COVID-19 Diagnostics Market Size, Growth and Trends Analysis by Type (Molecular Tests, Serology Tests), Technology (RT-PCR, Isothermal Amplification, CRISPR, ELISA, Hybridization), End-User (Hospitals, Public Health Labs, Private or Commercial Labs) and Region (Americas, Europe, Asia-Pacific, Middle East & Africa) – Forecast till 2027
COVID-19 Diagnostics Market Scope
Market Research Future (MRFR) believes that the COVID-19 diagnostics market could record a growth rate of 6.28% from 2020 to 2027 (which is the review period). MRFR also expects the global market to reach a valuation of USD 96,293.9 Million by the year 2027.
Top Boosters and Challenges
Accelerated burden of COVID-19 across countries has given rise to the urgent need for accurate and rapid diagnostics worldwide. Diagnostics and research institutes along with government bodies around the world are coming up with initiatives to curb the surging cases, spending considerably on healthcare. Plus, the escalation in emergency use authorizations (EUAs) for diagnostics along with the support given by non-medical diagnostic firms could also bolster the growth of the COVID-19 diagnostics market in subsequent years.
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Active involvement of various government bodies is touted to be favorable for the global industry. Organizations worldwide are proactively working on educating patients and healthcare professionals about the symptoms, precautions along with diagnosis and treatment. Surging awareness among the mass about the novel coronavirus should bolster market growth in the coming years. Besides, frequent technological advances and the surge in lab automation rates will be major trends, with clinicians now able to carry out multiple tests simultaneously at a faster rate along with more precise and successful results.
Key firms are taking up strategies including mergers, acquisitions, product launches, collaborations, and partnerships to buoy their market rankings. For instance, in May 2021, Cipla Limited confirmed the commercialization of its RT-PCR test kit called ViraGen for diagnosing COVID-19 in the Indian market, collaborating with Ubio Biotechnology Systems Pvt. Ltd. ViraGen is the company’s third offering in the novel coronavirus testing category.
COVID-19 Diagnostics Market Key Players
- Siemens AG (Germany)
- Bio-Rad Laboratories (US)
- Danaher Corporation (US)
- Hoffmann-La Roche Ltd (Switzerland)
- Becton, Dickinson & Company (US)
- Thermo Fisher Scientific (US)
- Qiagen (Germany)
- Biomerieux SA (France)
- Abbott (US)
- Genmark Diagnostics (US)
are the top contenders in the global COVID-19 diagnostics market that have been profiled in the MRFR report.
COVID-19 Diagnostics Market Segmentation
COVID-19 diagnostics market can be considered for type, technology, and end-users.
Different types of COVID-19 diagnostics are serology tests and molecular tests. Molecular (PCR) tests are all set to procure the leading position in the coming years, as this technique is the most accurate when it comes to detecting COVID-19. Their advantages of high accuracy and faster results have bolstered their demand among laboratories, diagnostic centers, clinics, research institutes, and hospitals.
Major technologies considered in the MRFR report are hybridization, isothermal amplification, RT-PCR, ELISA, CRISPR, and others. RT-PCR tests are the standard tests for detecting COVID-19, are highly sensitive and facilitate early infection. Therefore, the soaring need for faster detection of the virus is bound to create higher demand for RT-PCR in the years ahead.
Major COVID-19 diagnostics market end-users are private or commercial labs, public health labs, hospitals, and others. Soaring number of hospitals with modern facilities and services have led to higher number of patient visits, and therefore, the segment is touted to secure the leading position in the years to come.
COVID-19 Diagnostics Market Regional Outlook
Asia Pacific could record the highest growth rate between 2020 and 2027, thanks to the surging cases of COVID-19, and large-scale private and government funding for exhaustive research & development for accurate diagnosis. China and India are the most prominent markets in the region, emerging as the leading contributors to the revenues. China is a leading exporter of COVID-19 diagnostic kits; with over a 100 firms in the country exporting these kits to other countries.
However, the COVID-19 diagnostics market leader in the coming years is expected to be Europe, as the demand for COVID-19 diagnostics is escalating in conjunction with the enormous patient pool in the region. The European Centre for Disease Control and Prevention reveals that as of 19 May 2020, 2,117,467 cases have been recorded in the European Union (EU), European Economic Area (EEA) as well as the UK. The significant COVID-19 morbidity as well as mortality among the frontline workers has been a major hurdle in disease prevention in healthcare settings, fostering the demand for effective and faster COVID-19 diagnostics.
The North American COVID-19 diagnostics market size has been burgeoning on the back of the rapid surge in the number of COVID-19 cases coupled with the strong presence of several reputed firms involved in the development and supply of diagnostics incorporated with cutting-edge technologies. In view of the pandemic, several regulatory bodies like the Health Canada and the U.S. FDA have been granting Emergency Use Authorizations to various COVID-19 diagnostic tests, which has been favorable for the regional market. The United States is the highest contributor to the North American market revenue, thanks to the emergence of effective COVID-19 tests developed by the local manufacturers.
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New World Development has teamed up with Prenetics Limited, a world-renowned diagnostics and genetic testing developer, to launch Circle HealthPod, which is a rapid detection test that provides PCR-quality outcome for COVID-19 at home or at point of care. HealthPod makes use of a nasal swab and offers results either on the person’s smartphone or on the device in only 20 minutes. It can be used by both asymptomatic and symptomatic individuals. HealthPod is a re-usable test containing single-use molecular capsules, enabling frequent testing with accuracy level of the PCR laboratory tests.
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