Emerging technologies, unmet needs, and innovations in diagnostic landscape are ascribed for promising growth of penumococcal testing market
Enhanced focus on accuracy and reliability of pneumococcal testing continues to shape the market. As reliability of diagnostic tests remain the backbone of pathogen-directed treatment, increased emphasis on enhanced patient care is driving the growth of pneumococcal testing market. Proliferation of diagnostic tests in both developing and developed economies is the growth engine of pneumococcal testing market, according to a new study of Future Market Insights (FMI). The study finds that global pneumococcal testing market surpassed a billion-dollar revenues in 2019. Prolific demand for analyzers is stimulating market growth, with consumables closing in. Moreover, immunofluorescence is gaining paramount importance in pneumococcal testing market.
“Notable players must divert substantial pecuniary resources towards their key forte i.e. research and development along with strategic acquisitions for robust competitive position in pneumococcal testing market,” concludes the FMI report.
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Pneumococcal Testing Market – Key Takeaways
- Owing to real-time diagnostic features, Point of Care (POC) testing is gaining popularity in recent years.
- Greater availability of skilled personnel and pneumococcal testing kits is driving the adoption in hospitals and clinics, the prominent end-use area.
- High specificity and sensitivity of Enzyme Linked Immunosorbent Assay (ELISA) is fuelling its usage among consumers across the globe.
- Majority of gains in pneumococcal testing market will be concentrated in Europe and North America, collectively accounting for 50% revenue share.
Pneumococcal Testing Market – Key Driving Factors
- Greater prevelance of diseases such as meningitis, bacteremia, and pneumonia is augmenting the demand for pneumococcal testing.
- Higher case-fatality rate in geriatric population is supporting the growth of pneumococcal testing market.
- Technological advancements in Nucleic Acid Detection Tests (NATs) for timely detection of pathogens has augured well for market.
- Introduction of molecular diagnostic testing in developing countries is complementing regional market growth.
Pneumococcal Testing Market – Key Restraints
- Global pneumococcal testing market is consolidated by top three players, making it difficult for emerging players to expand their market share.
- Diversion of leading players towards developing and testing COVID-19 test kits are limiting the market growth.
Impact of COVID-19 on Pneumococcal Testing Market
The global pneumococcal testing market is projected to expand on the back of ongoing COVID-19 pandemic. Being one of the leading causes of mortality among children, pneumococcal testing is necessary for identifying the vulnerable groups during the widespread outbreak. Moreover, immunization programs, led by WHO and UNICEF are propelling the demand for pneumococcal testing. However, the market may witness a brief slowdown as leading pharmaceutical companies, vaccine developers, and research institutes are currently focused on creating a vaccine for COVID-19. The market will regain its pace once the pandemic begins to recede.
Some of the prominent companies in global pneumococcal testing market that are profiled in this FMI report include, but are not limited to, Abbott Laboratories, F-Hoffman la Roche Ltd, and Thermo Fisher Scientific Inc. Established players continue to do extensive research and development to offer more accurate testing. Prevention and timely detection will be the new fundamentals of future healthcare systems. Hence, all major strategies of industry leaders will be aligned towards that principle. Moreover, key companies will channel substantial resources towards syndromic screening approach, and point of care infection control. Strategic acquisition remains key collaborative approach of market leaders as well. For instance, Thermo Fisher Scientific Inc. acquired QIAGEN N.V. in March 2020 which strengthened R&D expertise and industry-leading capabilities of both companies.