LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global pneumonia testing market to grow at a CAGR of close to 10% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global pneumonia testing market for 2017-2021. The report also lists analyzers and consumables as the two major product segments of which the consumables segment accounted for 78% of the market share in 2016.
According to Barath Palada, a lead analyst at Technavio for in-vitro diagnostics research, “The global pneumonia testing market is projected to grow at a steady rate during the forecast period, owing to increased focus on children and neonatal health coupled with the widespread awareness activities by public organizations like the World Health Organization and the United Nations Children's Fund.”
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Technavio healthcare and life sciences analysts highlight the following three market drivers that are contributing to the growth of the global pneumonia testing market:
- Increased awareness regarding early diagnosis and preventive measures
- Growing popularity of POC testing
- Marketing strategies of vendors
Increased awareness regarding early diagnosis and preventive measures
Growing health awareness among the population has led individuals to develop practices of early diagnosis to take preventive measures before the disease reaches the end-stage. Pneumonia, at an early stage, resembles a common cold or flu, which can become serious if not diagnosed early.
African countries like Nigeria have high mortality rates due to pneumonia. With the help of global initiatives like funding from the Bill and Melinda Gates Foundation, measures are being taken to battle child pneumonia in the country. In developed countries like the US, in 2016, increased funding has been approved for the CDC to combat antibiotic resistance which mandates the increased usage of proper screening and diagnosis before treatment to reduce antibiotic usage.
“Pneumonia testing plays a major role in proper diagnosis and serves as the appropriate basis for physicians to assess the patient’s condition. This increasing inclination for early preventative measures, is expected to drive this market,” says Barath.
Growing popularity of POC testing
The advances in point-of-care (POC) testing have facilitated data storage, data sharing, and communication with public health agencies. Performing these tests to screen infectious diseases extends the applications of this technology to the community practice setting. For instance, processing accurate data on the prevalence of pneumonia in a community could help restrain the inappropriate use of antibiotics and improve the allocation of vaccines to areas with the highest need.
Global vendors are focusing on broadening their product portfolio either by investing in R&D or by acquiring other companies. For instance, one of the market leaders in pneumonia testing, Abbott, plans to acquire Alere to become the leader in POC testing for pneumonia testing. The availability of numerous POC pneumonia testing products is sure to increase the customer base, thus fueling market growth.
Marketing strategies of vendors
Global vendors of the pneumonia testing market are implementing innovative marketing strategies, such as offering continual awareness and application training to healthcare professionals and organizing their sales teams around the physician specialties. This results in a strong relationship with physicians and other end-users, which enhances their ability to cross-sell complementary products.
Companies like BD and Roche offer their analyzers at a discounted price to their consumers to gain multi-year contracts for their pneumonia assay kits, which incur recurrent revenues for the companies. Also, companies like BD are partnering with other innovative companies like Check-Points for global distribution of BD MAX assays to incur joint revenue.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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