The ongoing COVID-19 pandemic caused by novel coronavirus is posing a major threat to public health as well as economies across the globe. Rapid detection of viruses and effective diagnosis of infection play a key role to understand the diseases, controlling the disease spread, and selecting necessary treatments. Several companies are working rigorously to develop COVID-19 diagnostic technologies to achieve higher accuracy and rapid tests so that affected countries can implement effective testing strategies. Significant rise in the cases of COVID-19 and increased mortality rate are driving demand for COVID-19 diagnostics to contain the spread of the virus.
The growing fear among people about COVID-19 infection and continuous efforts to develop rapid diagnostic tests are expected to fuel the market growth. In addition to this, medical professionals around the world are advocating for early diagnostics to pose a strong fight against COVID-19 is anticipated to create lucrative opportunities for market players. Moreover, the adoption of population-based testing strategy including individual, household testing is one of the emerging trends positively influencing the demand for the global COVID-19 diagnostics market. Several governments are providing support and funds to manufacturers of products are encouraging them to invest in R&D to bring innovative diagnostic kits.
- As molecular (PCR) testing is considered the most reliable, the segment accounted for the largest market share. The segment is experiencing an uptake of PCR testing for delivering reliable procedures. With the WHO has also recommended PCR testing as one of the effective processes for the COVID-19 test, there is a rapid increase in its demand globally, resulted in segmental growth.
- The laboratories segment is leading the market growth with the contribution of the largest revenue share. The rise in the number of medical laboratories providing high-throughput technologies to process rapid COVID-19 tests effectively, responsible for the high growth of the segment. Additionally, favorable reimbursement policies further complement the growth of the segment.
- Robust expansion of the market in the US attributed to a significant rate of people affected by a novel coronavirus. Moreover, continuous efforts by market players to improve their production facilities to meet the rising demand for COVID-19 diagnostics supported by government initiatives boost the market.
- Abbott has received FDA approval for emergency use authorizations (EUAs) to conduct diagnostic and antibody testing. Abbott is now working with hospitals and health centers in the U.S. for installing their new instrument that will eventually help keep up with the rising demand for testing.
- Intel has launched special programs for developing quick and cost-effective COVID-19 diagnostics to diagnose COVID-19 patients. The company is also collaborating with Nasscom for developing a COVID-19 diagnostic infrastructure that can significantly enhance administration and management in medical care.
Regional Outlook and Growth Trends
The market dominance of the Asia Pacific region is projected to continue due to the spread of COVID-19 in almost all the countries in the region. Major populated countries such as India and China having a higher count of people infected with coronavirus is propelling demand for the COVID-19 diagnostics market. In addition to this, high investments in public healthcare services and increased mass testing programs are favoring regional growth. A rapid rise in COVID-19 cases and increased testing capacities in North America are driving growth for COVID-19 diagnostics in the region. Funding from the government to develop effective diagnostic kits is creating favorable growth avenues for the Europe region.
Deep-dive Insights on COVID-19 Diagnostics Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/covid-19-diagnostics-market