The global COVID-19 diagnostics market size was USD 16.05 billion in 2020. The market is projected to drop from USD 20.05 billion in 2021 to USD 9.20 billion in 2028 at a CAGR of -10.5% in the 2021-2028 period.
The global COVID-19 diagnostics market size was USD 16.05 billion in 2020. The market is projected to drop from USD 20.05 billion in 2021 to USD 9.20 billion in 2028 at a CAGR of -10.5% in the 2021-2028 period. This information is published by Fortune Business Insights™ in its report titled, “COVID-19 Diagnostics Market, 2021-2028.”
According to our expert analysts, the coronavirus outbreak was stated as a public health emergency in January 2020 by the World Health Organization (WHO). Since then, the amount of COVID-19 positive cases in several nations has elevated drastically. As per statistical data presented by Worldometer, in May 2021, the U.S. registered the maximum COVID-19 cases across the globe, staying responsible for approximately 96.2% in the North American region.
The abrupt advent of the crisis has noted augmented COVID-19 diagnostic happenings, treatment processes, and an upsurge in RandD events for the development of diagnostics, such as molecular assessments and point-of-care tests, among others.
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Report Coverage
The report offers a methodical study of these market segments and a detailed assessment of the market overview. A considerate estimation of the present market trends as well as the imminent opportunities are presented in the report. Furthermore, it offers an extensive examination of the regional insights and how they assist in forming the market growth. The report further identifies the crucial players and their important tactics to remain in the leading position in the market for COVID-19 diagnostics.
Segmentation
Based on the product, the market is divided into instruments and reagents and kits. The instruments segment held a leading market share in 2020 on account of the augmented implementation of polymerase chain reaction (PCR) analyzers and ELISA instruments to conduct RandD for diagnostics purposes.
On the basis of technology, the market is categorized into PCR, ELISA, LFIA, and others.
In terms of sample type, the market is classified into oropharyngeal and nasopharyngeal swabs, nasal swabs, blood, and others.
Based on the setting, the market is branched into lab-based and point of care.
By end-users, the market segments comprise hospitals and clinics, laboratories and diagnostic centers, and others.
Geographically, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Drivers and Restraints
Unveiling of Inventive Devices to Augment Market Growth
Guarding human lives is the most vital component of the healthcare system during this pandemic situation. The requirement of the hour is to have precise diagnostic processes so as to attain primary treatment. This has directed pharmaceutical as well as medical gadget companies to invest in RandD to present new COVID-19 diagnostics kits and tests.
Large-scale and small-scale companies, as well as startups, are leading novel products for patients and healthcare workers. Therefore, this is expected to bolster the COVID-19 diagnostics market growth as long as the coronavirus exists.
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Regional Insights
North America to Dominate Backed by High Occurrence of COVID-19 Cases
North America held the maximum COVID-19 diagnostics market shares and was worth USD 5.28 billion in 2020. The domination of this region regarding the market share is accredited to the rising occurrence of coronavirus infections and greater testing rates for the identification of the virus.
Europe is anticipated to grow at a substantial CAGR owing to the growing frequency of coronavirus infections, pooled with the implementation of advanced technologies to tackle the fatal virus.
The market for COVID-19 diagnostics in Asia Pacific is projected to display strong growth owing to the presentation of advanced testing kits.
Competitive Landscape
Advanced Investments in RandD to Unveil Novel Products to Fast-track Competition
The global market has a scattered structure with the incidence of several players. Among them, some players, such as Abbott, Roche, and Danaher Corporation, are estimated to have the largest share in the market. Having progressive technologies and an extensive diagnostic collection, Roche is projected to have the maximum market share.
List of Key Players Covered in the COVID-19 Diagnostics Market Report
- Abbott (Illinois, U.S.)
- Danaher Corporation (Washington D.C, U.S.)
- Siemens Healthcare GmbH (Germany, Europe)
- Hoffmann-La Roche Ltd (Switzerland, Europe)
- Quidel Corporation (California, U.S.)
- bioMérieux SA (France, Europe)
- Quest Diagnostics Incorporated (New Jersey, U.S.)
- Thermo Fisher Scientific Inc. (Massachusetts, U.S.)
- PerkinElmer Inc. (Massachusetts, U.S.)
- Other Prominent Players
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Read Press Release: https://www.fortunebusinessinsights.com/press-release/global-covid-19-diagnostics-market-10100
Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit COVID-19 Diagnostics Market to Reach USD 9.20 Billion by 2028
