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.
Get customized Sample with complete Toc, Inclusive of COVID-19 Industry Analysis @ https://www.marketresearchfuture.com/sample_request/9710
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 industry 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 market end-users of COVID-19 diagnostics 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.
Ask Questions To The Experts @ https://www.marketresearchfuture.com/enquiry/9710
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 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 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.
Siemens AG (Germany), Bio-Rad Laboratories (US), Danaher Corporation (US), F. 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 market that have been profiled in the MRFR report.
Get Premium Research Report, Inclusive of COVID-19 Impact Analysis, Find more information @ https://www.marketresearchfuture.com/reports/covid-19-diagnostics-market-9710
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.
1 EXECUTIVE SUMMARY
1.1 OVERVIEW 14
1.2 MARKET SYNOPSIS 14
2 MARKET INTRODUCTION
2.1 SCOPE OF THE STUDY 15
2.2 RESEARCH OBJECTIVE 15
3 RESEARCH METHODOLOGY
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
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
For More See Healthcare Related Reports:
Pulse Oximeters Market Research Report – Forecast to 2027
General Surgical Devices Market Research Report – Forecast to 2027
Epigenetics Market Research Report – Forecast to 2027
Aseptic Sampling Market Research Report – Forecast to 2027
Digital Therapeutics Market Research Report – Forecast to 2027
Medical Device Security Market Research Report-Global Forecast to 2027
Urgent Care Apps Market Research Report-Global Forecast till 2027
Artificial Pancreas Device System Market Research Report–Global Forecast till 2027
Cold Pain Therapy Market Research Report – Global Forecast till 2027
Integrated Operating Room Management Systems Market Research Report – Forecast to 2027
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street,5Th Floor, New York,
New York 10013,
United States of America