COVID-19 Diagnostics Market

Posted by NISHA SHAHA on May 9th, 2022

The global COVID-19 diagnostics market accounted for US$ 4.9 billion in 2020 and is estimated to be US$ 8.3 billion by 2029 and is anticipated to register a CAGR of 6.1%.

The report \"Global COVID-19 Diagnostics Market, By Product (Instruments and Reagents & Kits), By Sample Type (Oropharyngeal & Nasopharyngeal Swabs, Blood, Urine, and Others), By Technology (Polymerase Chain Reaction (PCR), Antibody or Enzyme-Linked Immunosorbent Assay (ELISA), Serology, Portable or Point-of-Care (POC), and Others), By End-user (Laboratories, Hospitals, Diagnostic Centers & Clinics, and Research Institutes), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2027”.

Key Highlights:

• In April 2020, the FDA declared that U.S. Cotton has planned to develop polyester-based swabs in large quantities that can also be put to use in sample collection for coronavirus testing. These initiatives are projected to further expand the adoption rate of swabs at a profitable rate.
• In April 2020, GeneFirst the U.K.-based firms, and Rapid Diagnostics in an agreement legalized a COVID-19 assay launched by the former company to be used on the Rapid’s Rapid Minilab RT-PCR Desktop Point of Care Platform. This agreement permitted the development of a POC test with an automatic sample-to-result workflow. Such initiatives are projected to propel the demand for point-of-care tests in the coming years.

Analyst View:

Growth in prevalence’s of coronavirus worldwide

Due to increasing number of cases infected by coronavirus globally, there is increase in need for developing diagnostic tests which is expected to propel the global market growth. In addition, for accurate and efficient COVID-19 diagnosis, clinicians requires an on-site or a portable diagnostic test for real-time management of patients in minimal time. This has led to stimulate the approval of Point-of-Care (POC) testing for diagnosis, mainly designed at decreasing the assay duration from hours to a few minutes. For instance, in March 2020, the Food and Drug Administration (FDA) delivered Emergency Use Authorization (EUA) to the first POC test-Xpert Xpress test developed by Cepheid-for COVID-19 diagnosis. Chembio and Abbott Diagnostics are among the leading market players working in the point-of-care marketplace.

Integration of novel technologies

Adoption of software solutions and novel technologies with COVID-19 testing is projected to create new avenues for market expansion. For example, the manufactures are involved in incorporating artificial intelligence (AI) algorithms in COVID-19 tests for efficient and rapid diagnosis. Moreover, Surgisphere Corporation, a U.S.-based firm, launched an AI-based rapid diagnostic tool for the detection of coronavirus in March 2020. This diagnostic tool involves 99.9% specificity and 93.7% sensitivity, supplementing accurate identification of virus and avoiding transmission of the infection.

Key Market Insights from the report:        

The global COVID-19 diagnostics market accounted for US$ 4.9 billion in 2020 and is estimated to be US$ 8.3 billion by 2029 and is anticipated to register a CAGR of 6.1%. The market report has been segmented on the basis of product, sample type, technology, end-user, and region.

• By product, the reagents and kits segment is accounted to lead the COVID-19 diagnostics market as they are critical components in testing of coronavirus infection with a profit share of 72% in 2020. The WHO has announced nations to expand their diagnostics capacities, which is projected to drive the acceptance of reagents and kits at a large scale.
• By sample type, the oropharyngeal and nasopharyngeal swabs segment is projected to estimate for the highest revenue share of 53% in 2020. Nasopharyngeal swabs are favored method for sample collection as recommended by the CDC. Whereas, in case of absence of nasal swabs, oropharyngeal swabs are also preferred.
• By technology, the PCR segment is anticipated to lead the market in 2020 with a 45% revenue share. PCR is projected to lead owing to majority of the COVID-19 detection tests depending on Reverse Transcriptase Polymerase Chain Reaction (RT-PCR) for quantification of RNA in the samples of coronavirus patients.
• By end-user, laboratories segment is accounted to register for the maximum revenue share of 40% in 2020. The laboratories are continuously expanding their testing capacities to meet the growing demand. Additionally, private laboratories are also directing toward coronavirus testing.
• By region, Europe is likely to lead the target market for COVID-19 diagnostics with a share of 40% in 2020, owing to high awareness levels about the diagnosis, spread, and effective management of coronavirus infection

To know the upcoming trends and insights prevalent in this market, click the link below:

https://www.prophecymarketinsights.com/market_insight/Global-COVID-19-Diagnostics-Market-4255

Competitive Landscape:

The prominent player operating in the global COVID-19 diagnostics market includes Abbott Diagnostics, Accelerate Diagnostics, Expedeon Ltd., Beckman Coulter Inc., Ador Diagnostics, Cepheid Inc., Akonni Biosystems Inc., Bio-Rad Laboratories, Becton, Dickinson and Company, Lonza, and Fusion Genomics Corporation.

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