USD 11.40 Billion Global COVID-19 Diagnostics Market During 2021-2028 | Fortune Business Insights

Posted on Aug 11 2022 6:29 AM

"COVID-19 Diagnostics Market Development Strategy, Key Players, Competitive Landscape, Dynamics, competitive share analysis, CAGR, Size, Industry Share"

The global “COVID-19 Diagnostics Market” is projected to reach USD 11.40 billion by 2027, exhibiting a CAGR of 7.9% during the forecast period. Uncontrolled spread of the coronavirus worldwide will be the major factor propelling the growth of this market, shares Fortune Business Insights™ in its report, titled “COVID-19 Diagnostics Market Size, Share & Industry Analysis, By Product (Instruments and Reagents & Kits), By Technology (PCR (Polymerase Chain Reaction), ELISA (Enzyme-linked Immunosorbent Assay), Point-of-care (POC), and Others), By Sample Type (Oropharyngeal and Nasopharyngeal Swabs, Blood, Urine, and Others), By End User (Hospitals & Clinics, Laboratories & Diagnostic Centers, and Research Institutes), and Regional Forecast, 2020-2027”. According to Johns Hopkins University, global COVID-19 infections reached 100,000 in just 60 days, growing to 200,000 in the next 12-14 days, and the recent addition of 100,000 cases has taken only 3 days.

The calculation of the spread of this disease is based on the estimation of the “reproduction number” or R Naught (Ro). The UK Research and Innovation organization states that if the Ro goes above 1, exponential growth will be witnessed. As per a study published in the Journal of Clinical Medicine based on the virus transmission rate in Wuhan, the Ro was computed to be between 2.49 and 2.63. Such rapid transmission of the virus has surged the demand for coronavirus diagnostics tools and kits, which is boosting the growth of this market.

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Increasing Prevalence of COVID-19 to Create Promising Market Opportunities  

Since the COVID-19 pandemic started, a daily exponential rise in coronavirus cases was witnessed. With millions of people suffering from COVID-19 infections across the world, the demand for fast, reliable, and accurate testing has gone up. As diagnostic companies and biopharmaceutical firms accelerate R&D efforts, the market will witness steady growth. The prevailing and highly uncertain nature of the pandemic is expected to drive the COVID-19 diagnostics market growth over the projected period. 

Major COVID-19 Diagnostics Market Key players covered in the report include:

  • PerkinElmer Inc.
  • Quest Diagnostics Incorporated
  • Quidel Corporation
  • Siemens Healthcare GmbH
  • Abbott
  • Thermo Fisher Scientific Inc.
  • bioMérieux SA
  • Hoffmann-La Roche Ltd
  • Danaher Corporation

Concerted Efforts towards Developing COVID Detection Tests to Accelerate Growth

With the COVID-19 pandemic showing no signs of abatement, medical and regulatory bodies are collaborating to encourage innovation and speed up research in developing coronavirus detection tools. For instance, in April 2020, the National Institutes of Health in the US announced the launch of Rapid Acceleration of Diagnostics (RADx) initiative with a funding of USD 1.5 billion to commercialize and widen the accessibility of COVID-19 testing. Similarly, in June 2020, the US Food and Drug Administration (FDA) joined the COVID-19 Diagnostics Evidence Accelerator created by the Friends of Cancer Research and Reagan-Udall Foundation with the aim to evaluate the performance of PCR and antibody tests for COVID. Together, these and similar initiatives are expected to augment the COVID-19 diagnostics market growth throughout 2020.

High Number of COVID-19 Cases to Give North America Leading Market Position

The United States is one of the worst-hit countries in the world by the coronavirus pandemic, with the number of cases as of June 2020 standing at 2.68 million and 129,000 deaths. In response, the US government is injecting more funds into medical research facilities to accelerate development of COVID-19 diagnostics and widen the testing net in the country. The region’s market size in 2019 stood at USD 2.17 billion.

In Europe, the virus is spreading at a furious pace, with the UK, Italy, Spain, France, and Germany having the highest number of cases. Quick adoption of advanced detection tools in the region will enable it to expand its footprint in the COVID-19 diagnostics market share in the immediate future. Heavy investments by governments in Asia Pacific in the healthcare sector are expected to favor market growth in the region.

Regulatory Support to Novel Diagnostic Solutions to Encourage Innovation

The coronavirus is tightening its hold on the world and COVID-19 Diagnostics and governments are in a race against time to develop and launch quick and accurate diagnostic tests for this deadly virus. As a result, bodies such as the FDA are providing the necessary support to companies by removing unnecessary regulatory barriers, which is encouraging other players to innovate.

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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
    • Impact of COVID-19 on Diagnostics Market
    • Overview of Regulatory Scenario
    • Impact on Supply Chain of Diagnostics Amid the Pandemic
    • Key Industry Developments - Mergers, Acquisitions, and Partnerships
  • Global 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 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

Toc Continue…

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