COVID-19 Diagnostics Industry Landscape
The COVID-19 diagnostics market is poised to garner USD 96,293.9 Million by 2027 and is expected to generate it at a rate of 6.28%. The report of Market Research Future offers an extensive analysis of changing market dynamics according to the new scenario, a business performance due to the effect of COVID 19, industry roadmap, as well as the latest competitive scenario.
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COVID-19 Diagnostics Market Significant Players
The significant players in the global COVID-19 diagnostics market noted are
- Dickinson & Company (US)
- Danaher Corporation (US)
- Bio-Rad Laboratories (US)
- Biomerieux SA (France)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Qiagen (Germany)
- Thermo Fisher Scientific (US)
- Siemens AG (Germany)
COVID-19 Diagnostics Growth Boosters
COVID-19 is a tremendously infectious disease caused by the Coronavirus. Symptoms and conditions of the disease go from mild to moderate respiratory uneasiness. While most may improve without any need for special treatment, the virus can cause critical issues or severe illness and even death in older individuals and persons with underlying medical problems such as cardiovascular disease, diabetes, cancers, and chronic respiratory diseases. The strains of Coronavirus have caused numerous deaths and infections in the past. Outbreaks have been gradually regular over the past few months, and there is an urgent need for accurate diagnostic methods for the Coronavirus.
With the fast increasing number of cases of COVID-19 patients around the world, doctors and healthcare professionals require a sound supply of diagnostic kits. This has resulted in the essential and proper development and production of diagnostic kits in bulk, which is a crucial factor that is presently boosting the growth of the global COVID-19 diagnostics market.
Governments of several countries are providing funds and support for the manufacturing of a range of products that are required to treat, diagnose, and prevent the spread of the COVID-19. The rising safety concerns and need to analyze and isolate infected individuals is among the foremost factors to continue to compel market growth over the next three to six months. In fact, a few companies in the market are looking actively into developing rapid immunoassay tests to identify COVID-19. The competence of this test will fast track the diagnostic process, which in turn, will have a constructive effect on providing proper care to COVID-19 positive patients. These factors have also jolted to be liable for the global COVID-19 diagnostics market.
Despite these factors, the factor of lack of knowledge about Coronavirus, its symptoms, and its ability to spread in certain developing regions might hinder the growth of the global COVID-19 diagnostics market. Furthermore, the lack of awareness regarding the precautions to be taken against novel Coronavirus is also anticipated to hamper the expansion of the COVID-19 diagnostics market.
COVID-19 Diagnostics Market Segment Review
The global COVID-19 diagnostics market has been studied among the segments of type, technology, and end-users.
The market, based on type segment, has included molecular tests and serology tests.
The market by technology segment, the market has included isothermal amplification, RT-PCR, ELISA, hybridization, CRISPR, and others.
The market by the end-user segment, the COVID-19 diagnostics market, has included public health labs, hospitals, private or commercial labs, and others.
COVID-19 Diagnostics Market Regional Framework
Europe might lead the global COVID-19 diagnostics market, mainly attributed to the towering number of infected patients in the region. As per European Centre for Disease Control and Prevention, by 19 May 2020, 1 317 267 cases have been recorded in the European Union (EU) and European Economic Area (EEA) and the UK. Moreover, the high COVID-19 morbidity and mortality observed among residents in long-term care facilities (LTCF) in EU/EEA countries pose a crucial challenge for disease prevention and control in such settings, which raises the demand for the wide accessibility of diagnostics for immediate detection of COVID-19 cases.
The American market for COVID-19 diagnostics is probable to be the second-largest during the review period. A rapid outbreak of extremely infectious acute respiratory disease COVID-19 and the incidence of prime manufacturers are probable to enhance the growth of regional market. By the current data from March 31st, 2020, the U.S. recorded 180,789 of infected cases.
Asia-Pacific is likely to be the fastest-growing market owing to the escalating COVID-19 cases, government & private funding for research & development for effective diagnosis. In the case of point, on 8 April 2020, the Department of Science and Technology (DST), India announced about approximately USD 26.42 million to diverse scientific institutions, industries, and startups to build pioneering solutions to fight against the COVID-19 pandemic. All these factors have boosted the demand for testing kits, positively moving the growth of the Asia-Pacific COVID-19 diagnostics market.
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