Covid-19 Diagnostics Market Size 2020: Surpass $17,20 Billion | Future scenarios and growth drivers

The global Covid-19 diagnostics industry was pegged at $73.19 million in the first quarter of 2020, and is projected to reach $9.94 billion by the fourth quarter of 2020.

The COVID-19 diagnostics market refers to the market for tests and diagnostic tools used to detect the presence of the SARS-CoV-2 virus, which causes the COVID-19 disease. These diagnostics are essential for identifying individuals who are infected with the virus and initiating appropriate measures to control its spread.

Since the emergence of the COVID-19 pandemic, the global diagnostics market has experienced significant growth and innovation. Various types of tests have been developed and deployed worldwide, ranging from traditional laboratory-based tests to rapid point-of-care tests. The diagnostics market includes both molecular tests (such as PCR-based tests) and serological tests (such as antibody tests).

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Drivers, restraints, and opportunities

Rise in Covid-19 patients across the world, need for rapid diagnostics, and lack of specific vaccine or medicine drive the growth of the global Covid-19 diagnostics market. However, lack of awareness among developing countries regarding precautions and dearth of diagnostic kits & medical professionals hinder the market growth. On the contrary, development of advanced diagnostic kits would open new opportunities for the market players in the future.

Covid-19 scenario:

• Researchers have been focused on developing a potential treatment for Covid-19 and have been conducting months of trials to find the cure, which increased the demand for Covid-19 diagnostic tools.
• Since the outbreak of Covid-19, researchers have been working to develop more accurate and faster diagnostic kits.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝟐𝟐𝟎 𝐏𝐚𝐠𝐞𝐬 𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐓𝐚𝐛𝐥𝐞𝐬, 𝐚𝐧𝐝 𝐅𝐢𝐠𝐮𝐫𝐞𝐬): https://www.alliedmarketresearch.com/checkout-final/d5f0b613897948deaf0203915862c823

The PCR kits segment held the largest share

By product, the PCR kits segment held the lion’s share in the first quarter of 2020, and is expected to maintain its dominance till the end of 2020. This is due to their high accuracy and specificity. The global Covid-19 diagnostics market report includes an analysis of other segments such as POC kits and Immunoassay.

The diagnostic labs segment dominated the market

By end user, the diagnostic labs segment held the largest share in the first quarter of 2020, contributing to more than two-thirds of the global Covid-19 diagnostics market, due to increased usage of molecular assays for Covid-19 diagnosis as the procedure requires various chemicals and instruments that are more easily available in a diagnostic laboratory. The report includes an analysis of other segments such as hospitals and physician offices & urgent care clinics.

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Europe, followed by Asia-Pacific and North America, held the lion’s share

By region, the market across Asia-Pacific is expected to contribute the highest revenue by the fourth quarter of end of 2020, owing to a higher number of patient populations in this region. The global Covid-19 diagnostics market across Europe held the lion’s share in the first quarter of 2020, contributing to nearly half of the total revenue.

Covid-19 Diagnostics Market Key Players:

• Seegene Inc.,
• Robert Bosch GmbH
• Cellex Inc.
• F. Hoffmann-La Roche AG
• Cepheid
• MylabLifesolutions Pvt. Ltd.
• Thermo Fisher Scientific, Inc.
• Genematrix
• SureScreen Diagnostics Ltd.

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