Future Market Insights (FMI), a leading market intelligence firm, has unveiled a comprehensive report outlining a promising growth trajectory for the global pneumococcal testing market. According to the study, the market is poised to expand significantly, projecting a valuation of USD 3.6 billion by 2030, growing at a robust Compound Annual Growth Rate (CAGR) of 11.2% from 2022.
In 2022, the pneumococcal testing market was valued at USD 1.6 billion. The anticipated surge in market size reflects a burgeoning demand driven by advancements in diagnostic technology and evolving healthcare needs globally.
The increasing adoption of pneumococcal testing can be attributed to a rapidly evolving diagnostic landscape. As healthcare systems worldwide face persistent challenges related to respiratory infections, there is a growing emphasis on accurate and timely diagnostic solutions. Technological advancements in molecular diagnostic techniques have notably enhanced the precision and efficiency of pneumococcal testing, catering to the rising demand for reliable diagnostic tools.
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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 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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Competitive Landscape:
The pneumococcal testing market is characterized by intense competition among a limited number of players who frequently engage in strategic alliances. These alliances, including product launches and acquisitions, are pivotal in enhancing market share and securing a significant portion of the market. Recent notable developments include:
- In January 2022, Quest Diagnostics announced a collaboration with Walmart to offer consumer-initiated laboratory testing through QuestDirect™. This innovative solution empowers individuals to manage their healthcare by purchasing high-quality laboratory tests directly from a user-friendly website. This partnership expands on Walmart and Quest Diagnostics’ longstanding relationship, aiming to increase access to premium healthcare services.
- In December 2021, Quidel Corporation finalized an agreement to acquire Ortho, one of the world’s leading in vitro diagnostics companies. Valued at approximately $6.0 billion, this transaction, priced at $24.68 per share of Ortho’s common stock, involves a combination of cash and newly issued shares in the merged entity. The acquisition represents a 25% premium over Ortho’s closing price, underscoring Quidel’s strategic growth in the diagnostics sector.
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
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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