New York, USA, July 20, 2021 (GLOBE NEWSWIRE) -- A recently published report by Research Dive states that the global COVID-19 diagnostics market is expected to observe an increase in revenue from $49,000.9 million in 2020 to over $65,750.1 million by 2028 at a steady CAGR of 3.5% from 2021-2028.
Market Dynamics
The world has been experiencing a rise in the number of COVID-19 cases which has been one of the main factors leading to the growth of the global COVID-19 diagnostic market. The latest report by Worldometer presented an estimate which stated that in June 2021, Brazil accounted for over 17,454,861 cases of the coronavirus among which about 488,404 was the total number of deaths. The rapid rate of transmission has initiated the efforts by healthcare professionals by implementing tests such as RT-PCR and antibody to provide quicker treatments to the patients. This has further added to the growth of the market.
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On the contrary, people belonging to the rural areas have been hesitating from getting tested due to the stigma attached to the virus. It has been the root cause of many people being abused by members of their own community. This is mainly due to the lack of awareness among people about the benefits of getting themselves tested. This is expected to slow the growth rate of the market.
But, the government has been ensuring constant investments to ensure a proper treatment method for the virus. These initiatives in trying to find effective tools and medications are predicted to provide an opportunity of growth for the market. Additionally, multiple biotech and biopharma companies have been working on the research and development processes to come up with vaccines and other diagnostic apparatus.
Segmental Analysis
The report has classified the market into different segments- by product and services, sample type, test type, by mode, end user,
Services Sub-segment Predicted to Dominate the Market
The services sub-segment is expected to garner revenue of $31,671.40 million in the analysis period due to efforts by service providers to enhance the testing methods and by utilizing new equipments in the process.
Nasopharyngeal Swabs Sub-segment Predicted to Gain Highest Market Share
As per the report, the nasopharyngeal swabs segment is predicted to garner revenue of $26,485.50 million in the forecast period. This growth is credited to the accuracy of the rtPCT test in detecting COVID-19, that’s conducted using the nasopharyngeal swabs.
Antibody (serology) Testing Sub-segment Expected to Gain Highest Revenue
The report states that the antibody (serology) testing market is expected to garner revenue of $15,125.10 million by 2028 rising from $10,699.40 million in 2020. The serology test is capable of determining the presence of any virus in the samples effectively, hence contributing to the growth of the market.
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Point of Care Sub-segment to Experience Tremendous Growth
The point-of-care sub-segment is predicted to garner significant revenue of $38,507.70 million in the timeframe. This increase in revenue is due to the extensive production of testing kits by manufacturers, which have been providing quick yet accurate results.
Laboratories Sub-segment To gain Highest Market Share
The laboratories sub-segment is predicted to gain revenue of $25,747.20 million in the forecast period. The substantial number of people affected by the coronavirus caused a rise in the number of tests being conducted in laboratories. This factor contributed to the growth of the market.
Regional Analysis
The North American region is set to register revenue of $21,237.30 million by 2028, rising from $16,366.30 million in 2020. The region has been witnessing several advancements including the introduction of self diagnostic kits for COVID-19 which is a result of the mounting COVID-19 cases.
Key Players of the COVID-19 Diagnostics Market
As per the report, some of the noteworthy brands working on helping the market grow further are listed below:
- Hologic Inc
- ADT Biotech
- Neuberg Diagnostics
- Quidel Corporation
- Veredus Laboratories
- Mylab Discovery Solutions Pvt Ltd
- Luminex Corporation
- Quest Diagnostics
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. For instance, in September 2020, Veredus Laboratories, a pioneer in portable diagnostic tools announced the launch of the VereRT COVID-19 PCR KIT. This kit can be used along with the Saliva Test ZeroPrep Saliva Collection Kit, and it helps in extracting samples without being invasive like the nasopharyngeal swab. It can also be done by any normal person and doesn’t require the supervision of medical professionals.
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