Covid 19 Diagnostics Market is Growing Exclusively at a Strategic CAGR of 6.28% During Forecast to 2023
Market
Highlights:
Global
COVID-19 Diagnostics Market is expected to register a CAGR of 6.28% during the forecast period, with a market value of USD 96,293.9 Million by 2027. COVID-19 is one of the most harmful infectious diseases that
is caused by a coronavirus. Wuhan, China was the first place to experience the
disease’s outbreak, followed by Europe, and then to the other countries
globally by infected people.
Key Players:
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).
Segment 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. On the basis of technology, the market has been bifurcated into
RT-PCR, isothermal amplification, CRISPR, ELISA, hybridization, and others.
Based on End User, the COVID-19
diagnostics market has been segregated into hospitals, public health labs,
private or commercial labs, and others.
Regional
Analysis:
Global
COVID-19 Diagnostics Market, based
on region, has been divided into the Europe, Americas, Asia-Pacific, and the
Middle East & Africa
The
Europe is likely to dominate the global COVID-19 diagnostics market. This can
be attributed to the high COVID-19 morbidity and mortality observed among
residents in long-term care facilities (LTCF) in European Union (EU) and
European Economic Area (EEA) pose a major challenge for disease prevention and
control in such settings, which raises the demand for the wide availability of
diagnostics for immediate detection of COVID-19 cases. According to European
Centre for Disease Control and Prevention, 157 312 deaths in the EU/EEA and the
UK as of 19 May 2020 were reported. Moreover, the support from public & private
organizations in tackling COVID-19 is also expected to drive market growth in
the region.
The
American market for COVID-19 diagnostics is expected to be the second largest
during the forecast period. Rising product launches by major players and
ongoing public and private organizations' efforts to control the spread of the
virus is anticipated to drive the market growth. For instance, in March 2020,
the US FDA issued a EUA for a molecular point of care test kit by Abbott for
the rapid detection of COVID-19. Furthermore, the increasing numbers of corona
virus-positive cases also act as a driving factor and support market growth.
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Asia-Pacific
is estimated to be the fastest-growing market. With an increasing number of
cases, governments across the Asia-Pacific countries are exploring the
opportunities of allowing private laboratories to ramp up testing, which is
boosting the market growth. For instance, In India, the Indian Council of
Medical Research (ICMR) has approved 51 private laboratories for COVID-19 testing
on March 31, 2020. Moreover, the increasing number of COVID-19 cases is
also driving the market growth.
The
market in the Middle East & Africa is expected to witness steady growth.
Countries such as Kuwait, the UAE, and Saudi Arabia are likely to show steady
growth due to increasing COVID-19 cases and rising initiatives by governments
to improve patient care.
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