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.
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We follow a robust research methodology that involves data triangulation based on top-down, bottom-up approaches, and validation of the estimated market numbers through primary research. The information used to estimate the market size and forecast for various segments at the global, regional, and country-level is derived from the most credible published sources and through interviews with the right stakeholders.
The Growth rate or CAGR exhibited by a market for a certain forecast period is calculated on the basis of various factors and their level of impact on the market. These factors include market drivers, restraints, industry challenges, market and technological developments, market trends, etc.
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.
Key Companies and Manufacturers Covered:
- PerkinElmer Inc.
- Quest Diagnostics Incorporated
- Quidel Corporation
- Siemens Healthcare GmbH
- Thermo Fisher Scientific Inc.
- bioMérieux SA
- Hoffmann-La Roche Ltd
- Danaher Corporation
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Key Features of COVID-19 Diagnostics Market Report:
- Overview, Industry Life Cycle Analysis, Supply Chain Analysis
- Size, Trends, Growth Drivers, Constraints, SWOT Analysis, Forecast Analysis
- Competitive Landscapes: Market Share, Product Portfolio, New Product Launches, etc.
- Market attractiveness and Associated Growth Opportunities
- Strategic Growth Opportunities for the Existing and New Players
- Key Success Factors
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. Together, these and similar initiatives are expected to augment the COVID-19 diagnostics market growth throughout 2020.
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