Oct 27, 2020, 07:30 ET
FREMONT, Calif., Oct. 27, 2020 /PRNewswire/ -- The global COVID-19 diagnostic testing market is projected to reach $35.64 billion by the fourth quarter of 2021, reveals the premium market intelligence study by BIS Research. The study also highlights that the market is set to witness a CAGR of 23.50% during the period between the third quarter of 2020 and the fourth quarter of 2021.
The comprehensive study of the global COVID-19 diagnostic testing market by BIS Research extensively covers the following:
- Market numbers on micro-segments that are influencing the market
- More than 1500 products present in the market
- Pricing data for more than 500 products
- Evaluation of over 350 brands
- Market share analyses for more than 20 product categories
- End-user preference data for over 50 end users
- Detailed global and regional market share analysis, including the scrutiny of more than 30 countries
- Study of data of more than 80 companies
The detailed study is a compilation of 32 Market Data Tables and 361 Figures spread through 369 Pages and in-depth TOC on "Global COVID-19 Diagnostic Testing Market"
Besides these parameters, the study also encompasses the market growth drivers, opportunities, market restraining factors, competition mapping, segmental analysis, and a visual dashboard of 1400+ products.
BIS Research study indicates that the increasing number of rising cases of COVID-19 globally, inciting the development of diagnostic tests, technological innovation resulting in the market pull, significant external funding supporting market growth, and favorable regulatory scenario aiding companies to launch COVID-19 diagnostic testing products., among others, are fueling the growth of the market.
The market intelligence by BIS Research additionally throws light on the opportunities existing in the market, such as the massive scope for adoption of COVID-19 point-of-care (POC) testing products in emerging nations that can be leveraged by players operating in the market.
To gain a holistic view of the market, data from different segments of the market has been analyzed minutely. These segments include types of products offered, sample types used, technologies, end users, and regions. Each of these segments is further categorized into sub-segments and micro-segments to compile an in-depth study of the global market.
View the Report from BIS Research: Global COVID-19 Diagnostic Testing Market
The technology and ecosystem analysis of the global market include data analysis on the satisfaction level of different pricing analysis of preferred kits and assays and instruments. The study is majorly centered on the sub-segments and micro-segments of the different sample types and technology markets. The sample type segment is segmented into swabs, blood samples, urine samples, and others. Under the sample type segment, swabs have been further sub-segmented into nasopharyngeal swabs and oropharyngeal swabs.
Additionally, the technology segment has been segmented into molecular assays and immunoassays. The molecular assay segment under technology has been further sub-segmented into polymerase chain reaction (PCR) and isothermal amplification, among other segments. Also, the immunoassay segment under technology has also been sub-segmented into lateral flow immunoassays (LFIA) and enzyme immunoassay (EIA).
Emphasizing the dominance of the Asia-Pacific (APAC) in the region of COVID-19 diagnostic testing market in the third quarter of 2020 and fourth quarter of 2021, Nitish Kumar Singh, Principal Analyst at BIS Research, states, "In Asia-Pacific, several emerging and legacy diagnostics manufacturers are focusing on expanding their portfolio in diagnostics for COVID-19 testing and are actively involved in developing new technologies for the same with an aim to curb the spread of COVID-19. Moreover, the governments of the Asia-Pacific region are undertaking a number of initiatives and are offering funding to the diagnostic companies to ramp the production rates of kits and assays to meet the growing demand from various end users."
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Key insights are drawn from in-depth interviews with the key opinion leaders of more than 15 leading companies, market participants, and vendors. The key players profiled in the report include Abbott Laboratories, BGI Group, Becton, Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories, Inc., CENTOGENE Holding AG, Cellex Inc., CTK Biotech, Danaher Corporation, DiaSorin S.p.A, F. Hoffmann-La Roche Ltd, Hologic Inc., GenMark Diagnostics, PerkinElmer Inc., QIAGEN N.V., Luminex Corporation, Siemens Healthineers AG, and Thermo Fisher Scientific Inc.
The study also offers strategic recommendations that can help organizations in tracking various products, trends, and technologies that are changing the dynamics of the market. The recommendations by BIS Research also offer bespoke research services to help organizations meet their objectives.
Who should buy this report?
- Manufacturers of kits and assays, and instruments, operating in the field of COVID-19 diagnostic companies
- Emerging companies in the field of COVID-19 diagnostic testing to assess the market situation.
How can market intelligence on COVID-19 Diagnostic Testing add value to an organization's decision-making process?
- Aid in product development
- Help in targeting a segment for launching a new product
- Offer go to market strategies
- Support in diversifying the product portfolio basis risk and progression of technology
- Help in analyzing technological substitutes and compare the specification
- Aid in understanding the end-user landscape
- Gain holistic views pertaining to the regions and understand the market potential of the countries.
- Support in analyzing the competitive landscape to gain an understanding of the business strategies incorporated by the companies
Insightful Questions Covered to Enable Companies take Strategic Decisions
- What are the major market drivers, challenges, and opportunities in the global COVID-19 diagnostic testing market?
- How has the COVID-19 pandemic impacted the global healthcare system?
- What are the key development strategies being implemented by the major players in order to sustain in the competitive market?
- What are the key regulatory implications in developed and developing regions for COVID-19 diagnostic testing?
- What is the reimbursement scenario for the global COVID-19 diagnostic testing market?
- How is each segment of the market expected to grow during the forecast period from the third quarter of 2020 to the fourth quarter of 2021. What is the anticipated revenue to be generated by each of the segments?
The segments are:
- product type - kits and assays, and instruments
- sample type - swabs, blood samples, urine samples, and others
- technology - molecular assays and immunoassays
- end-user - hospitals and healthcare centers, diagnostic centers and clinics, research institutions, and others
- region - North America, Europe, Asia-Pacific, Latin America, Middle East, Africa, and Oceania/Rest-of-the-World
- Who are the leading players with significant offerings to the global COVID-19 diagnostic testing market? What is the expected market dominance for each of these leading players?
- Which companies are anticipated to be highly disruptive in the future, and why?
- What are the major strategies adopted by the countries for COVID-19 diagnostic testing?
BIS Research Related Market Studies:
Global Infectious Disease Rapid Diagnostic Testing Market – Analysis and Forecast, 2020-2025
Global In Vitro Diagnostic Market – Analysis and Forecast, 2020-2030
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as, custom studies, and expert consultations to firms, providing them specific and actionable insights on novel technology markets, business models, and competitive landscape.
BIS Healthcare vertical offers intelligence in the healthcare technology market for Medical Devices, Digital Health, Life Sciences, Robotics and Imaging, Information Technology, COVID-19 Diagnostic Testing, and other emerging healthcare technologies, covering the entire industry spectrum. In the past 5 years, BIS Healthcare has published more than 50 reports under the precision medicine banner. Additionally, BIS Research has been nominating Top 25 Voices in precision medicine on its Insight Monk platform for the past two years successfully.
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