COVID-19 Diagnostics Market to 2027, Future Outlook, COVID-19 Impact Analysis, Forecast 2021-2027

 

Global COVID-19 Diagnostics market is estimated to reach $9.4 billion in 2027, by growing at a CAGR of -21.6% during the forecast period (2021-2027). The global COVID-19 diagnostic market is expected to grow significantly owing to the increasing number of COVID-19 cases, cohesive government initiatives and investment, development of new diagnostic tests, and the regional government approvals. A massive surge in testing will be witnessed in all the affected economies around the globe. Moreover, an increment in testing will be witnessed in emerging economies such as India, China, Brazil, among others, as compared to the 2020 YoY level. However, a downfall is expected to be witnessed in 2020 in developed economies, including the US, Germany, UK, France, Spain, Italy, Canada, among others. It is due to the control on the COVID-19 cases by these economies, rapid manufacturing, and distribution of the vaccine among its population, and decrement in the overall cost of diagnostic tests all across the globe.

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Expansion of COVID-19 testing facilities

In terms of increasing the accessibility of testing at several locations, the government of the countries is particularly focusing on the expansion of their testing centers. Apart from aiming to increase access to testing among the population, this initiative aims to prevent further spread of novel coronavirus. For instance, on 24th April 2020, as part of the UK government initiative to expand testing for thousands of more key workers at the National Health Service (NHS) and others, the COVID-19 mobile testing facility was opened on the Isle of Wight.

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This facility has been arranged through close collaboration working with the Local Resilience Forum (LRF) to support key workers who have started to experience symptoms of COVID-19 in the past five days, to access local facilities, instead of having to travel to the mainland. The free testing facility is also provided by the government to encourage suspected people to know the status of their condition. On 30th June 2020, Bavaria (German state) declared that it is offering free of charge COVID-19 tests to all its residents. Under the rules, free tests are available in the country for people with symptoms including fever and the country’s 16 states performed frequent tests among high-risk groups such as hospitals, retirement homes, and daycare centers.

Scope of the Global COVID-19 Diagnostics Market

Market Coverage

·        Market number available - 2021-2027

·        Base year- 2020

·        Forecast period- 2021-2027

·        Segment Covered- By Type, Technology and End user

·        Regions Covered- North America (US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and Rest of World (Middle East and Africa, Latin America)

·        Competitive Landscape- Abbott Laboratories Inc., biomérieux SA, Cellex Inc., Cepheid Inc., F. Hoffman-La Roche AG, Laboratory Corp. of America Holdings, Luminex Corp., PerkinElmer Inc., Mylab Discovery Solutions Pvt Ltd., Thermo Fisher Scientific Inc.

Recent Strategic Initiatives in the Global COVID-19 Diagnostics Market

·        In the first week of August 2020, Abbott reported that it has shipped 6.5 million of its rapid ID NOW coronavirus tests, 5.6 million of its molecular lab tests (m2000 and Alinity m), and more than 13 million ARCHITECT and Alinityi COVID-19 antibody tests, which were launched in mid-April 2020, as its third COVID-19 tests, to customers across the US.

·        In April 2020, ADT Biotech received a license for the LyteStar 2019-nCoV RT-PCR Kit and the LyteStar SARS-CoV-2 RT-PCR Kit S for import in India after receiving validation by the ICMR (Indian Council of Medical Research), Ministry of Health & Family Welfare, India, and CDSCO (Central Drugs Standard Control Organisation).

Global COVID-19 Diagnostics Market-Segmentation

By Technology

·        Polymerase Chain Reaction (PCR)

·        Antibody or Enzyme-Linked Immunosorbent Assay (ELISA)

·        Serology

By Type

·        Instruments

·        Reagents & Kits

By End user

 

·        Hospitals

·        Diagnostic Centers & Urgent Care Clinics

·        Research Labs

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Global COVID-19 Diagnostics Market– Segment by Country

North America

·        US

·        Canada

Europe

·        UK

·        Germany

·        France

·        Italy

·        Spain

·        Rest of Europe

Asia-Pacific

·        China

·        Japan

·        India

·        Rest of Asia-Pacific

Rest of the World

Company Profiles

·        Abbott Laboratories Inc.

·        biomérieux SA

·        Cellex Inc.

·        Cepheid Inc.

·        F. Hoffman-La Roche AG

·        Laboratory Corp. of America Holdings

·        Luminex Corp.

·        PerkinElmer Inc.

·        Mylab Discovery Solutions Pvt Ltd.

·        Thermo Fisher Scientific Inc

·        Quidel Corp.

·        Seegene Inc.

·        SureScreen Diagnostics Ltd.

·        Veredus Laboratories

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