COVID-19 Diagnostics Market Size to Reach USD 13 Billion by 2020 – Arizton

The RT-PCR testing segment constituted over 75% of the global COVID test market share.

CHICAGO, ILLINOIS, UNITED STATES, November 23, 2020 / — The global COVID-19 diagnostics market size is valued at USD 13 billion in 2020, growing at a CAGR of (9%) by 2026.

The global covid-19 diagnostics market is a new in-demand, growing segment in the global in-vitro diagnostics market. The market is growing at increased rate during the pandemic and once the vaccine is introduced, it will normalize the market demand like the other infectious diseases during the forecast period. The number of people affected by COVID-19 has crossed millions across the globe. Each country is facing the difficulty in handling the sudden surge in the covid-19 cases in the market. The market is dominated by the PCR diagnostics due to the gold standard position given to the tests by the WHO. However, this was followed during the initial stage of the pandemic condition but later with the introduction of the high specific antigen and antibody tests, it is urging countries to think about the usage of the antigen and antibody testing post 2020 and 2021.

The following factors are likely to contribute to the growth of the COVID-19 diagnostics market during the forecast period:
• Increased Demand for Mass Testing
• Demand for Molecular Diagnostics due to Covid-19 Pandemic
• Unavailability of Specific Medicines/ Vaccines

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COVID-19 Diagnostics Market – Segmentation

The consumables market includes reagents, test kits and other single-use products used during COVID-19 testing. In 2020, the consumables segment accounted for a share of over 70% in the overall COVID-19 diagnostics market. The substantial share of this segment is due to the usage of the wide range of wide array of several reagents and test kits to perform COVID-19 tests while catering to different requirements of end-users. As the usage of consumables is recurring in nature, the consumables market segment generates continuous revenue for the vendors.

COVID-19 Diagnostics Market by Product
• Consumables
• Analyzers/Instruments
COVID-19 Diagnostics Market by Test
• Antigen
• Antibody
COVID-19 Diagnostics Market by Technology
• Molecular
• Immunology
COVID-19 Diagnostics Market by End-user
• Laboratories
• Hospitals
• Ambulatory Care Settings
• Research Institutes

COVID-19 Diagnostics Market – Geography

Asia Pacific is the largest market for the COVID-19 diagnostics market and will retain its share in the market during the forecast year due to its large population. This is attributed to the increasing target pool of people requiring disease diagnostics and improvement is healthcare infrastructure. Additionally, rising purchasing power of public for healthcare services and growing focus on early diagnosis and preventive programs like mass testing across various countries in APAC creating lucrative opportunities for leading player in the APAC COVID-19 diagnostics market. China, Japan, India, South Korea, and Australia are the major revenue contributors in the APAC market.

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COVID-19 Diagnostics Market by Geography
• North America
• US
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Russia
• China
• Japan
• South Korea
• Australia
• India
• Indonesia
• Philippines
• Latin America
• Brazil
• Mexico
• Argentina
• Peru
• Colombia
• Chile
• Middle East & Africa
• Saudi Arabia
• South Africa
• Turkey
• Iran

COVID-19 Diagnostics Market – Vendor Profiles

Prominent Vendors
• Abbott
• Siemens Healthineers
• Hoffmann-La Roche
• Thermo Fisher Scientific
• Danaher
• BD

Other Prominent Vendors
• Abingdon Health
• Assure Tech. (Hangzhou)
• Autobio Diagnostics
• Advaite
• Babson Diagnostics
• Beijing Wantai Biological
• Biomerica
• bioMérieux
• Biopanda Reagents
• Biocerna
• Biocan Diagnostics
• BioMedomics
• Clinical Reference Laboratory
• Cellex
• The Center for Chest Diseases and Prevention (CDC)
• CTK Biotech
• DiaSorin
• Diazyme Laboratories
• Erba Mannheim
• Edinburgh Genetics
• Eurofins Scientific
• GenScript
• Healgen Scientific
• Hangzhou AllTest Biotech
• Hangzhou Biotest Biotech
• Jiangsu Well Biotech
• Kabla Diagnostics
• Luminex
• Meridian Bioscience
• Megna Health
• Microgen
• MP Biomedicals
• Nova Tech Immunodiagnostica
• NOWDiagnostics
• Quotient
• Quidel
• Sekisui Diagnostics
• Sinocare
• SureScreen Diagnostics
• Salofy Oy
• Shenzhen New Industries Biomedical Engineering (SNIBE)
• Sysmex
• Vibrant America
• Warrior Diagnostics
• Xiamen Biotime Biotechnology
• Zuhai Livzon Diagnostic

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Source: EIN Presswire