COVID-19 Diagnostics Market to Grow with High CAGR During 2022-2030

Research Nester released a report titled "COVID-19 Diagnostics Market: Global Demand Analysis & Opportunity Outlook 2030" which delivers detailed overview of the global COVID-19 diagnostics market in terms of market segmentation by technology, end-user, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global COVID-19 diagnostics marketis projected to grow with a high CAGR during the forecast period, i.e., 2022-2030 on account of the increasing number of cases of people affected from COVID-19 infection worldwide, and the growing need for fast and accurate diagnosis. Furthermore, as the detrimental effects of the SARS-COV-2 virus on human organs can be depicted only through its diagnostic tests, there is anticipated to be a widening demand for COVID-19 diagnostics in the near future.

The market is segmented by technology and end-user. On the basis of technology, the molecular (RT-PCR) testing segment is anticipated to hold the largest share during the forecast period as a result of the growing demand for COVID-19 diagnosis and better efficacy of molecular (RT-PCR) testing than other tests available. Moreover, by end-user, the diagnostic labs segment is expected to garner the largest share owing to the fact that molecular tests are undertaken in diagnostic labs for the processing of samples.

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Geographically, the global COVID-19 diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, Asia Pacific is projected to observe the highest market growth throughout the forecast period on the back of the rise in the number of COVID-19 infections cases and greater prevalence of chronic diseases in the population of the region. Additionally, the market in North America is evaluated to hold the largest share, which can be attributed to the presence of leading diagnostic service providers in the region.

Rapid Growth in the Total Cases of COVID-19 Infections Worldwide and Increasing Need for Fast Diagnosis to Drive Market Growth

Fast and effective testing is one of the most important aspect in controlling the spread of COVID-19 virus. It has been observed that the number of more tests that are conducted, the easier it becomes to track the spread of the virus and reduce transmission, which in turn is assessed to fuel the progress of the market in the upcoming years.

However, the dearth of skilled professionals operating on COVID-19 diagnostic kits and lack of awareness in low-income countries about the precautions need to be taken are some of the factors that are estimated to restrain market growth in the near future.

This report also provides the existing competitive scenario of some of the key players of the global COVID-19 diagnostics market which includes company profiling of Thermo Fisher Scientific, F. Hoffmann-La Roche Ltd, Cepheid, BioMerieux SA, Quest Diagnostics, Robert Bosch GmbH, Mylab Discovery Solutions Pvt Ltd., Laboratory Corporation of America (LabCorp), Switch Health Solutions Inc., ACON Biotech (Hangzhou) Co., Ltd., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global COVID-19 diagnostics marketthat will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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This release was published on openPR.