COVID-19 Diagnostics Market Size Is Projected to Reach $23.67 Billion By 2027 | Polaris Market Research

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Dec 14, 2020, 08:00 ET

NEW YORK, Dec. 14, 2020 /PRNewswire/ -- The global COVID-19 diagnostics market size is estimated to cross USD 23.67 billion by 2027 according to a new study conducted by Polaris Market Research. The market is anticipated to register a CAGR of 2.9% From 2020 – 2027. An increase in COVID-19 patients across the world and the need for rapid diagnostics are anticipated to drive the growth of the global market. Several countries are conducting testing for the diagnosis of COVID-19 and to isolate patients affected by the virus, helping to limit its spread is one of the key factors boosting the market growth. Rising awareness among physicians and patients regarding the crucial benefits of COVID-19 diagnostics is positively influencing the market. Increased fear among people for infectious virus coupled with healthcare professional's suggestions for early diagnostics to contain the risk of virus infection, boost the global COVID-19 diagnostics market. The rise in government initiatives and programs to encourage early diagnostic testing are further creating demand for the market.

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Key Trends and Major Developments in COVID-19 Diagnostics Market

Based on product & service, the reagents & kits segment accounted for the major revenue share owing to a rapid increase in the cases of COVID-19, growing awareness about a virus infection and relaxation on imposed restrictions in major industrialized countries are creating growth opportunities amidst the pandemic.
In terms of technology, the polymerase chain reaction (PCR) is dominating the market and is anticipated to witness a substantial growth rate in coming years, on account of increased adoption of PCR for diagnosis of COVID patients.
On the basis of end-user, the diagnostic laboratories segment driving the market growth right from the front, as most of the private and public labs across the globe are working on priority for the diagnosis of COVID-19 samples.
Asia Pacific is set to emerge as the leading revenue-generating region for the COVID-19 diagnostic market. The growth is attributable to the presence of the largest population and an increase in the number of diagnostics tests conducted by major countries such as India, China, and Singapore.
The U.S. FDA issued EUA for the COVID-19 diagnostic test named Lucira COVID-19 All-In-One Test Kit to conduct self-testing at home settings that provides quick test results. This is a single-use test designed for detecting the novel coronavirus at early stages.

According to World Health Organization (WHO) as of September there were 29 million cases of COVID-19 infections worldwide, affecting about 213 countries and increasing rapidly. The relaxation in lockdowns across the countries and increasing number of testing is expected to drive the demand for COVID-19 diagnostics market. In addition, emergence of second wave of infections in Europe is likely to have a positive impact on the market growth.

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Regional Outlook & Growth Analysis:

Regionally, Asia Pacific is witnessing a tremendous surge in regional growth. The rise in growth is primarily driven by the huge population base and increased rate of patients appearing for diagnostic tests. In addition to this, increased healthcare expenditure and improving healthcare facilities are complementing the rise in demand for COVID-19 diagnostics. The presence of key manufacturers of COVID-19 diagnostic kits, government awareness programs, an increase in COVID-19 testing, and massive funding for vaccine development and supply chain facilities in North America are contributing to the regional market growth.

Market Participants Driving the Market Growth:

Altona Diagnostics GmbH, F. Hoffman-La Roche Ltd., bioMérieux SA, Danaher, Neuberg Diagnostics, ALDATU BIOSCIENCES, Veredus Laboratories, Luminex Corporation, Cepheid, 1drop Inc., Quest Diagnostics, Perkin Elmer, Inc., Laboratory Corporation of America Holdings, Hologic Inc., ADT Biotech, and Mylab Discovery Solutions Pvt Ltd are some of the prominent players present in the global COVID-19 diagnostics market. Novacyt, a leading international specialist in clinical diagnostics has announced its collaboration with the University of Cambridge, GSK, and AstraZeneca as part of the UK Government's initiative to rapidly increase testing for COVID-19.

Target Audience

Supply Side: Medical Equipment Manufacturers and Suppliers, Healthcare Solutions Company
Demand Side: Hospitals, Medical Laboratories, Medical Research Centers, Home Settings
Regulatory Side: World Health Organization (WHO)
Associations and Industry Bodies: Food and Drug Associate (FDA)

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Polaris Market Research has segmented the Covid-19 diagnostics market report on the basis of product & service, sample type, test type, mode, & end-use

COVID-19 Diagnostics Product & Service Outlook (Revenue – USD Million, 2016 – 2027)

Instruments
Reagents & Kits
Service

COVID-19 Diagnostics Sample Type Outlook (Revenue – USD Million, 2016 – 2027)

Nasopharyngeal (NP) swab
Oropharyngeal (OP) swab
Nasal Swabs
Blood
Others

COVID-19 Diagnostics Test Type Outlook (Revenue – USD Million, 2016 – 2027)

Molecular (PCR) Testing
Antigen-based Testing
Antibody (Serology) Testing
Others

COVID-19 Diagnostics Mode Outlook (Revenue – USD Million, 2016 – 2027)

Point-of-Care (PoC)
Non Point-of-Care (Non-PoC)

COVID-19 Diagnostics End-Use Outlook (Revenue – USD Million, 2016 – 2027)

Laboratories
Hospitals
Diagnostic Centers and Clinics
Research Institutes

COVID-19 Diagnostics Regional Outlook (Revenue – USD Million, 2016 – 2027)

North America (U.S., Canada)
Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, Iran, Iraq, South Africa)

List of Key Players of COVID-19 Diagnostics Market

Altona Diagnostics GmbH
Perkin Elmer, Inc.
bioMérieux SA
Luminex Corporation
ADT Biotech
Mylab Discovery Solutions Pvt Ltd
Laboratory Corporation of America Holdings
Quest Diagnostics
Neuberg Diagnostics
Thermo Fisher Scientific, Inc.

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