Covid-19 Diagnostics Market to Reach $445.4 Mn, Globally, by the Fourth Quarter of 2020| Roche, Seegene, Mylab Lifesolutions, Cepheid, Cellex, Thermo Fisher Scientific,
"Covid-19 Diagnostics Market by Product (PCR Kits, POC Kits and Immunoassay), Technology (Molecular and Immunoassay), and End User (Hospitals, Physician's office & urgent care clinics and Diagnostic Labs): Global Opportunity Analysis and Industry Forecast, 2020–2022."According to the report, the global covid-19 diagnostics industry was pegged at $7.1 million in the first quarter of 2020, and is expected to hit $445.4 million by the fourth quarter of 2020.
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Increase in the number of covid-19 patients across the globe, immense need of rapid diagnostics, and unavailability of specific medicine or vaccine are the major factors driving the growth of the global covid-19 diagnostics market. On the other hand, lack of awareness among developing countries regarding necessary precautions and dearth of diagnostic kits and medical professionals impede the growth to some extent.
Key companies working towards the development of rapid diagnostic kits for Covid-19 include-
• F. Hoffmann-La Roche AG,
• Seegene Inc.,
• Mylab Lifesolutions Pvt. Ltd.,
• SureScreen Diagnostics Ltd,
• Cellex Inc.,
• Thermo Fisher Scientific,
• Robert Bosch GmbH
• among others.
However, by developing advanced diagnostic kits, the leading manufacturers are expected to be levied with multiple opportunities in the near future.
The major factors that drive the covid-19 diagnostics market growth include significant increase in patient population across the globe, immense need of rapid diagnostics and unavailability of specific medicine or a vaccine. However, lack of awareness among developing countries regarding the necessary precautions to be taken and dearth of diagnosis kits and medical professionals that have sufficient knowledge regarding the use of diagnostic kits for novel Covid-19 are the major factors anticipated to hamper the market growth.
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• Though several trials for boosters and potential treatments are underway, there is currently no cure. And, unavailability of specific medicine or vaccine has highlighted the importance of covid-19 diagnostic tools in more than one way.
• With researchers coming together to break the testing gridlock, diagnosing checks have now started pinpointing populations who should be prioritized for immunization, which in turn, has impacted the global market significantly.
The molecular segment to retain its dominance by the fourth quarter of 2020:-
Based on technology, the report segments the global covid-19 diagnostics market into molecular and immune assay. The molecular segment appeared as the major revenue holder in the first quarter of 2020, and is expected to lead the trail by the fourth quarter of 2020. This is attributed to the fact that molecular assays are being highly used for the diagnosis of covid-19. Molecular assays are also considered as the gold standard for detecting new viral infections.
The diagnostic labs segment to rule the roost:-
Based on end-user, the research classifies the global covid-19 diagnostics market into hospitals, physician offices & urgent care clinics, and diagnostic labs. The diagnostic labs segment contributed to more than two-thirds of the global market share in the first quarter of 2020, and is anticipated to retain its dominance till the fourth quarter of 2020.
Europe to dominate in terms of revenue, North America to grow at a significant rate by the fourth quarter:-
Based on geography, Europe accounted for more than half of the global covid-19 diagnostics market in the first quarter of 2020, and is projected to maintain its leadership status by the fourth quarter of the year, owing to the presence of huge patient population in the province. The report is also analyzed across Asia-Pacific, Europe, and North America.
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