Analysis by Types (Consumables, and Analyzers); by Method (Immunodiagnostics, Molecular Diagnostics, and Point of Care Testing); and by End User (Hospitals, Diagnostic Laboratories, Home Care, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.71 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10,623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditure (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Growth Drivers
Rising Cases of COVID-19 – Some people with COVID-19 have pneumonia in both lungs. The condition associated with COVID-19 was formerly known as new-corona virus-associated pneumonia (NCIP). The coronavirus disease 2019 was dubbed COVID-19 by the World Health Organization (WHO). Around the world, there have been 8,385,450 reported cases of coronavirus disease 2019 (COVID-19) pneumonia in 2020, with 450,690 fatalities.
Increasing Incidence of Hospital-acquired pneumonia (HAP) – HAP refers to pneumonia that appears more than 48 hours after being admitted to the hospital. Each year, hospitals in the U.S. witness up to 350,000 HAP events.
Growing Geriatric Population – Aged individuals are more inclined to have long-term medical issues including heart disease or chronic obstructive pulmonary disease (COPD), which can raise the risk of pneumonia. By 2050, the global population over 60 is predicted to be close to 23%, and from 2020 to 2050, the number of people 80 or older is projected to treble, reaching 430 million.
Advancement of POCT and Nucleic Acid Detection tests – The development of POCT (point of care test) and improved nucleic acid detection tests in pneumonia testing systems is another factor contributing to the market’s expansion. POCT is desirable owing to its ease of use, increased user approachability, earlier detection, and equivalent accuracy. Thus, POCT helps to achieve early diagnosis and treatment of epidemics as well as daily epidemic control. For instance, Abbot itself provides more than 1.5 billion POCT devices globally each year.
Challenges
The global pneumonia testing market is segmented and analyzed for demand and supply by application into hospitals, diagnostic laboratories, home care, and others. Out of these, the hospital segment is anticipated to hold the largest share by the end of 2031 on the back of the increasing number of hospitals and cutting-edge technologies provided by the hospitals. There were around 10,900 hospitals in Colombia, 8240 hospitals in Japan, and 6092 hospitals in the United States in 2020. The rising need for pneumonia testing elevates the number of hospitals grows and leads to the expansion of the segment.
Regionally, the global pneumonia testing market is studied in five major regions including North America, Europe, Asia Pacific, Latin America, Middle East, and Africa region. Amongst these markets, the pneumonia testing market in North America is projected to hold the largest market share by the end of 2033. The market expansion in this area was fueled by the rising prevalence of pneumonia in the region. The existence of significant market participants in the area as well as expanding development of sophisticated PCR-based technologies for speedier test results, additionally, contribute to the expansion of the market. For instance, around 1,493,500 deaths from pneumonia, influenza, or COVID-19, and over 959,400 deaths from pneumonia alone in the United States in 2022.
The global pneumonia testing market is further classified on the basis of region as follows:
Our in-depth analysis of the global pneumonia testing market includes the following segments:
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Ans: Rising cases of COVID-19, Increasing incidence of hospital-acquired pneumonia (HAP), growing geriatric population, and advancement of POCT and nucleic acid detection tests.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022-2031.
Ans: Widespread utilization of x-rays to detect pneumonia, high cost of testing devices and traditional approach of culturing is detained and prone to inaccuracy.
Ans: The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Abbott, Quidel Corporation, Thermo Fisher Scientific Inc., bioMérieux SA, INTEC, OpGen, BD (Becton, Dickinson, and Company), Meridian Bioscience, Inc., Luminex Corporation (DiaSorin S.p.A.), F.Hoffmann-La Roche Ltd, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, method, end user, and by region.
Ans: The hospitals segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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