Pune, India, May 10, 2021 (GLOBE NEWSWIRE) -- The global COVID-19 diagnostics market size is projected to reach USD 6.22 billion by 2027, exhibiting a CAGR of 2.7% during the forecast period. The rise in the number of cases of COVID-19 patients fueled demand for testing equipment and is expected to foster the growth of this market, shares Fortune Business Insights™ in its report, titled "COVID-19 Diagnostics Market, 2021-2028." The report states that the market value stood at USD 6.22 billion in 2020.
The number of COVID-19 cases in the world is increasing at an alarming rate, driving the demand for accurate testing kits to identify the number of infected people. As per the World Health Organization (WHO), the number of cases in the US has reached around 59 lakhs in August 2020. Several countries are focusing on developing COVID-19 diagnostic testing kits and procedures to rapidly test, identify, and track coronavirus cases and contain the spread of the virus. Companies such as Roche, Bio-Rad, Thermo Fischer Scientific, CovidMD, and others have developed various technologies and services to enhance the detection of viruses.
For example, CovidMD announced the launch of a new virtual video consultant platform for handling potential virus infections in May 2020. It incorporates a Salesforce Service Cloud that offers personal guidance to consumers by studying their health background and provides solutions to avoid infections. The implementation of advanced technologies in detection kits and services is enabling governments to contain the contagion to a certain extent and lessen the suffering of patients, thereby influencing market growth.
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Segments
By product, the market is segmented into instruments and reagents & kits. Based on technology, it is segregated into polymerase chain reaction (PCR), enzyme-linked immunosorbent assay (ELISA), point-of-care, and others. As per sample type, it is divided into oropharyngeal & nasopharyngeal swabs, blood, urine, and others. On the basis of end-users, it is classified into hospitals & clinics, laboratories & diagnostics centers, research institutes, and others. Geographically, the global market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Rest of the World.
Highlights of the Report
The report analyzes the top segments and the latest market trends. It comprehensively studies the impact of COVID-19 and the driving and restraining factors. Additionally, it examines the strategies implemented by the market's key players and the positive and negative impacts of regional developments on the market.
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Spike in Infections to Bolster Demand for Diagnostic Tools
The escalating infectivity rate of the coronavirus has necessitated the demand for COVID-19 diagnostics kits and devices for the detection of potential patients. For example, as per the statistics published by the WHO, India has observed a confirmed case count of 20,282,833 cases from January 2020 to May 2021. In addition, several developing economies have been witnessing a spike in cases due to the second wave of COVID-19. For example, on May 2, 2021, the WHO stated that India and Brazil currently account for over half of the total number of COVID cases worldwide.
This growth of cases has resulted in an impressive sales volume of the COVID-19 diagnostic products. Further, rising investments in research and development activities by big companies have also resulted in the development of efficient COVID-19 detection systems. For example, Amazon Web Services offered USD 20 million to research facilities developing advanced solutions for detecting coronavirus infections. On the other hand, Accurate Diagnostics launched an antibody test kit that observes samples of saliva to identify the coronavirus.
However, budget limitations for the development of test kits and inadequate funding in emerging economies to medical research are expected to hamper production activities and restrain the market.
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Increasing Cases and Testing Rates in North America to Boost Market Share
North America is projected to dominate the COVID-19 diagnostics market share during the forecast period because of the unnerving spike in cases, especially among children. For example, in May 2021, the American Academy of Pediatrics said that children accounted for 22.4% of the new COVID cases in the US. The other factor favoring this market is the healthy testing rate in the US and Canada. The regional market size stood at USD 2.20 billion in 2020 and is expected to reach USD 2.42 billion in 2021.
Europe is expected to exhibit a significant growth rate because of the rapid escalation in the demand for technologically advanced COVID-19 diagnostic solutions to mitigate the effect of the spread of the infection. The launch of next-gen test kits equipped with technologies such as ELISA, POC, and others in the Asia Pacific region, combined with strong government investments for developing COVID-19 detection facilities, is expected to foster market development.
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Huge Investments in R&D to Promote Development of Novel Products
Companies are heavily focusing on the research and development of new COVID-19 diagnostics that can effectively identify the COVID-19 virus in the body. For example, Abbott announced the launch of a molecular POC test to detect the presence of the virus in the body in March 2020. It was the second project by the company to get the Emergency Use Authorization from the USFDA. Similarly, other companies are receiving swift approvals because of the exigencies created by the pandemic, thereby propelling the COVID-19 diagnostics market growth.
Industry Development
May 2020: Signal Chem announced the launch of an ELISA virus-detection kit created for identifying COVID-19 protein spike in patients suffering from the infection.
List of Key Players Covered in the COVID-19 Diagnostics Market Report
- Abbott
- Danaher Corporation
- Siemens Healthcare GmbH
- F. Hoffmann-La Roche Ltd
- Quidel Corporation
- bioMérieux SA
- Quest Diagnostics Incorporated
- Thermo Fisher Scientific Inc.
- PerkinElmer Inc.
Detailed Table of Content:
- Introduction
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview: Guidelines for COVID-19 Diagnosis
- New Product Launch
- Prevalence of COVID-19 Disease
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Global COVID-19 Diagnostics Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Instruments
- Reagents & Kits
- Market Analysis, Insights and Forecast – By Technology
- Polymerase Chain Reaction (PCR)
- Enzyme-linked Immunosorbent Assay (ELISA)
- Point-of-care (POC)
- Others
- Market Analysis, Insights and Forecast – By Sample Type
- Oropharyngeal & Nasopharyngeal Swabs
- Blood
- Urine
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Clinics
- Laboratories & Diagnostic Centers
- Research Institute
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America COVID-19 Diagnostics Market Analysis, Insights and Forecast, 2020-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Instruments
- Reagents & Kits
- Market Analysis, Insights and Forecast – By Technology
- Polymerase Chain Reaction (PCR)
- Enzyme-linked Immunosorbent Assay (ELISA)
- Point-of-care (POC)
- Others
- Market Analysis, Insights and Forecast – By Sample Type
- Oropharyngeal & Nasopharyngeal Swabs
- Blood
- Urine
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Clinics
- Laboratories & Diagnostic Centers
- Research Institute
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
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