According to the “Pneumonia Testing Market” report published by Maximize Market Research, the market is expected to grow from USD 1.73 billion in 2021 to USD 3.10 billion in 2029, at a CAGR of 7.35 percent for the forecast period from 2022 to 2029.
Pneumonia Testing Market Scope and Research Methodology
The research report provides a detailed analysis of the pneumonia testing market through regional and global analysis of market situations through an examination of historical trends and future estimates. It provides a thorough analysis of the market's top players, segments, regions, and nations.
The study also discusses significant market strategies including mergers and acquisitions, new product innovations, research & development efforts, and competitive dynamics in various geographies.
The major industry players are broken down by region along with their revenue, financial position, portfolio, applied technological advances, mergers and acquisitions, joint ventures, and strategic alliances for competitive analysis. The expansion prospects and financial outlook for recent market entrants are also given for stakeholders, investors, market players, followers, and new entrants to utilize this report as a resource for developing investment and marketing plans.
The market size was validated using a bottom-up approach in terms of value and volume by various segments. Both primary and secondary data-gathering approaches were used to get the data.
The main methods were surveys, distributing questionnaires, and conducting telephone interviews with experts in the field, market leaders, business owners, and marketers to ensure that the inferences were as reliable as possible, secondary data was gathered from a variety of sources. Along with paid databases, the report also includes the official websites of various organizations and the government, trade publications, annual reports, white papers, and releases from companies that produce and supply goods to the industry.
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Pneumonia Testing Market Overview
Pneumonia is an infection in the lungs causing inflammation and fluid in the air sacks. The fluid or pus-filled air sacs cause a cough that produces phlegm.
It is mainly caused by germs such as bacteria and virus which affects people with weak immunity and is common in children and the geriatric population. According to the research, pneumonia causes 14% of all pediatric fatalities each year, with an estimated 151.7 million cases, of which 8% to 12.5% require critical care.
Different tests are used to diagnose pneumonia physical examination, review of medical history, chest X-ray, blood culture, pulse oximetry, sputum culture, bronchoscopy, and fluid sample.
Pneumonia Testing Market Dynamics
One of the key factors driving the growth of the global market is the marked rise in the incidence of pneumonia. According to WHO and UNICEF reports, the pneumonia population among children and the elderly is more likely to contract the disease.
Pneumonia claims the lives of about 7,00,000 children under the age of five every year, or roughly 2,000 per day, making it the infectious disease that kills the most children. Every year, there are more than 1,400 cases of pneumonia worldwide, or one case for every 71 children, with South Asia and west and central Africa having the highest incidence rates.
The market for testing for pneumonia is expanding as a result of the aforementioned considerations.
The main drivers of the growth of the global market for pneumonia testing are point of care (POC) testing and developments in the nucleic acid detection sector on a global level. The aging of the population, the rapid development of pneumonia diagnostics, and the prevalence of pediatric pneumonia globally all contribute to the market's growth.
The pneumonia Testing Market is expanding thanks to the development of modern healthcare infrastructure, the availability of reimbursements, and the presence of important market players.
Pneumonia Testing Market Regional Insights
North America dominated the pneumonia testing market in 2021 with a revenue of US$ 222.5 million and will account for a significant chunk of the international market. North America dominated the global market of point-of-care devices thanks to the high prevalence of pneumonia cases, rapid adoption of these devices, and generous reimbursement policies.
The introduction of cutting-edge products and the presence of important corporations in the U.S. are some of the elements encouraging the growth of regional markets like North America.
The European market is predicted to be the second-largest thanks to an increase in hospital admissions as well as critical government programs to improve public awareness of pneumonia testing. Pneumonia is the second most frequent cause of in-hospital mortality in Europe, and respiratory illnesses are responsible for 15.5% of these fatalities.
2.5% of the 7.2% of hospital admissions are due to pneumonia. The expanding patient base will likely boost the European market as a result.
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Pneumonia Testing Market Segmentation
By Product type:
- Analyzer segment
- Consumable segment
- Diagnostic Laboratories
- viral pneumonia based
- mycoplasma based
Pneumonia Testing Market Key Manufacturers are:
- Thermo Fisher Scientific Inc.
- Abbott Laboratories
- F-Hoffmann la Roche Ltd.
- Hologic Inc.
- Dickenson and Company
- Bio-Rad Laboratories Inc.
- Meridian Biosciences
- Quest Diagnostics, and Quidel.
- Beckman Coulter
- Fast-track Diagnostics
- Trinity Biotech
Key questions answered in the Pneumonia Testing Market are:
- What is Pneumonia Testing?
- What is the growth rate of the Pneumonia Testing Market for the forecast years?
- What is the nature of competition in the Pneumonia Testing industry in developed and developing economies?
- Who are the key players in the Pneumonia Testing Market?
- Who are the market leaders in Pneumonia Testing in Europe?
- Who are the market leaders in Pneumonia Testing in USA and Canada?
- Who are the market leaders in Pneumonia Testing in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Pneumonia Testing Market?
- Who held the largest market share in Pneumonia Testing Market?
- What are the factors for the growth of the Asia-Pacific region in the Pneumonia Testing Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Route of Product Type, End-user, Type, and Region.
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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