In addition to this, there is high awareness about pneumonia and its debilitating effects on both infants and the elderly. The North America pneumonia diagnostics market is expected to just push past US$ 200 million by the end of the forecast period.
Western Europe follows North America in the pneumonia diagnostics market with Germany and the UK comprising the bulk of the regional market. The two behemoths represent more than 40% of the Western Europe pneumonia diagnostics market between themselves and companies are advised to focus their attention there. The Western Europe pneumonia diagnostics market is anticipated to record a robust CAGR of 6.2% from 2017 to 2027, making it a region too lucrative to ignore in the global pneumonia diagnostics market. The market attractiveness of Germany is much higher than that of the UK at 1.6.
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Competition Dashboard in the Pneumonia Diagnostics Market:
Prominent companies profiled in the pneumonia diagnostics market report include:
- Thermo Fisher Scientific
- Alere
- Quidel Corporation
- Becton Dickinson and Company
- Meridian Bioscience
- Qiagen N.V.
- bioMérieux SA
- Bio-Rad Laboratories Inc.
- Cardinal Health Inc.
- Beckman Coulter Inc.
Key Takeaways:
Changing global demographics coupled with greater medical awareness increase the potential for companies in the pneumonia diagnostics market. Manufacturers are seeking to introduce rapid diagnostics to exploit untapped opportunities and producers of pneumonia diagnostics have expanded the value chain to forward integrate the market in emerging economies. A high return on investment could be realized by shifting manufacturing from traditional culture techniques to rapid diagnostics at the point of care.
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Key Market Segments Covered in Pneumonia Diagnostics Industry Research:
By Product:
- Streptococcus based
- Legionella based
- Chlamydophilla based
- Mycoplasma Pneumonia based
- Viral Pneumonia based
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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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