The latest report published by Polaris Market Research The report “COVID-19 Diagnostics Market Share, Size, Trends, Industry Analysis Report, By Product & Service Type (Instruments, Reagents & Kits, Service); By Sample Type (Nasopharyngeal (NP) Swab, Oropharyngeal (OP) Swab, Nasal Swabs, Blood, Others); By Test Type (Molecular (PCR) Testing, Antigen-based Testing, Antibody (Serology) Testing, Others); By Mode; By End Use; By Regions; Segment Forecast, 2020 – 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global COVID-19 diagnostics market was valued at USD 19.41 billion in 2020 and is expected to reach USD 23.67 billion by 2027 to grow at a CAGR of 2.9% during the forecast period. COVID-19 medical tests play an important role in management of coronavirus and thus helping in containing the virus infection. These tests are available as POC and non-POC across various laboratories. POC test are comparatively easier than the other swab-based tests but they lack sensitivity and specificity thus providing a non-conclusive result.
While these tests are useful in real-time monitoring of infection as a preliminary test, the swab-based tests are necessity for confirmation of COVID-19 infection as they incorporate RT-PCR technology, which provide accurate results. The recent requirements for COVID-19 tests are higher accuracy, faster results, low-cost, and high sensitivity towards coronavirus.
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Companies such as Cepheid, 1drop Inc., ALDATU BIOSCIENCES, Altona Diagnostics GmbH, Perkin Elmer, Inc., bioMerieux SA, Danaher, Hologic Inc., Abbott, Luminex Corporation, ADT Biotech, Mylab Discovery Solutions Pvt Ltd., Laboratory Corporation of America Holdings, Quest Diagnostics, Quidel, Neuberg Diagnostics, Thermo Fisher Scientific, Inc., F. Hoffman-La Roche Ltd. and Veredus Laboratories are some of the key players operating in the market.
Key market participants are currently focusing on manufacturing and distribution of diagnostic test kits and service to cater to ever increasing demand in pandemic across the globe. In March 2020, Roche shipped its first set of diagnostic kits namely Cobas SARS-CoV-2, of which about 400,000 kits were shipped to in-network distributors across the U.S. ensuring faster reach to the end-users.
Additionally, some biotech companies are launching new PoC diagnostic tests, for instance, E25Bio, a U.S.-based Biotech firm has developed a new test which provides conclusive results within 15 minutes. In addition, Germany-based diagnostic equipment manufacturer Bosch has developed a rapid testing kit for COVID-19 which claims to detect virus within two and a half hours, such initiatives and product launch are expected to increase over the coming years.
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The market drivers for COVID-19 diagnostic includes rapidly increasing COVID-19 infections across the globe, increasing number of patients undergoing diagnosis, government initiatives such as Sero testing, increased preference of physicians and patients towards POC testing, and increased requirement for COVID-19 test by non-profit organizations.
According to World Health Organization (WHO) as of September there were 29 million cases of COVID-19 infections worldwide, affecting about 213 countries and increasing rapidly. The relaxation in lockdowns across the countries and increasing number of testing is expected to drive the demand for COVID-19 diagnostics market. In addition, emergence of second wave of infections in Europe is likely to have a positive impact on the market growth.
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Table of Contents
COVID-19 Diagnostics Market Insights
COVID-19 Diagnostics Market Assessment by Product & Service
- Reagents & Kits
COVID-19 Diagnostics Market, by Sample Type
- Nasopharyngeal (NP) swab
- Oropharyngeal (OP) swab
- Nasal Swabs
COVID-19 Diagnostics Market, by Test Type
- Molecular (PCR) Testing
- Antigen-based Testing
- Antibody (Serology) Testing
COVID-19 Diagnostics Market, by Mode
- Point-of-Care (PoC)
- Non Point-of-Care (Non-PoC)
COVID-19 Diagnostics Market Assessment by End-Use
- Diagnostic Centers and Clinics
- Research Institutes
COVID-19 Diagnostics Market Assessment by Geography
List of Tables
Table 1 Global COVID-19 Diagnostics Market, By Product & Service, 2019 – 2027 (USD Million)
Table 2 Global COVID-19 Diagnostics Market, by Sample Type , by Region, 2019 – 2027 (USD Million)
Table 3 Global COVID-19 Diagnostics Market, by Test Type , by Region, 2019 – 2027 (USD Million)
List of Figures
Figure 1 Market Highlights (2019, Revenue)
Figure 2 Integrated Ecosystem
Figure 3 Research Methodology: Top Down & Bottom Up Approach
The report can be customized on the basis of regional analysis, segment analysis, industry outlook and competitive analysis. Some of the major focus points which are covered in the report include:
- Industry Trends, opportunity and challenges in the market
- Role of key players across the value chain
- End-User analysis to define the market strategy
- Competitive mapping
- Regional and country level breakdown
These insights are included in the report which would help you to have a realistic overview of the overall market including the competition, investment opportunities, restraints and challenges, regulatory factors which might affect the market growth. Moreover, the report would help to identify the regional market growth opportunities for different segments covered in the report.
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