New York, USA, Oct. 19, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global COVID-19 diagnostics market is projected to garner a revenue of $65,750.1 million and grow at 3.5% CAGR over the forecast period from 2021-2028. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: Increasing cases of corona virus infection among people, especially those who are suffering from diabetes and heart diseases, along with the growing demand for diagnosis tests like rtPCR, antibody tests, and others are some factors to drive the global COVID-19 diagnostics market during the forecast period.
Opportunities: Growing government funding and huge investments by significant market players for R&D activities and developing effective and affordable vaccinations is predicted to create abundant growth opportunities for the global COVID-19 diagnostics market during the analysis years.
Restraints: Lack of knowledge about the proper diagnosis of covid-19 is the prime hindering factor for the market growth.
Covid-19 Impact on the Market
Though the onset of the covid-19 pandemic has had a negative impact on most industries, some sectors like healthcare, 5G IoT, and others have witnessed immense growth amid such chaotic times. Due to increasing cases of corona virus cases, governments imposed strict travel bans and social distancing norms across the globe. And so, people were mandated to show a negative covid-19 report for travels and at workplaces. Also, since the corona virus came with severe breathing complications, people were also mandated to get vaccinations at the earliest to curb the virus spread. All these factors greatly boosted the global COVID-19 diagnostics market growth during the catastrophe.
Segments of the Market
The report has divided the COVID-19 diagnostics market into multiple segments based on product & service, sample type, test type, mode, end-user, and regional analysis.
Product & Service: Services Sub-segment to be the Most Dominant
The services sub-segment is estimated to hold a dominant market share and gather a revenue of $31,671.40 million during the analysis timeframe mainly due to rising corona virus cases and increasing research and development activities by renowned service providers to enhance their testing capabilities. In addition, the launch of innovative and effective diagnosis kits and other products is also anticipated to propel the sub-segment’s growth by 2028.
Sample Type: Nasopharyngeal Swabs Sub-segment to be the Most Beneficial
The nasopharyngeal swabs sub-segment of the global COVID-19 diagnostics market is expected to generate a revenue of $26,485.50 million during the analysis years. This reason behind this immense growth is that most molecular tests like rtPCR and others require nasopharyngeal swabs for viral infection detection.
Test Type: Antibody-based Testing Sub-segment to be Highly Advantageous
The antibody-based testing sub-segment is predicted to have a noteworthy growth rate and generate a revenue of $15,125.10 million during the forecast period due to its high capability to accurately detect the presence of viral load in the sample.
Mode: Non Point-of-care Sub-segment to be Highly Lucrative
The non point-of-care sub-segment of the global COVID-19 diagnostics market is projected to have the fastest growth rate and register a revenue of $27,223.90 million during the analysis years due to high demand for conducting tests in high facility laboratories by skilled professionals.
End-user: Laboratories Sub-segment to be Most Progressive
The laboratories sub-segment is estimated to have the highest growth rate and generate a revenue of $25,747.20 million during the 2021-2028 forecast timeframe mainly because large number of laboratories are being established in both developed as well as developing regions due to rising covid-19 cases worldwide.
Region: Market in the North America Region to Witness Abundant Growth Opportunities
The COVID-19 diagnostics market in the North America region is anticipated to have the highest growth rate and gather a revenue of $21,237.30 million during the analysis period mainly due to increasing demand for corona virus diagnostic kits because of rising covid-19 cases along with the presence of some prominent market players across the region.
Key Market Players
Some key COVID-19 diagnostics market players include
- Luminex Corporation
- Quidel Corporation
- Mylab Discovery Solutions Pvt. Ltd.
- Veredus Laboratories
- Neuberg Diagnostics
- Hologic Inc.
- Quest Diagnostics
- ADT Biotech Sdn Bhd
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in March 2020, SignalChem, a global leader in cell signaling, announced the launch of coronavirus ELISA kits for the diagnostic research and detection of the coronavirus infection. The ELISA kit is a sandwich enzyme-linked immunosorbent assay for the detection and quantification of SARS-CoV-2 spike protein (RBD) in infected patients.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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More about COVID-19 Diagnostics Market:
- RT-PCR vs. Rapid Antigen: The Two Critical Covid-19 Diagnostic Testing Methods
- Product Launches and Partnerships among Key Players to Fuel the Growth of the Global COVID-19 Diagnostics Market by 2028
