COVID-19 Diagnostics Market Size, Explosive Growth Opportunity, Regional Analysis Forecast till 2027
Global “COVID-19 Diagnostics Market” 2020 report includes the market strategy, market orientation, expertise opinion and knowledgeable information. Report provides market growth and Revenue, market share and size that helps to understand future prospects. The COVID-19 Diagnostics report also covers the current market information, porter’s five forces analysis with threat of new entrants, threat of substitute products and services, key challenges, opportunities in COVID-19 Diagnostics Industry.
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The global “COVID-19 diagnostics market share ” 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, titled “COVID-19 Diagnostics Market Size, Share & Industry Analysis, By Product (Instruments and Reagents & Kits), By Technology (PCR (Polymerase Chain Reaction), ELISA (Enzyme-linked Immunosorbent Assay), Point-of-care (POC), and Others), By Sample Type (Oropharyngeal and Nasopharyngeal Swabs, Blood, Urine, and Others), By End User (Hospitals & Clinics, Laboratories & Diagnostic Centers, and Research Institutes), and Regional Forecast, 2020-2027”. 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 report provides market analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product & service launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on a global and regional basis.
Key Companies and Manufacturers Covered:
- PerkinElmer Inc.
- Quest Diagnostics Incorporated
- Quidel Corporation
- Siemens Healthcare GmbH
- Thermo Fisher Scientific Inc.
- bioMérieux SA
- Hoffmann-La Roche Ltd
- Danaher Corporation
Key Features of COVID-19 Diagnostics Market Report:
- Overview, Industry Life Cycle Analysis, Supply Chain Analysis
- Size, Trends, Growth Drivers, Constraints, SWOT Analysis, Forecast Analysis
- Competitive Landscapes: Market Share, Product Portfolio, New Product Launches, etc.
- Market attractiveness and Associated Growth Opportunities
- Strategic Growth Opportunities for the Existing and New Players
- Key Success Factors
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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.
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 region’s 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.
Detailed Table of Content:
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview: Guidelines for COVID-19 Diagnosis
- New Product Launch
- Prevalence of COVID-19 Disease
- Key Industry Developments – Mergers, Acquisitions, and Partnerships
- Global COVID-19 Diagnostics Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Reagents & Kits
- Market Analysis, Insights and Forecast – By Technology
- Polymerase Chain Reaction (PCR)
- Enzyme-linked Immunosorbent Assay (ELISA)
- Point-of-care (POC)
- Market Analysis, Insights and Forecast – By Sample Type
- Oropharyngeal & Nasopharyngeal Swabs
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Clinics
- Laboratories & Diagnostic Centers
- Research Institute
- Market Analysis, Insights and Forecast – By Geography
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Reasons to Purchase this Report:
- Detailed business profiles including product offerings, recent developments, key financial information, and strategies employed by main market players.
- Analysis of various regions and countries that includes the demand and supply based actions, which consequently have a major influence on the market’s expansion.
- Market dynamics and opportunities for growth for players in the near future.
- Competitive landscape describing the market revenue shares of key players.
- Market segmentation analysis that deals with quantitative and qualitative research, discussing the influence of policy-based and economical aspects.
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Secondary Data Sources That We Refer To:
- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
- Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
- Industry journals and paid databases
Secondary Research Is Conducted To Derive The Following Information:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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