The pharma industry has been focusing on boosting reliability and accuracy of pneumococcal testing, which is the key influencing factor for the market. However, the current COVID-19 pandemic is anticipated to cause a short-term yet major slowdown in market growth, as leading vaccine development entities and pharmaceutical players are focusing essential resources towards the development of vaccine for COVID-19. However, post the pandemic, the market is likely to recover and expand, as the identification of vulnerable groups for immunization programs will become essential, driving up demand.
As per a new report published by Future Market Insights (FMI), the revenue pool of pneumococcal testing market will triple between 2020 and 2030. However, the market will face moderate disruption throughout 2020. Currently, there is a reported rise in mortality from pneumonia associated with the novel coronavirus. The development of molecular diagnostic testing kits for treating this pneumonia will provide major growth opportunities for players.
Point of Care Testing Methods Remain Highly Preferred
With the coronavirus primarily impacting patients at their respiratory systems, point of care testing (POCT) remains a highly preferred option owing to real time diagnostic features, accounting for roughly 2/5th of the overall revenue. Molecular diagnostics alternatives however, are rapidly gaining popularity among healthcare professionals, owing to a broader scope of screening more than one analyte. Further, Enzyme Linked Immunosorbent Assays are gaining demand among users owing to superior sensitivity and specificity.
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“As one of the leading causes of death among children, pneumococcal testing is key to recognize susceptible demographics during the coronavirus outbreak, which is boosting the demand for pneumococcal testing. However, the market could witness a brief slowdown as research institutes are focusing on developing a vaccine for COVID-19 within a time frame of little more than a year. The market will start moving towards recovery, once the pandemic subsides,” says the FMI analyst.
Major Gains Reside in Europe and North America
Overall, North America and Europe account for more than 70% of the global market value. Continued government investments towards tech innovations, and rapid approval by regulatory authorities such as the FDA of the United States and CE of the European Union, has been essential in high production and adoption rates being reported from these regions. However, resources of major producers in the region being diverted towards producing COVID-19 testing kits limits accessibility and increases prices.
The Asia Pacific region is also expected to generate very attractive opportunities for the pneumococcal testing market through 2030, owing to rising healthcare awareness among doctors and patients, and modernization drives of medical tech in the emerging economies of such as India and China, which have been grappling with high numbers of the COVID-19 cases.
The FMI study offers near and long-term growth outlook of the pneumococcal testing market. Gain access to FMI’s exclusive COVID-19 tracker here.
Source: Future Market Insights