The global COVID-19 Diagnostics market size is expected to be worth around US$ 104.9 billion by 2028 from US$ 84.5 billion in 2020 and is anticipated to grow at a CAGR of 3.5% during forecast period 2021 to 2028.
High investments by medical technology companies are expected to offer profitable opportunities for the coronavirus testing industry. These companies have witnessed a moderate to high spike in the revenue generated by the diagnostics/testing business segments in 2020, attributed to the pandemic outbreak. Such key industry entities have also witnessed a high influx of orders exceeding their manufacturing capacities, which has compelled these companies to increase their output by reorganizing their test production structures.
Get the sample pages of report@ https://www.visionresearchreports.com/report/sample/36647
Expanding scales of COVID-19 testing are expected to be a boon for various medical technology companies operating in the market. Additionally, the government authorities are actively moving forward to scale up COVID-19 testing, further creating a favorable environment for emerging diagnostic companies and new entrants. Both smaller entities and multi-national companies have undertaken unprecedented mobilization to ensure timely availability of the tests.
The services segment is estimated to dominate the market with a revenue share of 48.36% in 2020. Service providers are boosting their testing capabilities by expanding technological footprints in existing labs and diagnostic centers as well as by launching new, high-capacity laboratories, which has contributed to the segment growth.
Collaborations between governments, test developers, public health organizations, and private laboratories accelerate the expansion of testing capacities. For instance, Novacyt, a France-based diagnostics company, formed a strategic alliance with GlaxoSmithKline, AstraZeneca, and the University of Cambridge to increase testing capacity in the U.K.
The reagents and kits segment is expected to register the fastest CAGR of 3.12 from 2020 to 2027. The accelerated approval process is a major factor contributing to the significant growth of this segment. In response to the pandemic, companies are implementing various strategic initiatives, such as new product development and collaborations. For instance, in September 2020, Veredus Laboratories Pte Ltd. launched an extraction-free RT-PCR suite that includes VereRT COVID-19 PCR kit for direct use either from a swab or human saliva.
The nasopharyngeal swabs segment is estimated to account for the largest revenue share of 43.89% in 2020. Nasopharyngeal swabs have been observed to exhibit a significantly higher SARS-CoV-2 sensitivity, detection rate, and viral load than other swab types. Thus, this swab type is primarily recommended when testing for COVID-19 and assessing SARS-CoV-2 load, resulting in the largest revenue share of this segment. With accelerated production and supply of nasopharyngeal swabs, this segment is anticipated to grow at a lucrative rate during the forecast period. In addition, the majority of molecular diagnostic tests utilized for the detection of infection use nasopharyngeal swabs specimen.
The blood sample type segment is estimated to register the highest growth rate of 3.8% from 2020 to 2027. This is attributed to the steep elevation in the introduction of blood-based serology tests/antibody detection tests for the detection of SARS-CoV-2 infection. The major advantage of serology tests is their ability to detect asymptomatic symptoms of SARS-CoV-2 infection. Owing to this benefit, the demand for blood-based antibody detection testing has increased significantly in the market.
Buy this premium research report, click here@ https://www.visionresearchreports.com/report/cart/36647 OR Call: +1 9197 992 333
Molecular (PCR) testing is projected to dominate the market in 2020 with a revenue share of over 60.0%. Currently, the PCR technique is considered to be the most accurate for the detection of COVID-19, thereby leading to a tremendous increase in the adoption of PCR testing kits. Owing to the advantages of the PCR technique in detection, laboratories, hospitals, diagnostic centers and clinics, and research institutes are preferring this technique over others.
The antigen-based testing is expected to expand at the highest CAGR of 5.5% from 2020 to 2027. Antigen- and antibody-based tests are observed to be considerably more stable than RNA samples, which makes them less hazard-vulnerable during storage and transportation, thus minimizing the chances of false-negative results. Moreover, antigens and antibodies are more uniformly available in sputum and blood samples, thus improving testing accuracy. However, the most significant advantage of immunoassays is their capability in the detection of past infections.
The non-POC (centralized) testing segment is expected to dominate the market in 2020 with over 60.0% share. Currently, most of the COVID-19 tests are carried out in the laboratory environment, thus centralized or laboratory testing is currently the key testing mode in the market. Incorporation of automated high throughput systems facilitates efficient processing of a high number of samples at a given point of time without hampering the quality and integrity of the result. These factors are making centralized testing a critical element in a viable COVID-19-response strategy to circumvent the spread.
As a result, hospitals have centralized their lab operations into one core facility, rather than sending specimens to multiple places. Several companies are launching products suitable for lab-based COVID-testing, including Quest Diagnostics and Perkin Elmer. In September 2020, Eurofins Diatherix launched the Flu Plus test that can be used across multiple end-use settings, such as hospitals, physicians’ offices, nursing homes, and reference labs nationwide for COVID-19 detection.
Point-of-care (PoC) COVID-19 tests are expected to gain immense traction in the near future, thus estimated to expand at the highest CAGR of 3.12 from 2021 to 2027. The development of point-of-care technology for the detection of COVID-19 infection is aimed at reducing the assay duration and scaling up the testing capacity to prevent further transmission of the disease, which has led to the segment’s highest growth rate. In September 2020, a Cambridge hospital demonstrated the combined use of antibody testing and rapid point-of-care nucleic acid to improve patient outcomes. This approach can be particularly useful in low resource settings as centralized testing capabilities are scarce and the number of new confirmed cases is witnessing exponential growth.
The laboratories segment is estimated to account for the largest revenue share of 39.95% in 2020. The increasing number of laboratories are leveraging high-throughput technologies to process COVID-19 tests rapidly and effectively on a large scale. This is driven by the effective implementation of favorable reimbursement policies in developed economies. For instance, the Medicare reimbursement rate for high-throughput molecular tests pertaining to COVID-19 detection has been doubled by the Centers for Medicare & Medicaid Services.
The diagnostic centers and clinics segment is expected to expand at the fastest growth rate of 4.5% from 2020 to 2027. According to NHS England, up to 20% of patients have hospital-acquired COVID-19 infection. This is encouraging many individuals to opt for diagnostics centers over hospitals for COVID-19 testing, which is a major factor contributing to revenue generation for this segment. Thus, the need to eliminate the risk of acquiring COVID-19 in hospitals is boosting the growth of the diagnostic centers and clinics segment.
North America dominated the market with a share of 33.55% in 2020. This can be attributed to the rapid increase in COVID-19 cases and the local presence of key players engaged in the development and manufacturing of diagnostic tests incorporating various technologies. As a result of the pandemic, regulatory bodies such as the U.S. FDA and Health Canada are granting Emergency Use Authorizations (EUA) to COVID-19 test kits in order to boost testing. Such factors are anticipated to fuel regional market growth.
The U.S. has emerged as a key contributor to the regional revenue, primarily attributed to the effective scaling-up of COVID-19 tests by the local companies. Additionally, the presence of key laboratories, such as Quest Diagnostics and Laboratory Corporation of America (LabCorp), has strengthened the country’s market for COVID-19 diagnostics. As of September 28, 2020, Quest Diagnostics performed around 15.7 million COVID-19 molecular diagnostic tests and nearly 3.8 million COVID-19 antibody tests. Such initiatives are anticipated to enable large-scale testing in the country.
- Hologic Inc.
- Thermo Fisher Scientific, Inc.
- F. Hoffman-La Roche Ltd.
- Perkin Elmer, Inc.
- Veredus Laboratories
- 1drop Inc.
- ADT Biotech Sdn Bhd
- Laboratory Corporation of America Holdings
- bioMérieux SA
- Mylab Discovery Solutions Pvt. Ltd.
- Neuberg Diagnostics
- ALDATU BIOSCIENCES
- Quidel Corporation
- Quest Diagnostics
- altona Diagnostics GmbH
- Luminex Corporation
- Product & Service Outlook
- Reagents & Kits
- Sample Type Outlook
- Nasopharyngeal (NP) swabs
- Oropharyngeal (OP) swabs
- Nasal swabs
- Test Type Outlook
- Molecular (PCR) Testing
- Antigen-based Testing
- Antibody (Serology) Testing
- Mode Outlook
- Point-of-Care (PoC)
- Non Point-of-Care (Non-PoC)
- End-use Outlook
- Diagnostic Centers and Clinics
- Regional Outlook
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East Africa (MEA)
- South Africa
- Saudi Arabia
- North America
The COVID-19 Diagnostics market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of COVID-19 Diagnostics market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global COVID-19 Diagnostics market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the COVID-19 Diagnostics market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted COVID-19 Diagnostics market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the COVID-19 Diagnostics capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of COVID-19 Diagnostics by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global COVID-19 Diagnostics market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major COVID-19 Diagnostics market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of COVID-19 Diagnostics market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the COVID-19 Diagnostics industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The COVID-19 Diagnostics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to COVID-19 Diagnostics market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of COVID-19 Diagnostics market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new COVID-19 Diagnostics market. These factors have benefited the growth of the global market for COVID-19 Diagnostics. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for COVID-19 Diagnostics. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of COVID-19 Diagnostics are as follows:
- Historic Year: 2017-2020
- Base Year: 2020
- Forecast Year 2021 to 2028
Reasons to Purchase this Report:
– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
Buy this premium research report, click here@ https://www.visionresearchreports.com/report/cart/36647 OR Call: +1 9197 992 333
My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!