The global COVID-19 diagnostics market is poised for significant growth, with projections indicating a reach of USD 204.51 billion by 2032. This robust growth is expected to follow a compound annual growth rate (CAGR) of 7.7% throughout the forecast period, with the market’s value estimated to reach USD 97.4 billion in 2022.
Europe is expected to dominate the COVID-19 diagnostics market during this period, driven by advanced healthcare infrastructure, high healthcare spending, and ongoing research and development activities aimed at improving diagnostic accuracy and speed.
As the world continues to adapt to the evolving nature of the pandemic, demand for efficient diagnostic tools and solutions remains critical in the fight against COVID-19. This sustained demand is likely to fuel market growth and innovation in the years to come.
Key Factors Driving Market Growth:
- Technological Advancements: Ongoing research and development of new diagnostic technologies, including rapid testing solutions and molecular diagnostics.
- Government and Healthcare Investments: Increased investments by governments and private entities to boost diagnostic capabilities and ensure widespread testing.
- Continued Pandemic Response: The ongoing need for accurate and fast diagnostics in both symptomatic and asymptomatic individuals across the globe.
As the COVID-19 diagnostics landscape evolves, stakeholders in the medical and healthcare sectors must remain agile to meet the rising demand for diagnostic solutions. With Europe at the forefront of market growth, the future looks promising for the global diagnostics industry.
Key Takeaways from FMI’s Covid-19 Diagnostics Market Study:
- Molecular assay holds the largest share right now and the trend is expected to continue till the end of 2020. This could be attributed to the fact that molecular assays have been looked upon as a gold standard to detect novel viral infections
- Diagnostic labs contributed to more than 60% of total market share in 2020’s first quarter
“The number of Covid-infected patients have been increasing at an alarming rate every single day. This is bound to drive the Covid-19 diagnostics market exponentially” – says the FMI analyst.
Demand for Market Analysis: Our Comprehensive Report Offers Detailed Trends and Insights!
Key Challenges for Market Players & Researchers:
Right now, the challenges faced include lack of information regarding the virus, like genetic information, biologics, duration of immunity in the recovered patients.
Certain treatment options that are expected to be potential game changers include ACE-Mab by Sorrento Therapeutics, HCQ (Hydroxychloroquine and chloroquine), Remdesivir antiviral by Gilead Sciences, and Canakinumab (Ilaris) by Novartis.
Moreover, options like cell-based therapies that involve natural killer cells or Mesenchymal stem cells and plasma therapies are on the verge of providing personalized treatment options.
Key Participant Insights:
The key participants are focusing on acceleration of production as well as new product approval phase. For example – Novacyt Group, in Mar 2020, received EUA for 2-hour Covid-19 test. Also, in Apr 2020, CE approval was received by Abbott for IgG serology blood test for Covid-19.
The other players in the market include Veredus Laboratories, Thermo Fisher Scientific, Inc., Quidel Corporation, Perkin Elmer, Inc., Neuberg Diagnostics, Mylab Discovery Solutions Pvt Ltd., Luminex Corporation, Laboratory Corporation of America Holdings, Hologic Inc., Danaher, Cepheid, bioMérieux SA, Altona Diagnostics GmbH, ALDATU BIOSCIENCES, ADT Biotech Sdn Bhd, and 1drop Inc.
Key Segment:
Product Type:
- Instruments
- Test Kits
- Reagents and Consumables
Sample Type:
- Oropharyngeal & Nasopharyngeal Swabs
- Blood
- Urine
- Others
Technology:
- PCR
- ELISA
- POC
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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