Global Pneumococcal Testing Market Set for Remarkable Growth, Projected to Reach USD 3.6 Billion by 2030

Posted on 2024-10-17 by Future Market Insights in Healthcare // 0 Comments

Future Market Insights (FMI), a leading market intelligence firm, has released a detailed report outlining a robust growth trajectory for the global pneumococcal testing market. According to the study, the market is expected to reach a valuation of USD 3.6 billion by 2030, expanding at an impressive Compound Annual Growth Rate (CAGR) of 11.2% from 2022. The market, which was valued at USD 1.6 billion in 2022, is experiencing rapid growth driven by advancements in diagnostic technologies and evolving healthcare needs worldwide.

The rising demand for pneumococcal testing is closely tied to the evolving diagnostic landscape. As healthcare systems worldwide continue to grapple with persistent challenges related to respiratory infections, there is a growing emphasis on accurate and timely diagnostic solutions. Pneumococcal testing has become increasingly vital in the identification and management of respiratory conditions, such as pneumonia, which remain a significant public health concern.

One of the key factors contributing to the surge in market demand is the advancement of molecular diagnostic techniques, which have significantly improved the precision and efficiency of pneumococcal testing. These technological innovations are meeting the rising demand for reliable diagnostic tools, enabling healthcare professionals to provide more accurate diagnoses, ultimately enhancing patient outcomes.

“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,” said a Future Market Insights.

FMI’s report points to a paradigm shift within the healthcare sector, highlighting a move towards more precise, technology-driven diagnostic tools. The increased adoption of these innovations is poised to revolutionize the identification and treatment of respiratory infections. For both healthcare professionals and patients, this represents a critical advancement in providing efficient, accurate diagnostic solutions.

As the global healthcare landscape continues to evolve, FMI’s comprehensive report underscores the importance of adopting cutting-edge diagnostic technologies. With growing awareness of the benefits of early and accurate diagnosis, the pneumococcal testing market is on track for unprecedented growth, playing a crucial role in advancing global healthcare standards.

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.

Increased Market Demand: Get In-Depth Analysis and Insights with Our Complete Report!

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)

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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