This Market report “Global COVID-19 Diagnostics Market Research Report By 2027” provides detailed insight covering all important parameters including Development Trends, Challenges, Opportunities, Key Manufacturers and Competitive Analysis.
COVID-19 Diagnostics Market Analysis
Global COVID-19 diagnostics market is expected to exhibit a solid 6.28% CAGR over the forecast period from 2020 to 2027, according to the latest research report from Market Research Future (MRFR). The global COVID-19 diagnostics market is expected to reach a valuation of close to USD 96.3 billion by 2027. The research report profiles the global COVID-19 diagnostics market in great detail and provides readers with a comprehensive overview of the market. The market’s historical growth trajectory, present conditions, and future growth prospects are studied in the report. The report provides a comprehensive overview of the market’s historical growth trajectory by detailing the historical stats regarding the market. Future projections are based on the detailed historical stats offered in the report.
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Based on this platform, future projections for the COVID-19 diagnostics market’s growth trajectory over the forecast period are provided in the report. The report also profiles the leading players in the global COVID-19 diagnostics market and gives readers a comprehensive analysis of the leading players in the global COVID-19 diagnostics market. The report also profiles the major drivers and restraints affecting the global COVID-19 diagnostics market. The factors making the market tick and those holding the market back are studied in detail in the report. The impact of the COVID-19 pandemic on the COVID-19 diagnostics market is also assessed in the report.
COVID-19 is a disease caused by a strain of the coronavirus. It primarily affects the lungs and results in fever and inability to breathe. The growing global pandemic of COVID-19 has been the major driver for the global COVID-19 diagnostics market over the last few months. Over the last few months, COVID-19 cases have risen at a rapid rate all over the world, including developed as well as developing countries. This has driven the demand for effective COVID-19 diagnostics in the last few months. Due to the growing threat of the coronavirus, the demand for effective diagnostic testing kits has grown at a rapid rate. This is likely to remain the major driver for the COVID-19 diagnostics market over the forecast period. The market has excellent prospects over the short term, as governments as well as private agencies have made significant purchases of COVID-19 diagnostics.
The market’s future is uncertain in the long term, as once a vaccine to coronavirus is found, the demand for COVID-19 diagnostics is likely to decrease significantly. However, the temporary boost to the market due to the coronavirus pandemic is likely to be favorable to a number of players in the market.
COVID-19 Diagnostics Market Competitive Leaderboard:
Leading players in the global COVID-19 diagnostics market include Siemens AG, Qiagen, Thermo Fisher Scientific, Genmark Diagnostics, Biomerieux SA, F. Hoffman-La Roche Ltd., Abbott, Danaher Corporation, Bio-Rad Laboratories, and Becton Dickinson and Company.
In May 2020, Thermo Fisher Scientific received a U.S. government contract to provide highly specialized viral transport media for coronavirus sample collection.
In April 2020, Becton Dickinson and Company received an Emergency Use Authorization from the U.S. FDA.
COVID-19 Diagnostics Market Segmentation:
The global COVID-19 diagnostics market is segmented on the basis of type, technology, end use, and region.
By type, the global COVID-19 diagnostics market is segmented into molecular tests and serology tests.
By technology, the global COVID-19 diagnostics market is segmented into RT PCR, isothermal amplification, CRISPR, ELISA, hybridization, and others.
By end use, the global COVID-19 diagnostics market is segmented into hospitals, public health labs, and private and commercial labs. The hospitals segment held a dominant share in the global COVID-19 diagnostics market in 2021 and is likely to remain the leading segment of the COVID-19 diagnostics market over the forecast period.
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COVID-19 Diagnostics Market Regional Analysis:
Europe is likely to dominate the global COVID-19 diagnostics market over the short term, due to the growing number of COVID-19 cases in countries such as Italy, the UK, France, and Germany. These countries have featured near the top of the most number of patients suffering from COVID-19 and are likely to remain in the lead in the coming months, leading to a growing demand for COVID-19 diagnostics.