Global COVID-19 Diagnostics Market Driven by the Growing innovations & Investments from diagnostic firms.
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 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. The industry growth is also projected to be guided by the growing number of emergency use permits (EUAs) for diagnostic kits & equipment as well as innovations & sponsorship from non-medical device / diagnostic firms.
Furthermore, the incorporation of COVID-19 development of novel innovations and technical applications is expected to open new opportunities for business growth. For example, in the COVID-19 tests for fast and successful diagnosis, market participants are inclined to integrate Artificial Intelligence ( AI) algorithms. The Indian Civic Body, BMC, declared in August 2020 that it will determine the usefulness of AI-based COVID-19 exams. In July 2020, the University of Oxford has released findings on the use of AI algorithms for patient screening.
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It is expected that strong financing and investments from both public and private entities will drive molecular diagnostic companies to produce diagnostic products for COVID-19, thus pushing the market. In June 2020, for example, NIH announced the announcement of four funding resources to speed up SARS-COV-2 screening studies for disadvantaged and underserved communities to decipher and address the inequality discrepancy.
Segmentation
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.
Regional Analysis
The region-based global COVID-19 Diagnostics Market has been split into Europe , the 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 contaminated patients in the area can be attributed to this. As of 19 May 2020, 1,317,267 cases have been registered in the European Union (EU ) and the European Economic Region (EEA) and in the United Kingdom, according to the European Centre for Disease Control and Prevention. Moreover, the high morbidity and mortality rate of COVID-19 recorded among long-term care facility (LTCF) residents in EU / EEA countries poses a major challenge to disease prevention and control in such settings, increasing the need for widespread diagnostic availability for prompt diagnosis of cases of COVID-19.
The American market for COVID-19 diagnostics is expected to be the second highest during the study era. The rapid outbreak of COVID-19, a highly contagious acute respiratory disease, and the existence of major producers are expected to fuel regional demand growth. As per the latest statistics, i.e. on 31 March 2020, 180,789 contaminated cases were registered by the U.S. In addition , growing product releases by global players are further fuelling the growth of the industry.
Due to the rising 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. For eg, the Department of Science and Technology (DST) of India announced on 8 April 2020 that approximately USD 26.42 million would be given to various research institutions , companies and start-ups to create novel solutions to tackle the COVID-19 pandemic. 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.
Owing to growing COVID-19 cases and rising efforts by governments to strengthen health care, the Middle East & Africa market is projected to see steady expansion.
Key Players
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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