New York, USA, Aug. 18, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global covid-19 diagnostics market is expected to generate a revenue of $65,750.1 million by 2028, exponentially growing at a CAGR of 3.5% during the forecast period (2021-2028). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Surging hospitalization rate among people due to the increasing occurrence of coronavirus infections has enabled people to conduct various types of diagnostic tests like antibody tests, RT-PCR, and many more. This factor is expected to drive the growth of the market during the forecast period. In addition, initiatives taken by various governments around the world for profuse testing of people is expected to bolster the growth of the market during the forecast period.
Restraints: Lack of reach and awareness about testing and other procedures among the rural population is expected to impede the growth of the market during the forecast period.
Opportunities: Rising government funding and increased expenditure on research and development procedures are expected to create enormous opportunities for the growth of the market during the forecast period.
Segments of the Market
The report has divided the market into different segments based on product & service, sample, test, mode, end-user, and region.
Product & Service: Services Sub-segment Anticipated to be Most Profitable
The services sub-segment is expected to generate a revenue of $31,671.4 million during the forecast period. Increased service capabilities incorporated by service providers due to huge investments in pristine products and diagnostic kits are expected to fuel the growth of the sub-segment during the forecast period.
Sample: Blood Sub-segment Predicted to Have the Fastest Growth Rate
The blood sub-segment is expected to generate a revenue of $15,409.1 during the forecast period. Blood samples are extensively taken around the globe for the detection of asymptomatic symptoms caused by coronavirus. This factor is expected to bolster the growth of the sub-segment during the forecast period.
Test: Molecular (PCR) Sub-segment to be Most Lucrative
The molecular (PCR) sub-segment is expected to generate a revenue of $38,025.5 during the forecast period. This type of testing is widely used due to the detailed and error-free information provided from the test. This factor is expected to bolster the growth of the sub-segment during the forecast period.
Mode: Point-of-Care Sub-segment to have a Dominating Market Share
The point-of-care sub-segment is predicted to generate a revenue of $38,507.7 million during the forecast period. Its easy operation, time-saving properties, and high accuracy rate are expected to drive the growth of the sub-segmental market during the forecast period.
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End-User: Laboratories Sub-segment Expected to have the Highest Market Share
The laboratories sub-segment is anticipated to generate a revenue of $25,747.2 million during the forecast period. A massive number of laboratories are being established, considering the surging cases of coronavirus around the world. This factor is expected to bolster the growth of the sub-segment during the forecast period.
Region: North America Predicted to Dominate the Market
The North America COVID-19 diagnostics market is expected to generate a revenue of $21,237.3 million during the forecast period. Rising demand for coronavirus diagnostics kits due to the massive surge in the number of covid-19 cases in this region is expected to fuel the growth of the market during the forecast period. In addition, existence of major market players in the region is further anticipated to bolster the growth of the regional market during the forecast period.
Impact of Coronavirus on the COVID-19 Diagnostics Market
The pandemic has negatively impacted various industries across the globe but the global healthcare and biotechnology sector has immensely surged and had a positive effect on the COVID-19 impact. Due to the nation-wide lockdown, stringent travel restrictions were imposed by the government, and hence made it pertinent for national and international travelers to test and carry a COVID-19 negative report. Furthermore, employees of various companies and healthcare organizations also made it compulsory for their staff to be tested within the span of 15-20 days. Thus, the COVID-19 diagnostics market is positively impacted by the pandemic.
Key Players of the COVID-19 Diagnostics Market
The major players of the market include -
- Hologic Inc.
- Quest Diagnostics
- Luminex Corporation
- ADT Biotech
- Neuberg Diagnostics
- Veredus Laboratories
- Mylab Discovery Solutions Pvt Ltd
- Quidel Corporation
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in April 2021, Hologic, a dominant medical technology company focused on women’s health, acquired Mobidiag Oy, a creative developer of molecular diagnostics test, for $795 million in order to maximize Hologic’s presence in the national and international diagnostics market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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