Demand for Pneumococcal Testing Activities Spiral Downwards as Key Players Focus Efforts Towards COVID-19 Vaccine Development, Concludes FMI Study

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

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.

Sample Copy

“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

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

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

FMI Blog

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