According to a new report published by Allied Market Research, titled, “Covid-19 Diagnostics Market by Product, Technology, and End User: Opportunity Analysis and Industry Forecast, 2020–2022," The global Covid-19 diagnostics market generated $73.19 million in the first quarter of 2020, and is anticipated to generate $9,948.19 million in the fourth quarter of 2020. By the end of year 2020, global Covid-19 diagnostics market size is anticipated to reach $17,203.38 million.
Covid-19 is an infectious disease caused by a novel coronavirus. The first ever human encounter of the virus was reported in December 2019 in Wuhan City of China. The virus responsible for the cause of the disease is named severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). This nomenclature was chosen owing to the fact that the virus is genetically related to a type of coronavirus responsible for the SARS outbreak, which occurred in 2003. The Covid-19 outbreak was declared a pandemic by the World Health Organization (WHO), on March 11, 2020. The outbreak has spread in over 199 countries and territories across the globe. As per the WHO, till March, 30, 2020, there were a total of 722,196 positive cases of coronavirus COVID-19 and 33,976 deaths worldwide.
The major factors that drive the market growth include significant increase in patient population across the globe, immense need of rapid diagnostics and unavailability of specific medicine or a vaccine. However, lack of awareness among developing countries regarding the necessary precautions to be taken and dearth of diagnosis kits and medical professionals that have sufficient knowledge regarding the use of diagnostic kits for novel Covid-19 are the major factors anticipated to hamper the market growth.
The market is segmented on the basis of product, technology, end-users, and region. By product, it is categorized into PCR Kits, POC (point of contact) Kits and immune-assay. By technology, it is segmented into PCR and immunoassay. By end-users it is segmented into hospitals, physician's office & urgent care clinics and diagnostic labs. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By technology, the Covid-19 diagnostics market is segregated into PCR and immunoassay. The PCR segment accounted for 80% of the total share in 2020 and is expected to exhibit a prominent growth rate in the near future, owing to its increased demand for diagnosis of coronavirus patients. In addition PCR is considered as a gold standard in terms of diagnosis of new virus infections. However, immunoassay segment is anticipated to grow at the fastest growth rate during the forecast period. This is attributed to the increased demand for rapid serological tests for disease diagnosis. Many serological kits are being developed for the confirmation of Sars Cov 2 infections. Thus, the sensors are purchased in bulk and very frequently by customers. Bulk purchase is preferred as the manufacturers offer discount to the customers.
By end user, the diagnosis labs segment dominated the Covid-19 diagnostics market in 2020, and is anticipated to maintain its dominance during the forecast period. This is attributed to the fact that PCR tests are mostly carried in a diagnosis laboratory.
Key Findings Of The Study
- The PCR segment will dominate the global covid-19 diagnostics market till the forecast period.
- The immunoassay segment is projected to grow at a significant rate during the forecast period.
- Based on end user, the diagnosis lab segment is anticipated to dominate the market throughout the forecast period.
Key companies working towards the development of rapid diagnostic kits for Covid-19 include F. Hoffmann-La Roche AG, Seegene Inc., Cepheid, Mylab Lifesolutions Pvt. Ltd., SureScreen Diagnostics Ltd, Cellex Inc., Genematrix, Thermo Fisher Scientific, Inc. and Robert Bosch GmbH among others.