COVID-19 Diagnostics Market Analysis
The global COVID-19 diagnostics market is expected to exhibit a solid 6.28% CAGR over the forecast period from 2020 to 2027, according to the latest research report from Market Research Future (MRFR). The global COVID-19 diagnostics market is expected to reach a valuation of close to USD 96.3 billion by 2027. The research report profiles the global COVID-19 diagnostics market in great detail and provides readers with a comprehensive overview of the market. The market’s historical growth trajectory, present conditions, and future growth prospects are studied in the report. The report provides a comprehensive overview of the market’s historical growth trajectory by detailing the historical stats regarding the market. Future projections are based on the detailed historical stats offered in the report.
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Based on this platform, future projections for the COVID-19 diagnostics market’s growth trajectory over the forecast period are provided in the report. The report also profiles the leading players in the global COVID-19 diagnostics market and gives readers a comprehensive analysis of the leading players in the global COVID-19 diagnostics market. The report also profiles the major drivers and restraints affecting the global COVID-19 diagnostics market. The factors making the market tick and those holding the market back are studied in detail in the report. The impact of the COVID-19 pandemic on the COVID-19 diagnostics market is also assessed in the report.
COVID-19 is a disease caused by a strain of the coronavirus. It primarily affects the lungs and results in fever and inability to breathe. The growing global pandemic of COVID-19 has been the major driver for the global COVID-19 diagnostics market over the last few months. Over the last few months, COVID-19 cases have risen at a rapid rate all over the world, including developed as well as developing countries. This has driven the demand for effective COVID-19 diagnostics in the last few months. Due to the growing threat of the coronavirus, the demand for effective diagnostic testing kits has grown at a rapid rate. This is likely to remain the major driver for the COVID-19 diagnostics market over the forecast period. The market has excellent prospects over the short term, as governments as well as private agencies have made significant purchases of COVID-19 diagnostics.
The market’s future is uncertain in the long term, as once a vaccine to coronavirus is found, the demand for COVID-19 diagnostics is likely to decrease significantly. However, the temporary boost to the market due to the coronavirus pandemic is likely to be favorable to a number of players in the market.
COVID-19 Diagnostics Market Competitive Leaderboard:
Leading players in the global COVID-19 diagnostics market include Siemens AG, Qiagen, Thermo Fisher Scientific, Genmark Diagnostics, Biomerieux SA, F. Hoffman-La Roche Ltd., Abbott, Danaher Corporation, Bio-Rad Laboratories, and Becton Dickinson and Company.
In May 2020, Thermo Fisher Scientific received a U.S. government contract to provide highly specialized viral transport media for coronavirus sample collection.
In April 2020, Becton Dickinson and Company received an Emergency Use Authorization from the U.S. FDA.
COVID-19 Diagnostics Market Segmentation:
The global COVID-19 diagnostics market is segmented on the basis of type, technology, end use, and region.
By type, the global COVID-19 diagnostics market is segmented into molecular tests and serology tests.
By technology, the global COVID-19 diagnostics market is segmented into RT PCR, isothermal amplification, CRISPR, ELISA, hybridization, and others.
By end use, the global COVID-19 diagnostics market is segmented into hospitals, public health labs, and private and commercial labs. The hospitals segment held a dominant share in the global COVID-19 diagnostics market in 2021 and is likely to remain the leading segment of the COVID-19 diagnostics market over the forecast period.
COVID-19 Diagnostics Market Regional Analysis:
Europe is likely to dominate the global COVID-19 diagnostics market over the short term, due to the growing number of COVID-19 cases in countries such as Italy, the UK, France, and Germany. These countries have featured near the top of the most number of patients suffering from COVID-19 and are likely to remain in the lead in the coming months, leading to a growing demand for COVID-19 diagnostics.
TABLE OF CONTENT
1 EXECUTIVE SUMMARY$ 1,350.00
1.1 OVERVIEW 14
1.2 MARKET SYNOPSIS 14
2 MARKET INTRODUCTION$ 0.00
2.1 SCOPE OF THE STUDY 15
2.2 RESEARCH OBJECTIVE 15
3 RESEARCH METHODOLOGY$ 0.00
3.1 OVERVIEW 16
3.2 DATA MINING 16
3.3 SECONDARY RESEARCH 16
3.4 PRIMARY RESEARCH 18
3.4.1 PRIMARY INTERVIEWS AND INFORMATION GATHERING PROCESS 18
3.4.2 BREAKDOWN OF PRIMARY RESPONDENTS 19
3.5 FORECASTING METHODS 20
3.6 RESEARCH METHODOLOGY FOR MARKET SIZE ESTIMATION 21
3.6.1 BOTTOM-UP APPROACH 21
3.6.2 TOP-DOWN APPROACH 22
3.7 DATA TRIANGULATION 22
3.8 VALIDATION 22
3.9 ASSUMPTIONS AND LIMITATIONS 23
3.9.1 ASSUMPTIONS AND LIMITATIONS 23
3.9.2 MARKET FACTORS 23
4 MARKET DYNAMICS$ 950.00
4.1 OVERVIEW 25
4.2 DRIVERS 26
4.2.1 INCREASING NUMBER OF COVID-19 CASES 26
4.2.2 GOVERNMENT AND PRIVATE FUNDS AS WELL AS SUPPORT FOR RESEARCH & DEVELOPMENT 26
4.2.3 RISING NUMBER OF EMERGENCY USE AUTHORIZATIONS (EUA) FOR DIAGNOSTIC KITS AND DEVICES 26
4.2.4 DEVELOPMENTS AND SUPPORT BY NON-MEDICAL DEVICE/DIAGNOSTIC COMPANIES 27
4.3 RESTRAINTS 28
4.3.1 RESTRICTIONS ON EXPORT OF DIAGNOSTIC KITS 28
4.3.2 ACCURACY OF TEST RESULTS 28
4.4 OPPORTUNITIES 28
4.4.1 DEVELOPMENT OF QUICK, ACCURATE, AND AFFORDABLE TESTS 28
4.4.2 COLLABORATION OF MAJOR PLAYERS WITH SMALL PLAYERS 28
5 MARKET FACTOR ANALYSIS$ 950.00
LIST OF TABLES
TABLE 1 LIST OF ASSUMPTIONS AND LIMITATIONS 23
TABLE 2 NUMBER OF NEW CASES IN COUNTRIES THAT ARE MOST AFFECTED BY COVID-19 AS OF 18 MAY 2020 26
TABLE 3 DEVELOPMENTS BY PHARMACEUTICAL COMPANIES TO BOOST THE TESTING OF COVID-19 27
TABLE 4 GLOBAL COVID-19 DIAGNOSTICS MARKET, BY TYPE, 2020-2027 (USD MILLION) 34
TABLE 5 US FOOD AND DRUG ADMINISTRATION (FDA) REVISED POLICY FOR CORONAVIRUS DISEASE-2019 MOLECULAR TESTS DURING THE PUBLIC HEALTH EMERGENCY 35
TABLE 6 GLOBAL COVID-19 DIAGNOSTICS MARKET, FOR MOLECULAR TESTS, BY REGION, 2020-2027 (USD MILLION) 35
LIST OF FIGURES
FIGURE 1 GLOBAL COVID-19 DIAGNOSTICS MARKET STRUCTURE 15
FIGURE 2 BOTTOM-UP AND TOP-DOWN APPROACHES 21
FIGURE 3 MARKET DYNAMICS: GLOBAL COVID-19 DIAGNOSTICS MARKET 25
FIGURE 4 PORTER’S FIVE FORCES ANALYSIS: GLOBAL COVID-19 DIAGNOSTICS MARKET 29
FIGURE 5 SUPPLY CHAIN ANALYSIS: GLOBAL COVID-19 DIAGNOSTICS MARKET 31
FIGURE 6 GLOBAL COVID-19 DIAGNOSTICS MARKET, BY TYPE, 2020 (%) 33
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