COVID-19 Diagnostics Market to Reach USD 9.20 Billion by 2028; Increasing Prevalence of Positive Cases to Bolster Service Demand: Fortune Business Insights™
The global COVID-19
diagnostics market size was USD
16.05 billion in 2020. The market is projected to drop from USD 20.05 billion in 2021 to USD 9.20 billion in 2028 at a CAGR of -10.5% in the 2021-2028 period.
This information
is published by Fortune Business
Insights™, in its report, titled, “COVID-19
Diagnostics Market, 2021-2028.”
According
to our expert analysts, the coronavirus outbreak was stated as a public health emergency in January
2020 by the World Health Organization (WHO). Since then, the amount of COVID-19
positive cases in several nations has elevated drastically. As per a statistical
data presented by Worldometer, in May 2021, the U.S. registered the maximum
COVID-19 cases across the globe, staying responsible for approximately 96.2% in
the North American region.
The abrupt advent of the crisis has noted augmented COVID-19 diagnostic happenings,
treatment processes, and an upsurge in R&D events for the development of
diagnostics, such as molecular assessments and point-of-care tests, among
others.
List of Key Players
Covered in the COVID-19 Diagnostics Market Report
- Abbott (Illinois, U.S.)
- Danaher Corporation (Washington D.C, U.S.)
- Siemens Healthcare GmbH (Germany, Europe)
- F. Hoffmann-La Roche Ltd (Switzerland, Europe)
- Quidel Corporation (California, U.S.)
- bioMérieux SA (France, Europe)
- Quest Diagnostics Incorporated (New Jersey, U.S.)
- Thermo Fisher Scientific Inc. (Massachusetts, U.S.)
- PerkinElmer Inc. (Massachusetts, U.S.)
- Other Prominent Players
Report Coverage
The
report offers a methodical study of the COVID-19 diagnostics market segments
and detailed assessment of the market overview. A considerate estimation of the
present market trends as well as the imminent opportunities is presented in the
report. Furthermore, it offers an extensive examination of the regional
insights and how they assist to form the market growth. The report further identifies
the crucial players and their important tactics to remain in the leading
position.
Drivers and Restraints
Unveiling of Inventive
Devices to Thrust Market Growth
Guarding human lives is the most vital component of the healthcare system
during this pandemic situation. The requirement of the hour is to have precise
diagnostic processes so as to attain primary treatment. This has directed pharmaceutical
as well as medical gadget companies to invest in R&D to present new testing
kits and tests.
Large-scale and small-scale companies, as well as startups, are leading novel
products for patients and healthcare workers. Therefore, this is expected to
bolster the COVID-19 diagnostics market growth as long as the coronavirus
exists.
Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/covid-19-diagnostics-market-103291
Regional Insights
North
America held the maximum COVID-19 diagnostics market shares and was worth USD
5.28 billion in 2020. The domination of this region regarding the market share
is accredited to the rising occurrence of coronavirus infections and greater
testing rates for the identification of the virus.
Europe
is anticipated to grow at a substantial CAGR owing to the growing frequency of
coronavirus infections, pooled with the implementation of advanced technologies
to tackle the fatal virus.
The
market in Asia Pacific is projected to display strong growth owing to the presentation
of advanced testing kits.
Competitive Landscape
Advanced Investments in
R&D to Unveil Novel Products to Fast-track Competition
The global market for COVID-19 diagnostics has a scattered
structure with the incidence of several players. Among them, some players, such
as Abbott, Roche, and Danaher Corporation, are estimated to have the largest
share in the market. Having progressive technologies and an extensive diagnostic
collection, Roche is projected to have the maximum market share.
Industry Development
March 2021: Roche Diagnostics declared the permission
for Emergency Use Authorization (EUA), received from the U.S. Food and Drug
Administration (FDA) meant for COVID-19 rapid antigen test that is intended for
usage by healthcare experts in point- of-care situations with patients suffering
through symptoms of COVID-19.
Read
Press Release: https://www.fortunebusinessinsights.com/press-release/global-covid-19-diagnostics-market-10100
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