Having surpassed the global market valuation of US$1 billion in 2019, the demand for pneumococcal testing continues to soar. A new study projects that the global pneumococcal testing market will exhibit a double-digit CAGR during the forecast period (2020 - 2030). These insights are based on a report on Pneumococcal Testing Market by Future Market Insights.
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 a plethora of potential technologies. Pneumococcal testing has gained clinical significance in terms of effective ability to demonstrate high analytical sensitivity and specificity with the 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 the pneumococcal testing market over the forecast period. Moreover, a 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, the increase in adoption of molecular diagnostic testing and untapped markets in the developing regions are expected to provide new avenues for the growth of the pneumococcal testing market in the near future.
Key takeaways of pneumococcal testing market study
- Point of care testing (POCT) remains the preferred testing method, representing about 2/5th of total market revenue. This is attributed to the rising need to provide results in real-time that help physicians make informed decisions in the treatment of diseases. Moreover, POCT is useful as medical care shifts to a focus on prevention, early detection, and managing acute and chronic conditions.
- Analysers capture a leading value share in the market and will maintain the trend throughout the forecast period.
- Hospitals account for over half of overall market value, given the 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 are easier to perform compared to other methods used for the detection of substances in the body.
- North America and Europe collectively contribute over 70 per cent of market share in the pneumococcal testing market, with the former expected to grow at a CAGR of 12 per cent 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.