The global COVID-19 diagnostics market
is growing pervasively. The major outburst of the COVID-19 virus in various
regions across the globe is a significant driving force behind the growth of
the market. The market growth attributes to the coronavirus pandemic rising at
an alarming rate. Besides, spreading awareness about effective diagnostic
procedures drives the growth of the market. Also, increasing research and
development activities by the governments, non-profit organizations, and
industry players foster market growth.
Moreover, aggressive strategies by top
players for the development of new products and launches escalate the market
growth to furthered height. According to Market Research Future (MRFR), the
global COVID-19 diagnostics
market valuation is poised to reach USD
96,293.9 MN by 2027, growing at 6.82% CAGR throughout the forecast period (2022–2030).
Increasing COVID-19 cases and funds & support for research &
development from the public and private sectors boost the market growth exponentially.
Additionally, the rising number of
emergency use authorizations (EUAs) for diagnostic kits & devices
developments support by the non-medical device and diagnostic companies
expatiate the market size. On the other hand, high costs of the diagnostics and
stringent regulatory norms are the major factors expected to impede the market
growth. Also, the rising numbers of new entrants with absolutely limited
medical equipment business history act as a sizable headwind for the growth of
the market.
Additionally, factors such as the
considerable price gap between the top players and small unorganized players
inhibit market growth. Nevertheless, continuous technological advancements and
rising demand for quick test results would support the market growth throughout
the review period. Furthermore, increasing governmental endeavors to spread
awareness about the epidemic and the necessary care regime propel the growth of
the market.
Major Players:
The global COVID-19 diagnostics
market players are Bio-Rad Laboratories (US),
Becton, Dickinson & Company (US), Danaher Corporation (US), F. Hoffmann-La
Roche Ltd (Switzerland), Abbott (US), Biomerieux SA (France), Thermo Fisher
Scientific (US), Genmark Diagnostics (US), Qiagen (Germany), and Siemens AG
(Germany), among others.
Global COVID-19 Diagnostics Market –
Segments
The report is segmented into four dynamics.
By
Type
: Molecular Tests and Serology Tests.
By
Technology : RT
PCR, Isothermal Amplification, CRISPR, ELISA, Hybridization, and others.
By End
User : Hospitals,
Public Health Labs, Private or Commercial Labs, and others.
By
Regions
: Europe, North America, Asia Pacific, and the
Rest-of-the-World.
Global COVID-19 Diagnostics Market –
Geographical Analysis
Europe dominates the global COVID-19
diagnostics market. The largest market share attributes to the high number of
coronavirus infected patients in the region. Besides, the high COVID-19
morbidity and mortality observed among residents in long-term care facilities
(LTCF) in EU/EEA countries increase the market demand, posing challenges for
disease prevention and control. Moreover, the wide availability of diagnostics
for immediate detection of COVID-19 cases fosters the growth of the regional
market.
Additionally, the rising government
funding and support from the government for research & development of
diagnostic tests, innovations, and treatments for the virus boost the regional
market growth. Furthermore, the strong presence of industry players and
well-established healthcare sectors, alongside the rising healthcare expenses
in the region, bolster the market growth. The European COVID-19 diagnostics
market is projected to retain its dominance over the global market throughout
the estimated period.
North America holds the second-largest
share in the global COVID-19 diagnostics market. The market is driven by the
rapid outbreak of highly infectious acute respiratory disease due to
coronavirus. Moreover, the presence of key industry players and rising product
launches boost the growth of the regional market. Additionally, rising
strategic alliances between key players and well-spread awareness about
COVID-19, fuel the regional market growth. Additionally, the involvement of
non-profit organizations to control the pandemic and well-established
healthcare infrastructure in the region boosts the market growth.
The COVID-19 diagnostics market in the
Asia Pacific region is quadrupling rapidly. Despite several adversaries, the
APAC market is still surging rapidly due to the ongoing programs to increase
awareness among people, developments in healthcare, and the growing per capita
healthcare expenditure in the region. Furthermore, growing numbers of COVID-19
cases and government & private funding for research & development for
effective diagnosis propel the regional market growth.
The rising adoption of advanced
technology and the availability of affordable treatment options in India and
China substantiate regional market growth. With the increasing investments in
healthcare, the APAC COVID-19 diagnostics market is forecasted to grow at an
impressive CAGR during the review period.
Global COVID-19 Diagnostics Market –
Competitive Analysis
Highly competitive, the COVID-19
diagnostics market appears to be widely expanded with the presence of many
players. Expected extensions in products & services would drive the
competition in the market, intensifying it further. This market demonstrates
pretty good growth prospects that are expected to attract new entrants,
introducing the market with fierce competition.
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