Global COVID-19 Diagnostics Market Report 2020: Outlook and Forecast 2021-2026

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Dec 23, 2020, 13:30 ET

DUBLIN, Dec. 23, 2020 /PRNewswire/ -- The "COVID-19 Diagnostics Market - Global Outlook and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.

In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global COVID-19 Diagnostics Market Report

The global COVID-19 diagnostics market by revenue is expected to register a negative CAGR of (9%) during the period 2021-2026.

The RT-PCR testing segment constituted over 75% of the global COVID diagnostics market share. The market is growing because of the outbreak of the coronavirus (SARS CoV-2) pandemic, which has increased the demand for rapid testing across the world. As the number of people suffering from the viral infection increases, the demand for rapid testing, which allows detecting the virus quickly, is growing.

The adoption of a population-wide testing approach, which includes household, individual testing, is one of the trends influencing the demand for covid-19 diagnostics kits. The shift from symptomatic testing to mass testing in developed countries is another major factor affecting the market.

Global Covid-19 Diagnostics Market Segmentation

This research report includes a detailed segmentation by product, end-users, test, technology, geography. In 2020, the consumables segment constituted over 74% of the global COVID-19 diagnostics market share. The demand for consumables, including biomarkers and reagents, including substrates, enzymes, electrolytes, specific proteins, lipids, and point-of-care test kits, is growing as they obtain quick and accurate results for diagnosing diseases, including COVID-19. The need to perform rapid testing to detect coronavirus spread across the world is driving the demand for consumables.

As RT-PCR testing is considered exceptionally reliable, the segment constituted over 75% of the global COVID diagnostics market share. The market is witnessing an increasing uptake of PCR testing to deliver a reliable diagnosis in quick succession. Currently, the reverse transcription-polymerase chain reaction (RT-PCR) is a standard for diagnosing COVID-19. With the WHO recommending PCR testing as one of the reliable methods for COVID-19 test procedures, countries such as the US, Brazil, Russia, India, Germany, Italy, and Spain drive the demand for PCR kits the virus highly infects these regions.

Antigen and antibody testing accounted for a small share of the global COVID-19 diagnostics market. These tests are considered an important factor in mass screening. However, due to a lack of specificity and sensitivity, these tests were not initially used in several countries. As the COVID-19 pandemic continues, vendors came up with advanced antibody and antigen tests, driving the market growth.

The failure of several rapid diagnostics kits to detect the presence of the COVID-19 virus in several countries has led to the development of molecular-based-PCR testing for covid-19 diagnosis. The share of molecular diagnostic test makers has increased drastically, with the WHO declaring RT-PCR as the standard test for Covid-19 diagnosis. This trend is followed in several developed, developing, and underdeveloped countries, thereby generating a high demand for molecular diagnostic testing. The immunoassay segment accounted for over 24% of the global market share in 2020. These tests are conducted on those with maximum exposure to the covid-19 virus, especially healthcare professionals and medical practitioners.

INSIGHTS BY GEOGRAPHY

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. Several countries in the region, especially India, where the number of people infected with coronavirus stood at 8.5 million in October 2020, are likely to increase mass testing, thereby increasing the demand. The presence of a large population, poor living standards, and inadequate medical infrastructure are the major factors responsible for the infection's high prevalence.

However, increased mass testing initiatives and high investments in public healthcare services are likely to favor the COVID-19 diagnostics testing market. China, Japan, India, South Korea, and Australia are the major revenue contributors to the APAC COVID-19 diagnostics market. Several countries preferred using PCR-based testing due to their higher accuracy than serological tests. Australia and New Zealand have increased their testing capacities to reduce the impact of the disease.

INSIGHTS BY VENDORS

The global coronavirus diagnostics market is highly dynamic with the presence of several global, regional, and local company profiles, offering a diverse range of analyzers, test kits, assays, and reagents to perform COVID-19 tests. Abbott, BD, Danaher, F. Hoffmann-La Roche, Siemens Healthineers, and Thermo Fisher Scientific are the major player in the diagnostics market. Global market players focus on developing innovative products and expanding their product portfolio to remain competitive in the market. They are investing extensively in R&D and product development activities to expand their product portfolio.

Market Dynamics

Market Opportunities & Trends

Increase In Demand For Mass Testing
Raise Of Second Wave Of Covid-19
High Demand For Molecular Diagnostics

Market Growth Enablers

Unavailability Of Specific Medicines/Vaccines
More Product Launches Combined With EUA
Widespread Practice Of Testing To Control COVID-19

Market Restraints

Challenges In Testing Covid-19 In Developing Countries
Preventive Measures And Fastrack Of Vaccine Development
Increase In Proportion Of False Positive And Negative Tests

Prominent Vendors

Abbott
Siemens Healthineers
Hoffmann-La Roche
Thermo Fisher Scientific
Danaher
BD

Other Prominent Vendors

Abingdon Health
ACCESS BIO
Assure Tech. (Hangzhou)
Autobio Diagnostics
Advaite
Babson Diagnostics
Beijing Wantai Biological
Biomerica
bioMerieux
Biopanda Reagents
Biocerna
Biocan Diagnostics
BioMedomics
Clinical Reference Laboratory
Cellex
The Center for Chest Diseases and Prevention (CDC)
CTK Biotech
DiaSorin
Diazyme Laboratories
Erba Mannheim
Edinburgh Genetics
Eurofins Scientific
GenScript
Healgen Scientific
Hangzhou AllTest Biotech
Hangzhou Biotest Biotech
Jiangsu Well Biotech
Kabla Diagnostics
Luminex
Meridian Bioscience
Megna Health
Microgen
MP Biomedicals
Nova Tech Immunodiagnostica
NOWDiagnostics
Quotient
QIAGEN
Quidel
Sekisui Diagnostics
Sinocare
SureScreen Diagnostics
Salofy Oy
Shenzhen New Industries Biomedical Engineering (SNIBE)
Sysmex
SEASUN BIOMATERIALS
Vibrant America
Warrior Diagnostics
Xiamen Biotime Biotechnology
Zuhai Livzon Diagnostic

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage

5 Report Assumptions & Caveats

6 Market at a Glance

7 Introduction

8 Market Opportunities & Trends

9 Market Growth Enablers

10 Market Restraints

11 Market Landscape

12 Product

13 Test

14 Technology

15 End-User

16 Geography

17 APAC

18 North America

19 Europe

20 Middle East And Africa

21 Latin America

22 Competitive Landscape

23 Key Company Profiles

24 Other Prominent Vendors

25 Report Summary

26 Quantitative Summary

27 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/41ohc5

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