The new report by Expert Market Research titled, ‘Global COVID-19 Diagnostics Market Price, Trends, Growth, Outlook, Industry, Report and Forecast 2021-2026’, gives an in-depth analysis of the global COVID-19 diagnostics market, assessing the market based on its segments like test types, products, sample types, business modes, end-uses, and major regions. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2020-2026)
• Market Size (as of March 2021): 390 million tests for COVID-19 (United States)
The global COVID-19 diagnostics market is being driven by the rising number of COVID-19 cases in regions like the Asia Pacific, where countries like India and China have a huge population base. This factor is leading to an increased demand for COVID-19 diagnostic kits. The rapid expansion of advanced diagnostic facilities and the increasing testing programmes to counter the pandemic are likely to bolster the market growth in the forecast period. A high number of active patients of coronavirus in North America, especially in the United States of America, has led to the increased demand and approval for emergency use authorisation of COVID-19 diagnostic kits, thus, aiding the industry. Additionally, the growing R&D activities and favourable government policies are expected to provide a further impetus to the market.
Industry Definition and Major Segments
COVID-19 diagnostics is the process of analysing test samples to detect the presence of SARS-CoV-2. In response to the infection, the presence of the virus and antibodies are detected through these diagnostic kits. Various studies conducted by the public and private organisations have given evidence that SARS-CoV-2 can invade digestives system and haematological system along with respiratory system.
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On the basis of test type, the market is segmented into:
• PCR Test
• Antigen Test
• Antibody Test
By product, the industry is segmented into:
• RT-PCR Assay Kits
• Immunoassay Test Strips
Based on sample type, the market is divided into:
• Nasopharyngeal Swab
• Oropharyngeal (OP) Swab
• Nasal Swab
• Blood Test
On the basis of business mode, the market is divided into:
• Point-of-Care (PoC) Testing
• Non-Point-of-Care (PoC) Testing
By end use, the market can be divided into:
• Diagnostic Centres and Clinics
The global COVID-19 diagnostics market is expected to be driven by the technological advancements and increasing government funding for research to bolster the virus detection process and curb the spread of the pandemic. The rising number of active cases across the Asia Pacific, North America, and other regions has compelled the key players to focus on the development of diagnostic kits that have better detection capability and can give accurate result. The emergence of the second wave of coronavirus in various countries is likely to foster the process of virus detection in the forecast period, thus, aiding the growth of the industry.
Key Market Players
The major players in the market are F. Hoffmann-La Roche Ltd, Abbott Laboratories, Thermo Fisher Scientific Inc, Guangzhou Wondfo Biotech Co., Ltd., Altona Diagnostics GmbH, and Mylab Discovery Solutions Pvt. Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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