The COVID-19 DiagnosticsMarket Overview and Analysis by Type (MolecularTests, Serology Tests), Technology (RT-PCR, Isothermal Amplification, CRISPR,ELISA, Hybridization), End-User (Hospitals, Public Health Labs, Private orCommercial Labs) and Region (Americas, Europe, Asia-Pacific, Middle East Africa) - Forecast till 2030
The global COVID-19 diagnostics marketis growing pervasively. The major outburst of the COVID-19 virus in variousregions across the globe is a significant driving force behind the growth ofthe market. The market growth attributes to the coronavirus pandemic rising atan alarming rate. Besides, spreading awareness about effective diagnosticprocedures drives the growth of the market. Also, increasing research anddevelopment activities by the governments, non-profit organizations, and industryplayers foster market growth.
Moreover, aggressive strategies by topplayers for the development of new products and launches escalated the marketgrowth to a further height. According to Market Research Future (MRFR), theglobal COVID-19diagnostics market valuation is poised to reach USD96,293.9 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 growthexponentially.
Additionally, the rising number ofemergency use authorizations (EUAs) for diagnostic kits devicesdevelopments supported by the non-medical deviceand diagnostic companies expatiate the market size. On the other hand, highcosts of the diagnostics and stringent regulatory norms are the major factorsexpected to impede market growth. Also, the rising numbers of new entrants withabsolutely limited medical equipment business history act as a sizable headwindfor the growth of the market.
Additionally, factors such as theconsiderable price gap between the top players and small unorganized playersinhibit market growth. Nevertheless, continuous technological advancements andrising demand for quick test results would support market growth throughout thereview period. Furthermore, increasing governmental endeavors to spreadawareness about the epidemic and the necessary care regime propel the growth ofthe market.
Major Players:
Players leading the global COVID-19diagnostics market 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), GenmarkDiagnostics (US), Qiagen (Germany), and Siemens AG (Germany), amongothers.
Global COVID-19 Diagnostics Market –Segments
The report is segmented into four dynamics.
ByType : Molecular Tests and Serology Tests.
ByTechnology : RTPCR, Isothermal Amplification, CRISPR, ELISA, Hybridization, and others.
By EndUser : Hospitals,Public Health Labs, Private or Commercial Labs, and others.
ByRegions : Europe, North America, Asia Pacific, and theRest-of-the-World.
Global COVID-19 Diagnostics Market –Geographical Analysis
Europe dominates the global COVID-19diagnostics market. The largest market share attributes to the high number ofcoronavirus infected patients in the region. Besides, the high COVID-19morbidity and mortality observed among residents in long-term care facilities(LTCF) in EU/EEA countries increase the market demand, posing challenges fordisease prevention and control. Moreover, the wide availability of diagnosticsfor immediate detection of COVID-19 cases fosters the growth of the regionalmarket.
Additionally, the rising governmentfunding and support from the government for research development ofdiagnostic tests, innovations, and treatments for the virus boost the regionalmarket growth. Furthermore, the strong presence of industry players andwell-established healthcare sectors, alongside the rising healthcare expensesin the region, bolster the market growth. The European COVID-19 diagnosticsmarket size is projected to retain its dominanceover the global market throughout the estimated period.
North America holds the second-largestshare in the global COVID-19 diagnostics market. The market is driven by therapid outbreak of highly infectious acute respiratory disease due tocoronavirus. Moreover, the presence of key industry players and rising productlaunches boost the growth of the regional market. Additionally, risingstrategic alliances between key players and well-spread awareness aboutCOVID-19, fuel the regional market growth. Additionally, the involvement ofnon-profit organizations to control the pandemic and well-establishedhealthcare infrastructure in the region boosts the market growth.
The COVID-19 diagnostics market in theAsia Pacific region is quadrupling rapidly. Despite several adversaries, theAPAC market is still surging rapidly due to the ongoing programs to increaseawareness among people, developments in healthcare, and the growing per capitahealthcare expenditure in the region. Furthermore, growing numbers of COVID-19cases and government private funding for research development foreffective diagnosis propel the regional market growth.
The rising adoption of advancedtechnology and the availability of affordable treatment options in India andChina substantiate regional market growth. With the increasing investments inhealthcare, the APAC COVID-19 diagnostics market is forecasted to grow at animpressive CAGR during the review period.
Global COVID-19 Diagnostics Market –Competitive Analysis
Highly competitive, the COVID-19diagnostics market appears to be widely expanded with the presence of manyplayers. Expected extensions in products services would drive thecompetition in the market, intensifying it further. This market demonstratespretty good growth prospects that are expected to attract new entrants,introducing the market with fierce competition.
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