Growing Production of Diagnostic Kits & Instruments to Drive Global COVID-19 Diagnostics Market
Market Overview
Global COVID-19 Diagnostics Market is expected to register a CAGR of 6.28% to reach USD 96,293.9 Million by 2027.
Market Dynamics
Business growth is projected to be driven by the growing number of COVID-19 cases and government & private funds, as well as funding for research & development. With the growing number of coronavirus-infected patients, the demand for COVID-19 diagnostic products is expected to improve more, particularly after the ease of lockdown across the globe. The industry growth is also projected to be guided by the growing number of emergency use permits (EUAs) for diagnostic kits & instruments as well as innovations & sponsorship by non-medical device/diagnostic firms. In recent months, the transitional emphasis of new entrants on at-home testing and integration of innovative software has been noted. In respect to time-consuming laboratory-based research, this is supposed to improve patient comfort. Despite the steady decrease anticipated in the number of positive patients in 2021, business development is expected to be sustained by the introduction of COVID-19 tests into routine diagnostic protocols.
In addition, these research projects are intended to pave the way for the travel industry to equip itself, providing a desirable climate for market-operating companies. During this pandemic epidemic, the tourism and travel industries were most affected, leading to an upsurge in post-August 2020 COVID-19 research initiatives, especially in countries and regions focused on tourism. Which is also supposed to propel the consumer expansion of PoC testing as these experiments will transcend the restrictions associated with conventional testing.
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Segmental Analysis
Global COVID-19 Diagnostics Market has been segmented by Type, Technology, and End Users.
The market, based on type, has been bifurcated into molecular tests and serology tests. Based on type, the molecular tests segment accounted for the largest market share of 58.3% in 2020.
On the basis of technology, the market has been bifurcated into RT-PCR, isothermal amplification, CRISPR, ELISA, hybridization, and others. On the basis of technology, the RT-PCR segment accounted for the largest market share of 25.4% in 2020.
Based on End User, the COVID-19 diagnostics market has been segregated into hospitals, public health labs, private or commercial labs, and others. On the basis of end user, the hospitals segment accounted for the largest market share of 33.6% in 2020.
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Regional Analysis
Global COVID-19 Diagnostics Market, based on region has been divided into the Europe, Americas, Asia-Pacific, and the Middle East & Africa.
It is likely that the European region will lead the global demand for COVID-19 diagnostics. The high number of infected patients in the area can be attributed to this. In addition, the high morbidity and mortality rate of COVID-19 observed among residents of long-term care facilities (LTCF) in EU/EEA countries poses a major challenge to disease prevention and control in such environments, increasing the need for widespread provision of diagnostics for prompt diagnosis of cases of COVID-19.
It is projected that the American market for COVID-19 diagnostics during the analysis period will be the second highest. The rapid outbreak of COVID-19, a highly contagious acute respiratory disease, and the presence of major producers are expected to fuel regional demand growth. In addition, growing product releases by global players are further fuelling the growth of the industry. The dramatic growth in COVID-19 cases and the local involvement of key actors involved in the development and manufacture of diagnostic tests using diverse technologies can be attributed to this. Regulatory agencies such as the U.S. as a consequence of the pandemic In order to improve testing, the FDA and Health Canada are issuing Emergency Use Authorizations (EUA) for COVID-19 test kits. In order to drive regional demand growth, certain factors are expected.
Due to the the number of cases of COVID-19, government & private support for research & development for successful diagnosis, Asia-Pacific is expected to be the fastest-growing region. The above factors are projected to raise the demand for test kits, which will have a positive effect on the growth of the Asia-Pacific diagnostic COVID-19 industry. China and India have added significantly to the revenue produced by this area. China is a major exporter of test kits for COVID-19; more than 100 Chinese firms produce these kits.
Due to growing COVID-19 cases and increasing efforts by governments to strengthen health care, the Middle East & Africa market is projected to see steady expansion.
Competitive Landscape
The Prominent Players in the Global COVID-19 Diagnostics Market are Becton, Dickinson & Company (US), Bio-Rad Laboratories (US), Danaher Corporation (US), Abbott (US), F. Hoffmann-La Roche Ltd (Switzerland), Biomerieux SA (France), Genmark Diagnostics (US), Thermo Fisher Scientific (US), Qiagen (Germany), and Siemens AG (Germany).
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