Global COVID-19 Diagnostics Market By Type (Molecular Tests, Serology Tests), By Application (Hospitals, Public Health Labs, Private or Commercial Labs, Physician Labs and Others) and By Region – Global Forecast to 2030
Global COVID-19 Diagnostics Market Overview
“The global Diagnostics Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
COVID-19 is an extremely infectious disease caused by the newly discovered Coronavirus. Symptoms and conditions of the disease include mild to moderate respiratory discomfort.
While most patients recover without any need for specific treatment, the virus can cause serious illness and even death in senior citizens and individuals with underlying health problems such as diabetes, cardiovascular diseases, chronic respiratory diseases, cancer, etc.
The virus is spread from animals to humans, and thereafter from humans to humans. Coronavirus strains have been the cause of numerous disease outbreaks in the past. These spreads have been increasingly regular over the past few decades, and there is an urgent requirement for accurate coronavirus diagnostic approaches.
The coronavirus first made the headlines after an outbreak in Wuhan, China in early 2020. The virus further spread to countries in Europe, and then was carried to other countries across the globe, largely by infected individuals.
Irrespective of where people physically were, be it on ferries, aircraft, railway transit points, places of worship, protest sites, corporate settings, hospitals and clinics, etc., a notable increase in the number of infected patients was observed whenever physical distancing was ignored.
The number of deaths and those infected continues to exponentially increase, at the time this report description was compiled.
Several regions and countries continue to face challenges in suppressing this contagion, while a sizable volume of the global population are yet to be tested for this deadly virus.
The demand of functional and effective COVID-19 diagnostic kits has still not been met, while the race to curb the trajectory of this virus has become a primary need-of-the-hour for governments.
With the number of cases rapidly increasing around the world, there is a constant requirement by healthcare professionals for a steady supply of diagnostic kits. This has resulted in an increase in the rate of development and production of diagnostic kits, which is a major factor that is expected to boost the revenue growth of the global COVID-19 diagnostics market in the coming years.
The need for highly accurate test results, has resulted in investments being made by industry players towards develop more reliable diagnostic kits.
The governments of various countries are increasing funding and support towards the manufacture of products that are needed to diagnose, treat, and prevent spread of the virus.
Rising safety concerns and the need to promptly diagnose and isolate infected individuals are among some of the major factors expected to continue to fuel market revenue growth.
Based on the segmentation of the type of diagnostic tests, the molecular tests segment is anticipated to aid in the growth of the global COVID-19 diagnostics market.
This can be attributed to the accuracy and speed of diagnosis results that effective indicate signs of an active infection and its related symptoms. Serology diagnostic tests will prove to be equally purposeful for the same purposes.
A select few companies in this industry are focusing their efforts towards the development of rapid immunoassay tests to diagnose the virus. The efficiency of this test will fast track the diagnostic process, and in turn, is will have a positive effect in the treatment of patients who are confirmed to be COVID positive.
The lack of knowledge regarding the precautionary measures for coronavirus, are expected to hinder the financial growth of the global COVID-19 diagnostics market.
Numerous leading global manufacturers and several local players are expected to benefit from the development of COVID-19 diagnostic kits owing to the increasing demand for these products across the world.
Global COVID-19 Diagnostics Market Regional Analysis
The global COVID-19 diagnostics market research report will include the study of major regions, and several countries examined in detail. Major regions included in this market report are North America, Europe, Asia Pacific, Latin America, the Middle East & Africa. Of these, the market in North America is anticipated to register exponential increase in profits during the tenure of this study. This is accredited to a well-established healthcare system, as well as the presence of major pharma companies in this region. The diagnostic kit development progress of every region included in the report, shall be analyzed at a grassroots level to achieve a more comprehensive understanding of this market.
Global COVID-19 Diagnostics Market Segmentation
- Molecular Tests
- Serology Tests
- Public Health Labs
- Private or Commercial Labs
- Physician Labs
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- 1drop Inc.
- ADT Biotech Sdn Bhd
- ALDATU BIOSCIENCES
- altona Diagnostics GmbH
- bioMérieux SA
- F. Hoffman-La Roche Ltd.
- Hologic Inc.
- Laboratory Corporation of America Holdings
- Luminex Corporation
- Mylab Discovery Solutions Pvt Ltd.
- Neuberg Diagnostics
- Perkin Elmer Inc.
- Quest Diagnostics
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Frequently Asked Questions (FAQ)
As per the FDA, there are four different types of diagnostic tests present in the market, they are – Molecular, Serology or Antibody testing, Antigen-based tests, and Other types of diagnostic tests.
Research indicates that the COVID-19 diagnostics market in North America is expected to grow exponentially over the forecast period, owing to the presence of a well-established healthcare system, and higher disposable incomes, among other factors.
The primary factors augmenting future revenue growth of this market are the general lack of adequate diagnostic kits across the world, as well as the fact that a useable vaccine is yet to be formulated.
A few of the most prominent industry players of the global COVID-19 diagnostics market are - F. Hoffman-La Roche Ltd., Thermo-Fisher Scientific Inc., Perkin Elmer Inc., Neuberg Diagnostics, Quest Diagnostics, and BioMérieux SA.
Going by the latest findings, the global COVID-19 diagnostics market was valued at USD $XXXX Mn, in 2019.
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