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(TM) in its report, titled "COVID-19 Diagnostics Market Size, Share & Industry Analysis, By Product (Instruments and Reagents & Kits), By Technology (PCR (Polymerase Chain Reaction), ELISA (Enzyme-linked Immunosorbent Assay), Point-of-care (POC), and Others), By Sample Type (Oropharyngeal and Nasopharyngeal Swabs, Blood, Urine, and Others), By End User (Hospitals & Clinics, Laboratories & Diagnostic Centers, Research Institutes, and Others), and Regional Forecast, 2020-2027".
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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The report states that the value of the global market stood at USD 6.22 billion in 2020 and also provides the following:
-- Detailed analysis of the short-term and long-term impact of the COVID-19 pandemic on the market;
-- Comprehensive insights into the upcoming opportunities in the market;
-- In-depth of the market, drivers, restraints, and segments; and
-- Careful examination of the regional developments, competitive landscape, and rising investment pockets for the market.
Concerted Efforts towards Developing COVID Detection Tests to Accelerate Growth
With the COVID-19 pandemic showing no signs of abatement, medical and regulatory bodies are collaborating to encourage innovation and speed up research in developing coronavirus detection tools.
For instance, in April 2020, the National Institutes of Health in the US announced the launch of Rapid Acceleration of Diagnostics (RADx) initiative with a funding of USD 1.5 billion to commercialize and widen the accessibility of COVID-19 testing.
Similarly, in June 2020, the US Food and Drug Administration (FDA) joined the COVID-19 Diagnostics Evidence Accelerator created by the Friends of Cancer Research and Reagan-Udall Foundation with the aim to evaluate the performance of PCR and antibody tests for COVID.
Click here to get the short-term and long-term impact of COVID-19 on 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.
-- 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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List of Key Players Covered in this COVID-19 Diagnostics 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)
-- bioMerieux SA (France)
-- F. Hoffmann-La Roche Ltd (Switzerland)
-- Danaher Corporation (Washington D.C, U.S)
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COVID-19 Diagnostics Market Segmentations:
? Reagents & Kits
? Polymerase Chain Reaction (PCR)
? Enzyme-linked Immunosorbent Assay (ELISA)
? Point-of-care (POC)
By Sample Type
? Oropharyngeal & Nasopharyngeal Swabs
By End User
? Hospital & Clinics
? Laboratories & Diagnostics Centers
? Research Institutes
? 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)
SECONDARY DATA SOURCES THAT WE REFER TO:
-- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
-- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
-- Website, reports, and press releases of end user facilities - Hospitals, Ambulatory Surgery Centres, Clinics
-- Industry journals and paid databases
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
-- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
-- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
-- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
-- Number of procedures and average price of procedures
-- Replacement rate and pricing of capital equipment
-- Market dynamics in relation to the market under focus - Drivers, restraints, trends, and opportunities
-- Market & technological trends, new product developments, product pipeline.
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