Global COVID-19 Diagnostics Market Size Worth USD 11.40 Billion at 7.9% CAGR; Pharmaceutical Giants Such as Abbott and Roche to Pump More Funds for…

Pune, India, Jan. 19, 2021 (GLOBE NEWSWIRE) -- The global COVID-19 diagnostics market size is projected to reach USD 11.40 billion by 2027, exhibiting a CAGR of 7.9% during the forecast period. Uncontrolled spread of the coronavirus worldwide will be the major factor propelling the growth of this market, shares Fortune Business Insights in its report. According to Johns Hopkins University, global COVID-19 infections reached 100,000 in just 60 days, growing to 200,000 in the next 12-14 days, and the recent addition of 100,000 cases has taken only 3 days. The calculation of the spread of this disease is based on the estimation of the reproduction number or R Naught (Ro).

The UK Research and Innovation organization states that if the Ro goes above 1, exponential growth will be witnessed. As per a study published in the Journal of Clinical Medicine based on the virus transmission rate in Wuhan, the Ro was computed to be between 2.49 and 2.63. Such rapid transmission of the virus has surged the demand for coronavirus diagnostics tools and kits, which is boosting the growth of this market.

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Concerted Efforts towards Developing COVID Detection Tests to Accelerate Growth

With the COVID-19 pandemic showing no signs of abatement, medical and regulatory bodies are collaborating to encourage innovation and speed up research in developing coronavirus detection tools. For instance, in April 2020, the National Institutes of Health in the US announced the launch of Rapid Acceleration of Diagnostics (RADx) initiative with a funding of USD 1.5 billion to commercialize and widen the accessibility of COVID-19 testing.

Similarly, in June 2020, the US Food and Drug Administration (FDA) joined the COVID-19 Diagnostics Evidence Accelerator created by the Friends of Cancer Research and Reagan-Udall Foundation with the aim to evaluate the performance of PCR and antibody tests for COVID. Together, these and similar initiatives are expected to augment the COVID-19 diagnostics market growth throughout 2020.

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High Number of COVID-19 Cases to Give North America Leading Market Position

The United States is one of the worst-hit countries in the world by the coronavirus pandemic, with the number of cases as of June 2020 standing at 2.68 million and 129,000 deaths. In response, the US government is injecting more funds into medical research facilities to accelerate development of COVID-19 diagnostics and widen the testing net in the country. The regions market size in 2019 stood at USD 2.17 billion.

In Europe, the virus is spreading at a furious pace, with the UK, Italy, Spain, France, and Germany having the highest number of cases. Quick adoption of advanced detection tools in the region will enable it to expand its footprint in the COVID-19 diagnostics market share in the immediate future. Heavy investments by governments in Asia Pacific in the healthcare sector are expected to favor market growth in the region.

Regulatory Support to Novel Diagnostic Solutions to Encourage Innovation

The coronavirus is tightening its hold on the world and pharmaceuticals and governments are in a race against time to develop and launch quick and accurate diagnostic tests for this deadly virus. As a result, bodies such as the FDA are providing the necessary support to companies by removing unnecessary regulatory barriers, which is encouraging other players to innovate.

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Industry Developments:

List of Key Players Covered in this Market Report:

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Table of Contents:

TOC Continued.!

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Market Segmentations:

By Product

Instruments

Reagents & Kits

By Technology

Polymerase Chain Reaction (PCR)

Enzyme-linked Immunosorbent Assay (ELISA)

Point-of-care (POC)

Others

By Sample Type

Oropharyngeal & Nasopharyngeal Swabs

Blood

Urine

Others

By End User

Hospital & Clinics

Laboratories & Diagnostics Centers

Research Institutes

By Geography

North America (U.S. and Canada)

Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)

Latin America (Brazil, Mexico, and Rest of Latin America)

The Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)

SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:

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Global COVID-19 Diagnostics Market Size Worth USD 11.40 Billion at 7.9% CAGR; Pharmaceutical Giants Such as Abbott and Roche to Pump More Funds for...