COVID-19 Diagnostics Market 2021 | Size to Hit USD 8.04 Billion With 2.7% CAGR by 2027

Pune, India, March 26, 2021 (GLOBE NEWSWIRE) — The global COVID-19 diagnostics market size is projected to reach USD 8.04 billion by 2027, exhibiting a CAGR of 2.7% during the forecast period. Uncontrolled spread of the coronavirus worldwide will be the major factor propelling the growth of this market, shares Fortune Business Insights™

Industry Developments:

May 2020: Sofia 2 SARS Antigen FIA test developed by Quidel was green lit by the FDA, making it the first antigen test approved in the US for the detection of COVID-19. These tests identify unique protein fragments found on the outer walls of the coronavirus and deliver quick results.

March 2020: The US FDA cleared Abbott’s molecular point-of-care test for detection of COVID in patients through its Emergency Use Authorization (EUA). The test promises to deliver positive results in 5 minutes and negative results in 13 minutes.

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According to Johns Hopkins University, global COVID-19 infections reached 100,000 in just 60 days, growing to 200,000 in the next 12-14 days, and the recent addition of 100,000 cases has taken only 3 days. The calculation of the spread of this disease is based on the estimation of the “reproduction number” or R Naught (Ro).

The UK Research and Innovation organization states that if the Ro goes above 1, exponential growth will be witnessed. As per a study published in the Journal of Clinical Medicine based on the virus transmission rate in Wuhan, the Ro was computed to be between 2.49 and 2.63. Such rapid transmission of the virus has surged the demand for coronavirus diagnostics tools and kits, which is boosting the growth of this market.

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High Number of COVID-19 Cases to Give North America Leading Market Position

The United States is one of the worst-hit countries in the world by the coronavirus pandemic, with the number of cases as of June 2020 standing at 2.68 million and 129,000 deaths. In response, the US government is injecting more funds into medical research facilities to accelerate development of COVID-19 diagnostics and widen the testing net in the country. The region’s market size in 2020 stood at USD 2.20 billion.

In Europe, the virus is spreading at a furious pace, with the UK, Italy, Spain, France, and Germany having the highest number of cases. Quick adoption of advanced detection tools in the region will enable it to expand its footprint in the COVID-19 diagnostics market share in the immediate future. Heavy investments by governments in Asia Pacific in the healthcare sector are expected to favor market growth in the region.

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Regulatory Support to Novel Diagnostic Solutions to Encourage Innovation

The coronavirus is tightening its hold on the world and pharmaceuticals and governments are in a race against time to develop and launch quick and accurate diagnostic tests for this deadly virus. As a result, bodies such as the FDA are providing the necessary support to companies by removing unnecessary regulatory barriers, which is encouraging other players to innovate.

List of Key Players Covered in this Market Report:

• PerkinElmer Inc. (Massachusetts, U.S)
• Quest Diagnostics Incorporated (New Jersey, U.S)
• Quidel Corporation (California, U.S)
• Siemens Healthcare GmbH (Germany)
• Abbott (Illinois, U.S)
• Thermo Fisher Scientific Inc. (Massachusetts, U.S)
• bioMérieux SA (France)
• F. Hoffmann-La Roche Ltd (Switzerland)
• Danaher Corporation (Washington D.C, U.S)

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Global COVID-19 Diagnostics Market Segmentation :              

By Product

• Instruments
• Reagents & Kits
• By Technology
• Polymerase Chain Reaction (PCR)
• Enzyme-linked Immunosorbent Assay (ELISA)
• Point-of-care (POC)
• Others

By Sample Type

• Oropharyngeal & Nasopharyngeal Swabs
• Blood
• Urine
• Others

By End User

• Hospital & Clinics
• Laboratories & Diagnostics Centers
• Research Institutes
• Others

By Geography

• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• The Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)

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