COVID-19 Diagnostics Market Analysis by Product Research and Demand Analysis with Forecast period

Market Overview

MRFR (Market Research Future) confirms that the COVID-19 diagnostics market 2020 can record a growth rate of 6.28% between 2021 and 2027 (analysis period). The market size will most likely touch USD 96,293.9 Million by 2027. The rampant growth in the number of SARS-CoV-2 cases is fostering the need for COVID-19 diagnostics, and remains the prime reason behind the strong market growth, affirms MRFR.

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Top Drivers and Barriers

While the recovery rate following the COVID-19 outbreak has been promising, the pandemic has still caused severe illnesses among elderly patients or people with underlying ailments like cancer and diabetes. The death rate due to the novel coronavirus has been significantly high, bolstering the need for accurate and effective diagnostic methods. As of now, more than 600 SARS-CoV-2 diagnostic tests have been approved while some are still being developed by the manufacturers. In a nutshell, the uncontrollable surge in COVID-19 cases despite the strict lockdown and the rising need for accurate diagnostic tests could foster significant market growth.

The COVID-19 care kits figure has increased exponentially; however, in terms of accuracy, the results have been mixed. For efficient COVID-19 diagnosis, the need for on-site or portable diagnostics that facilitate real-time monitoring of patients is quite high. This scenario has given rise to the demand for Point-of-Care (POC) diagnostic testing, which helps bring down the assay period, from hours to merely minutes. As a result, point of care diagnostics market has been picking up speed across countries. Moreover, several laboratories and diagnostic centers along with major companies are increasingly adopting novel technologies and advanced solutions for COVID-19 testing, which can open exciting growth avenues for the global. 

Market Segmentation

COVID-19 diagnostics Market has been considered for type, technology and end users.

The types of diagnostics are serology tests and molecular tests.

Technology-wise, the key market categories are hybridization, isothermal amplification, RT-PCR, ELISA, CRISPR, and more.

End users in the COVID-19 diagnostics market are private or commercial labs, public health labs, hospitals, and others.

Regional Outlook

Asia Pacific or APAC, America, Middle East & Africa or MEA and Europe are the primary regional markets for COVID-19 diagnostics.

Europe is the clear winner out of all the regions, accounting for over half of the revenue share in the global market. The expanding COVID-19 patient pool, shortage of required vaccines or medicines, and the dire need for efficient rapid diagnostic tests have triggered the market growth in the region. Governments across the region are spending considerably on developing products that help diagnose and treat the novel coronavirus. Mounting safety concerns, increasing load on the healthcare system and the soaring need to isolate affected patients are some of the growth rendering factors in the European market.

Top Contenders

Top industry contenders profiled are Abbott (US), F. Hoffmann-La Roche Ltd (Switzerland), Biomerieux SA (France), Thermo Fisher Scientific (US), Becton, Dickinson & Company (US), Siemens AG (Germany), Genmark Diagnostics (US), Danaher Corporation (US), Qiagen (Germany), Bio-Rad Laboratories (US), to name a few.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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Akash Anand

Market Research Future

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Email: sales@marketresearchfuture.com

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