COVID-19 Diagnostics - Global Market Outlook (2021 - 2028)

COVID-19 Diagnostics - Global Market Outlook (2021 - 2028)

According to Stratistics MRC, the Global COVID-19 Diagnostics Market is accounted for $67,119.96 million in 2021 and is expected to reach $116,531.28 million by 2028 growing at a CAGR of 8.2% during the forecast period. COVID-19 is an infectious disease caused due to Corona virus. Its symptoms include mild to moderate respiratory discomfort. While most may recover without any need for special treatment, the virus can cause major issues or serious illness and even death in older individuals and persons with underlying medical problems such as diabetes and cancers. As it has been the cause of numerous deaths, and infections in the past there is an urgent need for accurate diagnostic methods.

Market Dynamics:

Driver:

Rising prevalence of coronavirus disease

The sudden rise in the communicable coronavirus disease leading to a global pandemic has resulted in the escalating demand for COVID-19 diagnostic procedures and products. According to the Worldometer statistics, there has been a continuous rise in new daily cases across the globe. According to the World Health Organization (WHO), as of 18th May 2021, 163,312,429 people globally are affected with COVID-19. Such rapid daily rise in cases has surged the adoption of COVID-19 diagnostic tests so as to provide early treatment to patients. This is likely to increase the sales of reagents & kits used in the detection of the virus. Additionally, rising R&D activities are likely to drive market growth during the forecast period. Also, higher investments are being made by several companies to support the development of diagnostic solutions. For instance, in July 2020, the National Institutes of Health (NIH) invested USD 248.7 million in new technologies to address challenges associated with COVID-19 diagnostics (which detects SARS-CoV-2 coronavirus).

Restraint:

Stringent regulatory framework

Though the COVID-19 diagnostic market has tremendous potential and upcoming opportunities, there are some challenges that are likely to hinder the growth of the global market. Owing to the continuous rise in COVID-19 infections worldwide, the demand for better, safer, and faster detection kits to provide successful treatment to patients has created havoc in the diagnostics market. However, despite the dire need for these diagnostic tools, manufacturers have to pass through stringent regulatory restrictions to launch novel kits and maintain the supply chain. For instance, every country has its own regulatory authority implementing different regulations and guidelines for manufacturers. To ensure the safety of products, the U.S Food and Drug Administration (FDA), the Centers for Disease Control and Prevention (CDC), and other regulatory bodies have updated their guidelines. Moreover, increasing budgetary constraints are also likely to impact the market growth during the forecast period.

Opportunity:

Launch of innovative products

Protecting human lives is the most crucial element of the healthcare system during a pandemic situation. The need of the hour is to have accurate diagnostic procedures so as to receive early treatment. This has led pharmaceutical and medical device companies to invest in R&D to launch novel testing kits and assays. Large and small companies, as well as startups, are introducing new products for patients and healthcare personnel. For example, in May 2021, Cipla Limited, in partnership with Ubio Biotechnology Systems Pvt. Ltd announced the launch of the test kit ViraGen in India for corona diagnosis. This serology test is performed by collecting and analyzing saliva samples for detection of the coronavirus antigen.

Threat:

The stringent regulation of the framework

The restraining factor includes the stringent regulation of the framework and that mainly includes the development of the new test kits and which might be considered to be a limited covid 19 diagnostic market growth. In this situation, the dire need for the diagnostic tools appears to be stringent as it regulates launch the of novel kits and the maintenance of the supply chain management. This enables the safety of the products and it mainly includes the regulatory authority of implementation of the different regulations along with the guidelines for better manufacture.

The reagents & kits segment is expected to be the largest during the forecast period

The reagents & kits segment is expected to be the largest share during the forecast period due to the increasing demand for the products with respect to the increasing R&D in the companies coupled with the growing need for detection of the diseases. As these kits are one-time use, they need to be bought in bulk quantities and need to be supplied regularly.

Region with highest share:

Asia Pacific is projected to hold the largest share in the market due to increasing cases of coronavirus along with the presence of several industry players. APAC emerged as the largest Covid-19 diagnostics market and is likely to retain its position during the forecast year due to the widespread COVID infection in the population.

Region with highest CAGR:

North America is projected to have the highest CAGR in the market due to increasing virus testing rates, as this region is one of the most affected regions by the virus. For instance, according to the Worldometer statistics, the U.S. recorded more than 33 million cases as of May 2021 and conducted over 470 million tests.

Key players in the market:

Some of the key players profiled in the COVID-19 Diagnostics Market include Abbott Diagnostics, Accelerate Diagnostics, Ador Diagnostics, Akkoni Biosystems, Alveo Technologies, Applied BioCode, Aus Diagnostics, BD Diagnostics, Biocartis, BioFire Diagnostics, bioMerieux, Bio-Rad Laboratories, Bosch Healthcare Solutions GmbH, Cepheid, Co-Diagnostics, Cue Health, Curetis, Diagenode Diagnostics, Quest Diagnostics, and Trivitron Healthcare.

Key developments:

In July 2021: Abbott announced the launch of Panbio COVID-19 rapid antigen tests which will be available for self-testing to get easy and accurate results. The self-test features a minimally invasive nasal swab and delivers results in as early as 15 minutes with no instrumentation, using proven Abbott lateral flow technology

In June 2021: Trivitron Healthcare, a medical technology company announced the launch of mobile laboratory for covid-19 testing to enable diagnostics in urban, rural areas and distant geographies to bring quality healthcare and diagnostic services close to the patients.

In May 2021: Quest Diagnostics Incorporated announced its collaboration with Ginkgo Bioworks to provide COVID-19 testing to K-12 schools across the U.S. Quest Diagnostics' expertise in COVID-19 testing can help kids and teachers learn more safely throughout Texas in person this school year.

Test Types Covered:
Molecular (RT-PCR) Testing
Immunoassay Test
Polymerase Chain Reaction (PCR) Kits
Lateral Flow Immunoassay (LFIA)
Antibody (Serology) Testing
Enzyme-Linked Immunosorbent Assay (ELISA)
Antigen-Based Testing

Quantity of Users Covered:
Multiple
Single

Products Covered:
Analyzers/Instruments
Reagents & Kits
Consumables

Settings Covered:
Lab-Based
Point-of-Care (PoC)
Non-Point-of-Care (Non-PoC)

Sample Types Covered:
Nasopharyngeal & Oropharyngeal Swab
Nasal Swab
Blood

End Users Covered:
Private or Commercial Labs
Physician Labs/Offices
Hospitals & Clinics
Public Health Labs
Laboratories & Diagnostic Centers
Urgent Care Clinics
Ambulatory Care Settings
Research Institutes

Regions Covered:
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
South America
Argentina
Brazil
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances