COVID-19 Diagnostics Market Development Trends & Competitive Analysis by Leading Industry Players

COVID-19 Diagnostics: Introduction

• COVID-19, first detected in China in late 2019 and has since been declared a pandemic, is posing both a serious threat to vulnerable populations and a challenge to the global economy.
• COVID-19 has the potential to take lives, overwhelm health systems, deplete the value of assets, and trigger lasting geopolitical change, as confirmed cases of COVID-19 increase and spread

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Key Drivers and Restraints of Global COVID-19 Diagnostics market

• COVID-19, caused by a coronavirus, has been spreading rampantly across the globe. People infected with coronavirus experience symptoms of mild to moderate respiratory illnesses. The disease is known to spread through the respiratory droplets of an infected person. Use of face masks was advocated for infected persons to curb the spread of the disease. As of November, 2020, the disease has spread to over 218 countries, globally, infecting over 60 million people.
• Growing scare of infection among people and the asymptomatic spread of the disease have created a strong demand for COVID-19 diagnostics. Furthermore, ongoing efforts to flatten the curve of infection, globally, have prompted contact tracing and rapid diagnostic tests, which is likely to minimize the spread of the infection.
• Growing pandemic of COVID-19 and rising fear among people, along with healthcare care professionals advocating early diagnostics to reduce the risk of infection, fuel the COVID-19 diagnostics market

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RT-PCR Test to Lead Global Market

• The global COVID-19 diagnostics market can be segmented based on test type, end-user, and region
• In terms of test type, the global COVID-19 diagnostics market can be divided into polymerase chain reaction (PCR), POC test, and immunoassay test. PCR tests are utilized to directly detect the presence of an antigen, rather than the presence of the body’s immune response, or antibodies. Currently, there are two types of diagnostic tests– molecular tests, such as RT-PCR tests, that detect the virus’s genetic material, and antigen tests that detect specific proteins from the virus.
• Based on end-user, the global COVID-19 diagnostics market can be classified into hospitals, physician's office & urgent care clinics, and diagnostic laboratories

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North America to Lead the Global COVID-19 Diagnostics Market

• The global COVID-19 diagnostics market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• Robust expansion of the market in the U.S. can be attributed to a significant rise in the number of people being affected with the novel coronavirus. Additionally, growing focus of market players on enhancing their production facilities to cater to a rise in the demand for COVID-19 diagnostics further boosts the global market.

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