Global COVID-19 Diagnostics Market Report by Type of Test, By User 2020- 2027
Global COVID-19 Diagnostics Market: Information by Type (Molecular Tests, Serology Tests), Technology (RT-PCR, Isothermal Amplification, CRISPR, ELISA, Hybridization), End-User (Hospitals, Public Health Labs, Private or Commercial Labs) and Region (Americas, Europe, Asia-Pacific, Middle East & Africa) - Forecast till 2027
Market Highlights
Global COVID-19 Diagnostics Market is expected to register a CAGR of 6.28% during the forecast period, with a market value of USD 96,293.9 Million by 2027. COVID-19 is one of the most harmful infectious diseases that is caused by a coronavirus. Wuhan, China was the first place to experience the disease’s outbreak, followed by Europe, and then to the other countries globally by infected people.
Segment 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. On the basis of technology, the market has been bifurcated into RT-PCR, isothermal amplification, CRISPR, ELISA, hybridization, and others.
Based on End User, the COVID-19 diagnostics market has been segregated into hospitals, public health labs, private or commercial labs, and others.
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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.
The Europe is likely to dominate the global COVID-19 diagnostics market. This can be attributed to the high COVID-19 morbidity and mortality observed among residents in long-term care facilities (LTCF) in European Union (EU) and European Economic Area (EEA) pose a major challenge for disease prevention and control in such settings, which raises the demand for the wide availability of diagnostics for immediate detection of COVID-19 cases. According to European Centre for Disease Control and Prevention, 157 312 deaths in the EU/EEA and the UK as of 19 May 2020 were reported. Moreover, the support from public & private organizations in tackling COVID-19 is also expected to drive market growth in the region.
The American market for COVID-19 diagnostics is expected to be the second largest during the forecast period. Rising product launches by major players and ongoing public and private organizations' efforts to control the spread of the virus is anticipated to drive the market growth. For instance, in March 2020, the US FDA issued a EUA for a molecular point of care test kit by Abbott for the rapid detection of COVID-19. Furthermore, the increasing numbers of corona virus-positive cases also act as a driving factor and support market growth.
Asia-Pacific is estimated to be the fastest-growing market. With an increasing number of cases, governments across the Asia-Pacific countries are exploring the opportunities of allowing private laboratories to ramp up testing, which is boosting the market growth. For instance, In India, the Indian Council of Medical Research (ICMR) has approved 51 private laboratories for COVID-19 testing on March 31, 2020. Moreover, the increasing number of COVID-19 cases is also driving the market growth.
The market in the Middle East & Africa is expected to witness steady growth. Countries such as Kuwait, the UAE, and Saudi Arabia are likely to show steady growth due to increasing COVID-19 cases and rising initiatives by governments to improve patient care.
Key Players
MRFR recognizes the following companies as the Key Players in the Global COVID-19 Diagnostics Market— 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).
Key Findings of the Study
- Global COVID-19 Diagnostics Market is estimated to reach USD 96,293.86 million by 2027 at a CAGR of 6.28% during the assessment period
- The Europe accounted for the largest share of the global COVID-19 diagnostics market due to the increasing number of COVID-19 cases
- Based on type, the molecular tests segment accounted for the largest market share of 58.3% in 2020
- On the basis of technology, the RT-PCR segment accounted for the largest market share of 25.4% in 2020
- On the basis of end user, the hospitals segment accounted for the largest market share of 33.6% in 2020
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