Growing Production of Diagnostic Kits & Instruments to Drive Global COVID-19 Diagnostics Market
Market Overview
Global COVID-19 Diagnostics Market is expected to register a CAGR of 6.28% to reach USD 96,293.9 Million by 2027.
Market Dynamics
Business growth is projected to be driven by the growing number of COVID-19 cases and government & private funds, as well as funding for research & development. With the growing number of coronavirus-infected patients, the demand for COVID-19 diagnostic products is expected to improve more, particularly after the ease of lockdown across the globe. The industry growth is also projected to be guided by the growing number of emergency use permits (EUAs) for diagnostic kits & instruments as well as innovations & sponsorship by non-medical device/diagnostic firms. In recent months, the transitional emphasis of new entrants on at-home testing and integration of innovative software has been noted. In respect to time-consuming laboratory-based research, this is supposed to improve patient comfort. Despite the steady decrease anticipated in the number of positive patients in 2021, business development is expected to be sustained by the introduction of COVID-19 tests into routine diagnostic protocols.
In addition, these research projects are intended to pave the way for the travel industry to equip itself, providing a desirable climate for market-operating companies. During this pandemic epidemic, the tourism and travel industries were most affected, leading to an upsurge in post-August 2020 COVID-19 research initiatives, especially in countries and regions focused on tourism. Which is also supposed to propel the consumer expansion of PoC testing as these experiments will transcend the restrictions associated with conventional testing.
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Segmental Analysis
Global COVID-19 Diagnostics Market has been segmented by Type, Technology, and End Users.
The market, based on type, has been bifurcated into molecular tests and serology tests. Based on type, the molecular tests segment accounted for the largest market share of 58.3% in 2020.
On the basis of technology, the market has been bifurcated into RT-PCR, isothermal amplification, CRISPR, ELISA, hybridization, and others. On the basis of technology, the RT-PCR segment accounted for the largest market share of 25.4% in 2020.
Based on End User, the COVID-19 diagnostics market has been segregated into hospitals, public health labs, private or commercial labs, and others. On the basis of end user, the hospitals segment accounted for the largest market share of 33.6% in 2020.
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Regional Analysis
Global COVID-19 Diagnostics Market, based on region has been divided into the Europe, Americas, Asia-Pacific, and the Middle East & Africa.
It is likely that the European region will lead the global demand for COVID-19 diagnostics. The high number of infected patients in the area can be attributed to this. In addition, the high morbidity and mortality rate of COVID-19 observed among residents of long-term care facilities (LTCF) in EU/EEA countries poses a major challenge to disease prevention and control in such environments, increasing the need for widespread provision of diagnostics for prompt diagnosis of cases of COVID-19.
It is projected that the American market for COVID-19 diagnostics during the analysis period will be the second highest. The rapid outbreak of COVID-19, a highly contagious acute respiratory disease, and the presence of major producers are expected to fuel regional demand growth. In addition, growing product releases by global players are further fuelling the growth of the industry. The dramatic growth in COVID-19 cases and the local involvement of key actors involved in the development and manufacture of diagnostic tests using diverse technologies can be attributed to this. Regulatory agencies such as the U.S. as a consequence of the pandemic In order to improve testing, the FDA and Health Canada are issuing Emergency Use Authorizations (EUA) for COVID-19 test kits. In order to drive regional demand growth, certain factors are expected.
Due to the the number of cases of COVID-19, government & private support for research & development for successful diagnosis, Asia-Pacific is expected to be the fastest-growing region. The above factors are projected to raise the demand for test kits, which will have a positive effect on the growth of the Asia-Pacific diagnostic COVID-19 industry. China and India have added significantly to the revenue produced by this area. China is a major exporter of test kits for COVID-19; more than 100 Chinese firms produce these kits.
Due to growing COVID-19 cases and increasing efforts by governments to strengthen health care, the Middle East & Africa market is projected to see steady expansion.
Competitive Landscape
The Prominent Players in the Global COVID-19 Diagnostics Market are Becton, Dickinson & Company (US), Bio-Rad Laboratories (US), Danaher Corporation (US), Abbott (US), F. Hoffmann-La Roche Ltd (Switzerland), Biomerieux SA (France), Genmark Diagnostics (US), Thermo Fisher Scientific (US), Qiagen (Germany), and Siemens AG (Germany).
Global COVID-19 Diagnostics Market: Information by Type (Molecular Tests, Serology Tests), Technology (RT-PCR, Isothermal Amplification, CRISPR, ELISA, Hybridization), End-User (Hospitals, Public Health Labs, Private or Commercial Labs) and Region (Americas, Europe, Asia-Pacific, Middle East & Africa) - Forecast till 2027Market DynamicsBusiness growth is projected to be driven by the growing number of COVID-19 cases and government & private funds, as well as funding for research & development.
The industry growth is also projected to be guided by the growing number of emergency use permits (EUAs) for diagnostic kits & equipment as well as innovations & sponsorship from non-medical device / diagnostic firms.Furthermore, the incorporation of COVID-19 development of novel innovations and technical applications is expected to open new opportunities for business growth.
For example, in the COVID-19 tests for fast and successful diagnosis, market participants are inclined to integrate Artificial Intelligence ( AI) algorithms.
In July 2020, the University of Oxford has released findings on the use of AI algorithms for patient screening.It is expected that strong financing and investments from both public and private entities will drive molecular diagnostic companies to produce diagnostic products for COVID-19, thus pushing the market.
In June 2020, for example, NIH announced the announcement of four funding resources to speed up SARS-COV-2 screening studies for disadvantaged and underserved communities to decipher and address the inequality discrepancy.Request Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/9710SegmentationGlobal COVID-19 Diagnostics Market has been segmented by Type, Technology, and End Users.
The high number of contaminated patients in the area can be attributed to this.
“The Latest Research Report Global COVID-19 Diagnostics Market By 2027 provides information on Market Size, Analysis, Shares, Forecast, Emerging Technologies and Company Profiles for key Industry Participants – Market Research future”COVID-19 Diagnostics Market LandscapeThe COVID-19 diagnostics market is poised to garner USD 96,293.9 Million by 2027 and is expected to generate it at a rate of 6.28%.
The report of Market Research Future offers an extensive analysis of changing market dynamics according to the new scenario, a business performance due to the effect of COVID 19, industry roadmap, as well as the latest competitive scenario.Read more news on: https://www.medgadget.com/2020/08/covid-19-diagnostics-market-to-reach-usd-96293-9-million-at-a-cagr-of-6-28-by-2025-industry-insights-size-estimation-growth-analysis-development-trends-opportunities-top-company-players.htmlCOVID-19 Diagnostics Market Significant PlayersThe significant players in the global COVID-19 diagnostics market noted are Dickinson & Company (US)BectonDanaher Corporation (US)Bio-Rad Laboratories (US)Biomerieux SA (France)F. Hoffmann-La Roche Ltd (Switzerland)Qiagen (Germany)Thermo Fisher Scientific (US)Siemens AG (Germany)COVID-19 Diagnostics Growth BoostersCOVID-19 is a tremendously infectious disease caused by the Coronavirus.
Symptoms and conditions of the disease go from mild to moderate respiratory uneasiness.
While most may improve without any need for special treatment, the virus can cause critical issues or severe illness and even death in older individuals and persons with underlying medical problems such as cardiovascular disease, diabetes, cancers, and chronic respiratory diseases.
Outbreaks have been gradually regular over the past few months, and there is an urgent need for accurate diagnostic methods for the Coronavirus.With the fast increasing number of cases of COVID-19 patients around the world, doctors and healthcare professionals require a sound supply of diagnostic kits.
This has resulted in the essential and proper development and production of diagnostic kits in bulk, which is a crucial factor that is presently boosting the growth of the global COVID-19 diagnostics market.Governments of several countries are providing funds and support for the manufacturing of a range of products that are required to treat, diagnose, and prevent the spread of the COVID-19.
Global Biologics Market Growth Report: by Product (Monoclonal Antibody, Interleukins, Vaccines, Growth Factors, Gene Therapy, Others), by Disease Indication (Rheumatoid Arthritis, Psoriasis/Psoriatic Arthritis, Cancer, Diabetes, Others), by Manufacturing (In-house, Sourced), and Region - Forecast to 2023The Global Biologics Market Growth is anticipated to touch USD 285,520.4 million at a 6.95% CAGR between 2018-2023, states the new Market Research Future (MRFR) report.
Biologics, simply put, are made from materials that come from various living organisms such as animals, humans, and microorganisms, namely yeast or bacteria.
They are widely used for providing effective treatment for several complex diseases, including Crohn’s disease, psoriasis, and rheumatoid arthritis, which have limited options for treatment.
Biologics is transforming the manner in which physicians treat common conditions that have plagued people for years.
Such factors, as per the new Market Research Future report, include unremitting research & development activities, rising regulatory convergence, increasing government initiatives in the healthcare sector, growing demand as well as higher acceptability of innovative therapies, and the emergence of orphan drugs and personalized medicines.
On the contrary, stringent government regulations, higher supervision, the rise of biosimilars, pricing pressures coming from regulators, difficulty to manufacture biologics, and side effects such as breathing problems, chest pain, change in blood pressure, and gastrointestinal complications are factors that may hamper the biologics market growth during the forecast period.
Market Analysis The global biologics market is anticipated to touch USD 285,520.4 million at a 6.95% CAGR between 2018-2023, states the new Market Research Future (MRFR) report.
They are widely used for providing effective treatment for several complex diseases, including Crohn’s disease, psoriasis, and rheumatoid arthritis, which have limited options for treatment.
Such factors, as per the new Market Research Future report, include unremitting research & development activities, rising regulatory convergence, increasing government initiatives in the healthcare sector, growing demand as well as higher acceptability of innovative therapies, and the emergence of orphan drugs and personalized medicines.
On the contrary, stringent government regulations, higher supervision, the rise of biosimilars, pricing pressures coming from regulators, difficulty to manufacture biologics, and side effects such as breathing problems, chest pain, change in blood pressure, and gastrointestinal complications are factors that may hamper the biologics market growth during the forecast period.
Of these, the cancer segment dominated the market in 2018, but rheumatoid arthritis is predicted to dominate the biologics market over the forecast period for the rapid approval of different drugs by the regulatory agencies.
As the market is set to register a high CAGR of 6.95% and is also anticipated to reach a US$285,520.4 million by 2023, the report highlights key areas companies need to focus on.
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