COVID-19 Diagnostics Market Scope
Market Research Future (MRFR) asserts that the COVID-19 diagnostics market will register a 6.28% CAGR between 2020 and 2027 (review period). MRFR further anticipates that the COVID-19 diagnostics market size will touch USD 96,293.9 Million by end of 2027.
The massive burden of the COVID-19 pandemic worldwide has highlighted the importance of rapid and accurate diagnostics. Several research institutes, as well as government bodies worldwide, are working on curbing the escalating cases, while spending heavily on the healthcare sector. Moreover, the rise in emergency use authorizations for diagnostics and the strong backing given by several non-medical diagnostic vendors will ensure sustained growth of the COVID-19 diagnostics market in the approaching years.
The surging intervention of numerous government bodies should also be favorable. Organizations are proactively striving to educate the mass as well as the medical professionals regarding the symptoms, and precautions to be taken. Mounting awareness levels among people regarding the novel coronavirus can be a huge factor in business growth. Besides, ongoing technical advances coupled with the rise in lab automation will be significant trends, as it allows clinicians to conduct multiple diagnostic tests at the same time at a faster pace.
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The renowned vendors are adopting strategic tactics including acquisitions, mergers, collaborations, partnerships, and product launches to augment their market rankings. For instance, in March 2022, Prenetics collaborated with ACON Bio to Launch Flowflex to launch a new COVID-19 home antigen test in Hong Kong. It is claimed to be one of the most accurate COVID-19 diagnostic tests in the market.
COVID-19 Diagnostics Market Segmentation
The various COVID-19 diagnostic types are serology tests as well as molecular tests.
Some of the top technologies covered in the MRFR study include isothermal amplification, hybridization, CRISPR, RT-PCR, ELISA, and more. RT-PCR tests are considered the primary test for diagnosing COVID-19 and are used extensively since these are extremely sensitive and help early detection of the infection.
Major end-users of COVID-19 diagnostic market include private or commercial labs, hospitals, public health labs, and others. The escalating number of hospitals with extensive advanced services has resulted in a higher patient visit rate.
COVID-19 Diagnostics Market Regional Study
Asia Pacific can record maximum growth from 2020 to 2027, by virtue of escalating cases of COVID-19, along with the huge private as well as government spending on research & development for faster and accurate diagnosis. China, as well as India, forms the most prominent market in APAC. The APAC COVID-19 diagnostics market further benefits from government initiatives in line with mass testing. For instance, in September 2021, Hong Kong had carried out mass testing with backing from medical personnel from mainland China. More than 1.83 million Hong Kong citizens had been tested and diagnosed as of 15th September 2021.
However, Europe is the global leader, thanks to the heightened demand for COVID-19 diagnostic tests in conjunction with the mushrooming patient base region. The high COVID-19 morbidity along with mortality among medical frontline workers has curbed the rate of disease prevention in several healthcare settings, which in turn fosters the need for more effective and faster diagnostic tests.
Genmark Diagnostics (US), Danaher Corporation (US), Qiagen (Germany), Thermo Fisher Scientific (US), Bio-Rad Laboratories (US), Biomerieux SA (France), Siemens AG (Germany), F. Hoffmann-La Roche Ltd (Switzerland), Abbott (US), Becton, Dickinson & Company (US), are some of the key contenders active in the COVID-19 diagnostics industry.
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With the aim to cater to the mounting need and demand for its Covid-19 diagnostic tests, Sorrento Therapeutics has carried out the acquisition of a major share in Zhengzhou Fortune Bioscience, a China-based diagnostics developer. Sorrento Therapeutics is planning to use Zhengzhou Fortune Bioscience to develop Covistix, its rapid antigen COVID-19 test. The tests have received the emergency approval and are already available in Mexico and Brazil.
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