Originally published on Technavio:Comprehensive Analysis of the Pneumonia Testing Market 2023-2027
Introduction:
This report by Technavio provides an in-depth examination of the Pneumonia Testing Market from 2023 to 2027, offering insights into market size, growth projections, key drivers, trends, challenges, and major vendors.
Market Size and Growth:
The Pneumonia Testing Market is forecasted to grow at a CAGR of 5.3% between 2022 and 2027, with an estimated increase of USD 709 million. The market expansion is driven by factors such as the rising prevalence of pneumonia, concerns regarding pneumonia mortality, advancements in multiplex PC for pneumonia detection, and the growing geriatric population.
Market Dynamics:
The report extensively covers market segmentation by product type (consumables and analyzers), method (immunodiagnostics, molecular diagnostics, and point-of-care testing), and geography (North America, Europe, Asia, and Rest of World), while analyzing drivers, trends, and challenges. Moreover, historic market data from 2017 to 2021 is included for comprehensive analysis.
Key Market Drivers:
The rising prevalence of pneumonia and concerns related to pneumonia mortality are significant drivers of market growth. With pneumonia being a leading cause of hospitalization, particularly among children and the elderly, global efforts to enhance pneumonia diagnosis and prevent related deaths are increasing, particularly in developing countries.
Market Trends:
Emerging trends in the market include an increase in M&A activities and new product launches. Partnerships and product innovations, such as the LIAISON IQ immunoassay Point-of-Care platform by Luminex Corp. (DiaSorin) and Lumos Diagnostics, and Thermo Fisher Scientific's acquisition of Mesa Biotech Inc., are expected to drive market growth by offering cost-effective and innovative solutions.
Market Challenges:
A major challenge hindering market growth is the lack of trained professionals for accurate diagnosis. While advancements in diagnostics are crucial, the shortage of specialists, especially in rural areas and developing countries, poses a barrier to effective pneumonia diagnosis and treatment.
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Companies are employing various strategies like alliances, partnerships, and geographical expansions to strengthen market presence. The report offers detailed analyses of 15 market vendors, including Pfizer Inc., Abbott Laboratories, and Thermo Fisher Scientific Inc., assisting stakeholders in understanding the competitive landscape.
This comprehensive report on the Pneumonia Testing Market provides valuable insights for stakeholders, aiding in strategic decision-making and market positioning strategies to capitalize on growth opportunities during the forecast period.
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Technavio Research
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