SAN FRANCISCO, Aug. 4, 2020 /PRNewswire/ -- The global COVID-19 diagnostics market size is expected to reach USD 7.8 billion by 2027, registering a CAGR of5.96% during the forecast period, according to a new report by Grand View Research, Inc. Increase in need for mass testing and efficiency in infection diagnosis are key contributors for the market growth. COVID-19 mass testing has been largely favored by European countries, which is a primary factor that can be attributed to the dominance of this region in the global market.
Large-scale operational entities in Sweden, such as Tele2, H&M, and Spotify are engaged in mass testing for distinguishing the staff who were tested positive from those not affected by the infection. The clothing company H&M arranged for mass testing of more than 4,000 employees. In addition, virologists have stated that the relatively low-death rates associated with coronavirus in Germany can be attributed to early implementation of mass testing in the country. This is further propelled by robust strategies devised by authorities to contain the spread of coronavirus in the country; in March 2020, Germany carried out mass testing reaching an average of 500,000 people every week.
Key suggestions from the report:
Oropharyngeal and nasopharyngeal swabs are estimated to dominate the market in 2020 estimated to account for a share of 53% and this sample type is anticipated to maintain its dominance through 2021 to 2027
Nasopharyngeal swabs are the gold standard for COVID-19 sample collection; both oropharyngeal and nasopharyngeal swabs are largely employed in PCR testing
Increasing popularity of at-home testing and handheld instruments targeted toward combating shortage of coronavirus test kits has been witnessed. This has propelled the expansion of point-of-care COVID-19 testing market space, which has contributed to the segment's fast-paced growth through 2021 to 2027
Europe is estimated to dominate the market in 2020 estimated to account for a revenue share of 40% and is expected to maintain this dominance through 2020 to 2027. This is attributed to the robust funding for fast-track studies pertaining to clinical validation of rapid tests for COVID-19, by the European Commission and Member States
Robust government initiatives aimed at increasing the number of operational laboratories dedicated to coronavirus testing, especially across Asia Pacific is set to propel the growth
Exploring the potential of novel molecular technologies in the scaling-up of coronavirus testing is expected to offer a significant momentum to the expansion of the market for COVID-19 diagnostics. For instance, CRISPR-a gene editing technology-has recently made its way into the coronavirus testing market. This gene editing technology enables detection of SARS-CoV-2 genes, via a protein, namely, CRISPR-Cas12. Acknowledging the potential of this technology in diagnosing coronavirus patients, the Food and Drug Administration (FDA) recently approved CRISPR test for coronavirus patients in U.S. This diagnostic kit has been approved under the provisions of emergency use.
Expanding pool of startup companies actively operating in the market is also expected to intensify market participant competition. This trend has been prominently observed in Asia Pacific, contributing to the fast-paced growth expected to be witnessed through 2021 to 2027. Some of the startup manufacturers of novel COVID-19 tests include Mylab, DNA Xperts Private Limited, Rokid, Bione, and SD Biosensor, among others.
Grand View Research has segmented the global COVID-19 diagnostics market on the basis of product, sample type, technology, end-use, and region::
COVID-19 Diagnostics Product Outlook (Revenue, USD Million, 2020 - 2027)
Reagents & Kits
COVID-19 Diagnostics Sample Type Outlook (Revenue, USD Million, 2020 - 2027)
Oropharyngeal & Nasopharyngeal Swabs
COVID-19 Diagnostics Technology Outlook (Revenue, USD Million, 2020 - 2027)
Polymerase Chain Reaction (PCR)
Antibody or Enzyme-Linked Immunosorbent Assay (ELISA)
Portable or Point-of-Care (POC)
COVID-19 Diagnostics End-Use Outlook (Revenue, USD Million, 2020 - 2027)
Diagnostic Centers and Clinics
COVID-19 Diagnostics Regional Outlook (Revenue, USD Million, 2020 - 2027)
Middle East & Africa
List of Key Players of COVID-19 Diagnostics Market
COVID-19 Sample Collection Kits Market– An exponential rise in the number of COVID-19 cases and inadequate laboratory-based molecular testing capacity are factors that have encouraged several companies to develop rapid and easy-to-use tests, which boosts the market growth.
Point of Care Diagnostics Market– The integration of electronic health records (EHR) and Picture Archiving and Communication System (PACS) has revolutionized the market for point of care diagnostics or testing.
Tissue Diagnostics Market –Tissue diagnostics continues to serve as one of the gold standards for cancer diagnosis as these technologies capture the biological context of tumors.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.