The World Health Organization estimates that pneumonia accounted for 16% of all deaths of children below the age of 5 years – more than 920,000 in 2015. The WHO states that the cost of pneumonia antibiotic treatment in the same year for child survival and newly born babies is roughly US$ 110 million annually. Therefore, there is a pressing need to analyse the pneumonia diagnostics market. In an upcoming report titled ‘Pneumonia Diagnostics Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027’, Future Market Insights has undertaken a comprehensive study of the pneumonia diagnostics market that is poised to be worth more than US$ 685 million in 2027.
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Product Type – Focus on Streptococcus-based and Viral Pneumonia-based Product Types
The streptococcus-based product type is the largest in the pneumonia diagnostics market at the end of 2016 and is unlikely to fall behind anytime soon. The streptococcus-based segment is the only one worth more than US$ 100 million in 2017 alone. Streptococcus-based pneumonia is considered an invasive form of the infection with an incidence of 10 to 100 cases per a population of 100,000.
The viral pneumonia- based segment is predicted to witness the highest CAGR in the pneumonia diagnostics market over the course of the decade. The viral pneumonia segment of the pneumonia diagnostics market should cross US$ 180 million by end 2027, making it well worth the while of major stakeholders. Viral-based pneumonia is thought to cause approx. 8% of all cases of community-acquired pneumonia in the cases where patients required hospitalization.
Region – North America and Western Europe Vital in Pneumonia Diagnostics Market
North America has the maximum share in the pneumonia diagnostics market and is on track to retain this share for some time. The US, primarily due to its world-class healthcare infrastructure and a geriatric population susceptible to pneumonia, represents a larger opportunity than Canada in the North America pneumonia diagnostics market. In addition to this, there is high awareness about pneumonia and its debilitating effects on both infants and the elderly. The North America pneumonia diagnostics market is expected to just push past US$ 200 million by the end of the forecast period.
Western Europe follows North America in the pneumonia diagnostics market with Germany and the UK comprising the bulk of the regional market. The two behemoths represent more than 40% of the Western Europe pneumonia diagnostics market between themselves and companies are advised to focus their attention there. The Western Europe pneumonia diagnostics market is anticipated to record a robust CAGR of 6.2% from 2017 to 2027, making it a region too lucrative to ignore in the global pneumonia diagnostics market. The market attractiveness of Germany is much higher than that of the UK at 1.6.
Competition Dashboard in the Pneumonia Diagnostics Market
Prominent companies profiled in the pneumonia diagnostics market report include Thermo Fisher Scientific, Alere, Quidel Corporation, Becton Dickinson and Company, Meridian Bioscience, Qiagen N.V., bioMérieux SA, Bio-Rad Laboratories Inc., Cardinal Health Inc., and Beckman Coulter Inc.
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Changing global demographics coupled with greater medical awareness increase the potential for companies in the pneumonia diagnostics market. Manufacturers are seeking to introduce rapid diagnostics to exploit untapped opportunities and producers of pneumonia diagnostics have expanded the value chain to forward integrate the market in emerging economies. A high return on investment could be realized by shifting manufacturing from traditional culture techniques to rapid diagnostics at the point of care.