The sudden push of the covid 19 situation has worsened the financial background of the country or the world. It has been observed that the development of the molecular along with the point of care test has been introduced and that mainly states the development of the surging environment points out the increase in the molecular test for expectations and the drive in the demand for the coronavirus solutions. Thus, it leads to the change in the comprehensive analysis of the revenue for the better prominence of the organizational action. Further, it can be stated that the increase in the surging diagnostic analysis for the increase in the driving demand of the coronavirus effect.
One of the most emerging driving factors arises from the rising prevalence of coronavirus disease and it fuels the demand for the diagnostic devices along with the kit. Hence, the sudden rise of this disease has resulted in the entire escalating of the demand of the corona situation. The diagnostic procedures along with the global outlook have managed the entire advocacy of the management for a better understanding of the daily cases.
The major opportunities to be derived states the increase in the covid 29 cases and it initiates the rise of the improvement of the patient care by the government as well. This attires to be the key market and it attempts to state that the improved patient care indulges with the potentiality of the management and it merely captures the opportunities.
Further, the entire market analysis of the covid 19 diagnostic centers worldwide, the covid 19 diagnostic market has tremendous potential, and that up comes with the challenges such as the hinder of the growth of the market. Apart from that, the continuous rise of the covid 19 infection has detected the smarter, faster, and safer detection of the kits for providing successful treatment to the patients and has created havoc within the covid 19 diagnostic market.
The COVID-19 diagnostic is an essential part of efforts to contain and control the COVID-19 pandemic. The rapid spread of COVID-19 has drastically increased the demand for testing kits around the world, especially in the US and Europe, and governments are trying to ramp up their testing capacities.
The global COVID-19 diagnostics market, by type, has been segmented into molecular tests and serology tests. The molecular tests segment accounts for the largest market share in the type segment owing to the diagnosis results showing signs of an active infection and symptoms with high accuracy and speed.
The need to increase the number of COVID-19 tests is recommended by the regulatory bodies such as the US FDA as well as the World Health Organization (WHO). Swift actions and emergency approvals from regulatory organizations will help accelerate the identification and subsequent isolation of COVID-19 cases.
The global COVID-19 diagnostics market, by technology, has been segmented into RT-PCR, isothermal amplification, hybridization, CRISPR, ELISA, and others. The Reverse-Transcription Polymerase Chain Reaction (RT-PCR) segment accounts for the largest market share in the technology segment owing to increased use of RT-PCR as a frontline test for COVID-19 as it directly tests for the presence of the virus RNA.
PCR is the “gold standard” for viral diagnostic testing. RT-PCR is a special version used when RNA is being detected. Most of the currently available COVID-19 diagnostics are based on this technology, including:
Additionally, several advantages associated with RT-PCR such as it is quick, sensitive, reliable, and increasing acceptance by scientists and medical staff as a robust and well-documented technique is driving the segment growth
The past few months have witnessed rapid progress in diagnostic kit development for COVID-19. This has encouraged many public & private organizations, companies to develop even more efficient laboratory techniques and cost-effective, point-of-care test kits that can be deployed in mass quantities.
The global COVID-19 diagnostics market, by end user, has been segmented into hospitals, public health labs, private or commercial labs, and others. The hospitals segment accounted for the largest market share owing to the high adoption of advanced diagnostic technologies among healthcare professionals. Other end users for the global COVID-19 diagnostics market include physicians’ offices, urgent care clinics, and others.
The urgent need for accurate and rapid diagnosis of SARS-CoV-2 infection remains critical as global healthcare systems continue to operate during the COVID-19 pandemic. Hospitals held a market share of 33.6% in 2020 and are projected to register a CAGR of 6.66% during the forecast period. The rapid outbreak of highly infectious acute respiratory disease COVID-19 at the global level and continuous growth in the number of patients suffering from COVID-19 boost the demand for diagnostic kits. As per the World Health Organization (WHO), as of 26th March 2020; 462, 684 confirmed coronavirus cases were recorded with 20,834 deaths globally. The growth of this segment is majorly attributed to increasing adoption diagnostic kits in hospitals, a significant increase in patient population across the globe, and the immense need for rapid diagnostics.
The global COVID-19 diagnostics market, on the basis of region, is divided into Europe, the North America, Asia-Pacific, and RoW. In 2020, Europe accounted for the largest market share of 36.3% in the global market of COVID-19 diagnostics. This large share is majorly attributed to the significant surge in the incidence of Sar Cov 2 infection, the immense requirement of diagnosis kits to control the outbreak, and the European Commission’s support to increase the scope of COVID-19 diagnosis.
Europe COVID-19 diagnostics market acquired the largest market share of 36.3%. Europe is dominating the market of COVID-19 diagnostics with the potential rate in terms of revenue due to the high number of infected patients from novel coronavirus. According to European Centre for Disease Control and Prevention, as of 19 May 2020, 1 317 267 cases have been reported in the European Union (EU) and European Economic Area (EEA) and the UK. Additionally, it further reported 157 312 deaths in the European Union (EU) and European Economic Area (EEA) and the UK as of 19 May 2020. The high COVID-19 morbidity and mortality observed among residents in long-term care facilities (LTCF) in EU/EEA countries pose a major challenge for disease prevention and control in such settings, which raises the demand for the wide availability of diagnostics for immediate detection of COVID-19 cases. Moreover, the European Commission decided to postpone the change from Medical Device Directive (MDD) to Medical Device Regulation (MDR), due to be implemented on May 26th, 2020, by a year. This allows the medical device industry and Notified Bodies (NBs) to focus on the problem at hand and put all their efforts into combating the coronavirus. As part of the UK Government’s announcement of a new five-pillar plan to boost testing for COVID-19, GSK, AstraZeneca and the University of Cambridge have formed a collaboration to take action to support this national effort. Such support from public & private organizations in tackling Covid-19 is expected to support market growth during the forecast period.
The North America COVID-19 diagnostics market acquired the second largest market share of 32.5%. The growth of the Americas is due to a rapid outbreak of highly infectious acute respiratory disease COVID-19, the presence of major manufacturers, raising awareness of advanced technology, and rising product launches by major players, and ongoing public and private organizations' efforts to control the spread of the virus. Regulatory bodies such as the Food and Drugs Administration (FDA) have given emergency use authorizations (EUA) for various diagnostics kits and devices to manage the shortage of diagnostic devices. For instance, in March 2020, the US FDA issued a EUA for a molecular point of care test kit by Abbott for the rapid detection of COVID-19. In addition to this, the number of COVID-19 cases is increasing day by day. As per the current data i.e. on March 31st, 2020; the U.S. recorded 180,789 of infected cases. According to the world economic forum, the US now has the highest coronavirus-related death toll in the world, passing Italy. These increasing numbers of corona virus-positive cases are projected to impact the market growth of the COVID-19 diagnostics.
Asia-Pacific COVID-19 diagnostics market accounted for a market share of 24.3% in 2020. The fast growth of the Asia-Pacific region is due to the increasing number of COVID-19 cases, government & private funding for research & development for effective diagnosis. For instance, on 8 April 2020, the Department of Science and Technology (DST), India announced that approximately USD 26.42 million to various scientific institutions, industries, and startups to build innovative solutions to fight against the COVID-19 pandemic.
COVID-19 Diagnostics Key Market Players & Competitive Insights
The global COVID-19 diagnostics market is characterized by the presence of many global, regional, and local vendors catering to the demand created by a large patient pool suffering from COVID-19. The market is highly competitive, with players competing and collaborating to gain a substantial market share in the global market of COVID-19 diagnostics. Expansion into newer untapped markets, novel product launches, and decisions undertaken to achieve operational efficiency are key factors that aid market growth. Our analysis revealed that market players have adopted different strategies and innovative research & development techniques to expand their business and secure their position in the global COVID-19 diagnostics market. In recent years, strategic collaborations by major players for product development and regional expansion into untapped markets have been used as a strategy to obtain operational efficiency.
The growth of market vendors is dependent on market conditions and industry development. Thus, vendors should focus on geographical expansion and product improvement. It has also been predicted that improvement of the global economic scenario, combined with efforts to enhance infrastructure, can fuel market growth, making it an ideal time to launch new products and increase the global footprint. Therefore, manufacturers develop new products with refined features to increase favorability and stay ahead of their competitors.
Key Companies in the COVID-19 Diagnostics market includes
COVID-19 Diagnostics Industry Developments
May 2020 Bio-Rad Laboratories, Inc. Bio-Rad received FDA Emergency Use Authorization (EUA) for Droplet Digital PCR SARS-CoV-2 Test Kit for the detection of COVID-19.
May 2020 F. Hoffmann-La Roche Ltd Roche received emergency use authorization (EUA) from the US FDA for the Elecsys Anti-SARS-CoV-2 antibody test for the detection of COVID-19.
April 2020 Becton, Dickinson, and Company received Emergency Use Authorization (EUA) from the US Food and Drug Administration (FDA). It uses in diagnosing the patients infected with COVID-19.
| Report Attribute/Metric | Details |
| Market Size 2032 | USD 5.33 billion |
| Compound Annual Growth Rate (CAGR) | 8.04% (2024-2032) |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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) |
COVID 19 Diagnostics Market Highlights:
Frequently Asked Questions (FAQ) :
Danaher Corporation (US), Biomerieux SA (France), Abbott (US), Bio-Rad Laboratories (US), and F. Hoffmann-La Roche Ltd (Switzerland) are the prominent companies in the market.
Europe dominated the covid-19 diagnostic market.
The covid-19 diagnostic market is declining at a CAGR of 8.04%.
The European region is estimated to spur the market in the impending period.
The covid-19 diagnostics market was 5.33 billion in 2023.
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Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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