The global COVID-19 diagnostics market is growing pervasively. The major outburst of the COVID-19 virus in various regions across the globe is a significant driving force behind the growth of the market. The market growth attributes to the coronavirus pandemic rising at an alarming rate. Besides, spreading awareness about effective diagnostic procedures drives the growth of the market. Also, increasing research and development activities by the governments, non-profit organizations, and industry players foster market growth.
Moreover, aggressive strategies by top players for the development of new products and launches escalate the market growth to furthered height. According to Market Research Future (MRFR), the global COVID-19 diagnostics market valuation is poised to reach USD 96,293.9 MN by 2027, growing at 6.28% CAGR throughout the forecast period (2020–2027). Increasing COVID-19 cases and funds & support for research & development from the public and private sectors boost the market growth exponentially.
Additionally, the rising number of emergency use authorizations (EUAs) for diagnostic kits & devices developments support by the non-medical device and diagnostic companies expatiate the market size. On the other hand, high costs of the diagnostics and stringent regulatory norms are the major factors expected to impede the market growth. Also, the rising numbers of new entrants with absolutely limited medical equipment business history act as a sizable headwind for the growth of the market.
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Additionally, factors such as the considerable price gap between the top players and small unorganized players inhibit market growth. Nevertheless, continuous technological advancements and rising demand for quick test results would support the market growth throughout the review period. Furthermore, increasing governmental endeavors to spread awareness about the epidemic and the necessary care regime propel the growth of the market.
Global COVID-19 Diagnostics Market – Segments
The report is segmented into four dynamics;
By Type : Molecular Tests and Serology Tests.
By Technology : RT PCR, Isothermal Amplification, CRISPR, ELISA, Hybridization, and others.
By End User : Hospitals, Public Health Labs, Private or Commercial Labs, and others.
By Regions : Europe, North America, Asia Pacific, and the Rest-of-the-World.
Global COVID-19 Diagnostics Market – Geographical Analysis
Europe dominates the global COVID-19 diagnostics market. The largest market share attributes to the high number of coronavirus infected patients in the region. Besides, the high COVID-19 morbidity and mortality observed among residents in long-term care facilities (LTCF) in EU/EEA countries increase the market demand, posing challenges for disease prevention and control. Moreover, the wide availability of diagnostics for immediate detection of COVID-19 cases fosters the growth of the regional market.
Additionally, the rising government funding and support from the government for research & development of diagnostic tests, innovations, and treatments for the virus boost the regional market growth. Furthermore, the strong presence of industry players and well-established healthcare sectors, alongside the rising healthcare expenses in the region, bolster the market growth. The European COVID-19 diagnostics market is projected to retain its dominance over the global market throughout the estimated period.
North America holds the second-largest share in the global COVID-19 diagnostics market. The market is driven by the rapid outbreak of highly infectious acute respiratory disease due to coronavirus. Moreover, the presence of key industry players and rising product launches boost the growth of the regional market. Additionally, rising strategic alliances between key players and well-spread awareness about COVID-19, fuel the regional market growth. Additionally, the involvement of non-profit organizations to control the pandemic and well-established healthcare infrastructure in the region boosts the market growth.
The COVID-19 diagnostics market in the Asia Pacific region is quadrupling rapidly. Despite several adversaries, the APAC market is still surging rapidly due to the ongoing programs to increase awareness among people, developments in healthcare, and the growing per capita healthcare expenditure in the region. Furthermore, growing numbers of COVID-19 cases and government & private funding for research & development for effective diagnosis propel the regional market growth.
The rising adoption of advanced technology and the availability of affordable treatment options in India and China substantiate regional market growth. With the increasing investments in healthcare, the APAC COVID-19 diagnostics market is forecasted to grow at an impressive CAGR during the review period.
Global COVID-19 Diagnostics Market – Competitive Analysis
Highly competitive, the COVID-19 diagnostics market appears to be widely expanded with the presence of many players. Expected extensions in products & services would drive the competition in the market, intensifying it further. This market demonstrates pretty good growth prospects that are expected to attract new entrants, introducing the market with fierce competition.
Players leading the global COVID-19 diagnostics market are Bio-Rad Laboratories (US), Becton, Dickinson & Company (US), Danaher Corporation (US), F. Hoffmann-La Roche Ltd (Switzerland), Abbott (US), Biomerieux SA (France), Thermo Fisher Scientific (US), Genmark Diagnostics (US), Qiagen (Germany), and Siemens AG (Germany), among others.
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