COVID-19 Diagnostics Market Overview
MRFR (Market Research Future) confirms that the COVID-19 diagnostics market 2020 can record a growth rate of 6.28% between 2021 and 2027 (analysis period). The market size will most likely touch USD 96,293.9 Million by 2027. The rampant growth in the number of SARS-CoV-2 cases is fostering the need for COVID-19 diagnostics and remains the prime reason behind the strong market growth, affirms MRFR.
COVID-19 Diagnostics Market Top Drivers and Barriers
While the recovery rate following the COVID-19 outbreak has been promising, the pandemic has still caused severe illnesses among elderly patients or people with underlying ailments like cancer and diabetes. The death rate due to the novel coronavirus has been significantly high, bolstering the need for accurate and effective diagnostic methods. As of now, more than 600 SARS-CoV-2 diagnostic tests have been approved while some are still being developed by the manufacturers. In a nutshell, the uncontrollable surge in COVID-19 cases despite the strict lockdown and the rising need for accurate diagnostic tests could foster significant market growth.
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The COVID-19 care kits figure has increased exponentially; however, in terms of accuracy, the results have been mixed. For efficient COVID-19 diagnosis, the need for on-site or portable diagnostics that facilitate real-time monitoring of patients is quite high. This scenario has given rise to the demand for Point-of-Care (POC) diagnostic testing, which helps bring down the assay period, from hours to merely minutes. As a result, point of care diagnostics market has been picking up speed across countries. Moreover, several laboratories and diagnostic centers along with major companies are increasingly adopting novel technologies and advanced solutions for COVID-19 testing, which can open exciting growth avenues for the global. For instance, COVID-19 detection diagnostics manufacturers have been progressively using Artificial Intelligence algorithms during novel coronavirus tests for efficient and rapid diagnosis.
Robust investments by private and public organizations have encouraged molecular diagnostic firms to come up with advanced COVID-19 diagnostics. The focus of the key vendors on product commercialization and product distribution partnerships has also been rising while new launches remain a key growth strategy among them. In July 2020, Becton, Dickinson and Company introduced its latest point-of-care COVID-19 diagnostics to meet with the soaring requirement for rapid testing. The product facilitates real-time testing and is portable and easy-to-use.
COVID-19 Diagnostics Market Segmentation
COVID-19 diagnostics industry has been considered for type, technology and end users.
The types of diagnostics are serology tests and molecular tests.
Technology-wise, the key market categories are hybridization, isothermal amplification, RT-PCR, ELISA, CRISPR, and more.
End users in the COVID-19 diagnostics market are private or commercial labs, public health labs, hospitals, and others.
COVID-19 Diagnostics Market Regional Outlook
Asia Pacific or APAC, America, Middle East & Africa or MEA and Europe are the primary regional markets for COVID-19 diagnostics.
Europe is the clear winner out of all the regions, accounting for over half of the revenue share in the global market. The expanding COVID-19 patient pool, shortage of required vaccines or medicines, and the dire need for efficient rapid diagnostic tests have triggered the market growth in the region. Governments across the region are spending considerably on developing products that help diagnose and treat the novel coronavirus. Mounting safety concerns, increasing load on the healthcare system and the soaring need to isolate affected patients are some of the growth rendering factors in the European market.
The APAC market will move forward at the highest rate, considering the escalation in SARS-CoV-2 cases and the robust government funding for R&D for accurate diagnosis. This factor has ultimately propelled product approvals across various countries in Asia. To cite a reference, in July 2020, Lucence (Singapore) partnered with Akribis Systems, with the key focus being saliva processing automated platform for COVID-19 to ramp up mass testing. APAC has also been observing a sharp hike in the number of new players that supply SARS-CoV-2 diagnostic kits and solutions.
COVID-19 Diagnostics Market Top Contenders
Top industry contenders profiled are Abbott (US), F. Hoffmann-La Roche Ltd (Switzerland), Biomerieux SA (France), Thermo Fisher Scientific (US), Becton, Dickinson & Company (US), Siemens AG (Germany), Genmark Diagnostics (US), Danaher Corporation (US), Qiagen (Germany), Bio-Rad Laboratories (US), to name a few.
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