COVID-19 Diagnostics Market Size to reach USD 11.40 Billion, Market Rising in United States And Europe
The global “COVID-19 Diagnostics Market” is projected to reach USD 11.40 billion by 2027, exhibiting a CAGR of 7.9% 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™ 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, and Research Institutes), 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.
Get Request a Sample Copy of the COVID-19 Diagnostics
Report:
|
North America |
United States, Canada and Mexico |
|
Europe |
Germany, UK, France, Italy, Russia and Turkey
etc. |
|
Asia-Pacific |
China, Japan, Korea, India, Australia, Indonesia,
Thailand, Philippines, Malaysia and Vietnam etc. |
|
South America |
Brazil, Argentina, Columbia etc. |
|
Middle East & Africa |
Saudi Arabia, UAE, Egypt, Nigeria and South
Africa |
Abbott Bags U.S. FDA Emergency Use
Authorization for ID NOW – A Molecular POC Test
In March 2020,
Abbott received the U.S. FDA Emergency Use Authorization (EUA) for ID NOW – a
molecular POC test – for the detection of COVID-19. The rapid test offers
positive results within 5 minutes and negative results in around 13 minutes.
Abbot noted that the test would run on its ID NOW platform, offering fast and
accurate results in a broad range of healthcare settings, including urgent care
clinics, physicians’ offices, and hospital emergency departments.
Increasing Prevalence of COVID-19 to Create
Promising Market Opportunities
Since the COVID-19
pandemic started, a daily exponential rise in coronavirus cases was witnessed.
With millions of people suffering from COVID-19 infections across the world,
the demand for fast, reliable, and accurate testing has gone up. As diagnostic
companies and biopharmaceutical firms accelerate R&D efforts, the market
will witness steady growth. The prevailing and highly uncertain nature of the
pandemic is expected to drive the COVID-19 diagnostics market growth over the
projected period.
Major COVID-19 Diagnostics Market Key players covered in the
report include:
- PerkinElmer
Inc.
- Quest
Diagnostics Incorporated
- Quidel
Corporation
- Siemens
Healthcare GmbH
- Abbott
- Thermo
Fisher Scientific Inc.
- bioMérieux
SA
- Hoffmann-La
Roche Ltd
- Danaher Corporation
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