The Global Coronavirus Diagnostics Market was valued at USD 16.04 Bn in 2020 and expected to reach USD 19.65 Bn by 2027, with a growing CAGR of 3.0% during the forecast period.
Diagnosis is process of identifying, determining, analysing, and reporting the disease or abnormal condition of the patient with specific signs and symptoms. The methods used to diagnose any patients are known as diagnostics methods. Covid-19 diagnostics are the preliminary diagnostics procedures that are performed to check whether the patient is infected or not. The most used diagnostic test is RT-PCR which is considered as gold-standard test for covid-19 infection confirmation.
Global Coronavirus Diagnostics Market Dynamics
The driving factors influencing the global coronavirus diagnostics market include growing advances in diagnostic procedures and increasing prevalence of covid infections. Moreover, increasing patient population and rising need for rapid diagnostics testing procedures is expected to fuel the growth of the coronavirus diagnostics demand in the market during the forecast period. For instance, in April 2021, miDiagnostics (Vlaanderen) launched covid-19 diagnostics test which consists of an ultra-fast PCR test for point of care use. Due to increasing need for rapid diagnostics kits at public places such as airports, hospitals lead to the increased demand for development of rapid diagnostics test. According to the researchers, this kit is expected to hold excellent potential and accuracy at a speed of 20 times faster than lab PCR’s machines. This product is expected to contribute highest to the revenue of the company and hold huge potential for growth of coronavirus diagnostics demand in the market during the forecast period across the globe.
Moreover, continuous rising covid-19 cases and lack of availability of specific medicine & vaccines are expected to propel the growth of the coronavirus diagnostics demand in the market during the forecast period. Furthermore, lack of awareness regarding diagnostics procedures among low economic countries such as India and China and lack of trained professionals with knowledge regarding diagnostics procedures are expected to hinder the growth of the coronavirus diagnostics market during the forecast period. On the contrary, pharmaceutical companies are now gaining their focus for the development of appropriate diagnostics kits are seeking immense opportunities in the coronavirus diagnostics market during the forecast period. For instance, Mylan (India) received the validation for its covid-19 diagnostics test kits by Drug Controller of India. Rising validation and approvals for diagnostics test kits are expected to stimulate the coronavirus diagnostics demand in the market during the forecast period.
Global Coronavirus Diagnostics Market Segmentation:
By Sample Type
By End User
Company Profiles and Competitive Intelligence
The key players operating in the coronavirus diagnostics market are:
Based on product, reagents and kits are expected to hold the largest market share during the forecast period due to growing advances in diagnostic kits for speedy and precise results of the diagnostic procedures
Based on products, coronavirus diagnostics market is broadly segmented into instruments and reagents & kits. Reagents & kits segments held the largest market share in 2020 due to presence of large volume of reagents and test kits for covid-19 diagnostics and increased preference for on-the-spot diagnostic tests. Moreover, reagents & kits are expected to dominate the market during the forecast period due to continuous increasing variants in covid-19 and related infectious cases across the globe. Growing demand for single use diagnostics test kits lead to increase in consumption rate of test kits and rise in sales of the high-end instruments by commercial labs, hospitals, and other facilities monitoring large volume of covid-19 cases are expected to fuel the growth of the coronavirus diagnostics demand in the market during the forecast period. Increasing research & development in diagnostic kits and rise in product launch is further expected to boost the coronavirus diagnostics market during the forecast period. For instance, in July 2021, Patanjali Pharma Ltd. (India), an DST supported start-up company launched their affordable rapid antigen test kit for early diagnosis & surveillance that cost for Rs 100/test. This product is expected to be helpful for early covid-19 diagnosis in rural areas and places those lack in other diagnostic resources and path labs. Launch of diagnostic kit in the rural area is expected to contribute to the growth of the revenue of the company.
Based on technology, PCR segment is expected to account for the highest market share during the forecast period owing to increasing importance and preference for PCR-based diagnostic test
Based on technology, coronavirus diagnostics market is broadly segmented into polymerase chain reaction (PCR), lateral flow immunoassay (LFIA) and enzyme-linked immunosorbent assay (ELISA). PCR segment is expected to dominate the market during the forecast period due to the declaration of WHO as gold standard for covid diagnostics procedure and precise diagnostics results of this diagnostic technology. PCR diagnostics test procedures is accepted and used across the globe for accurate covid diagnosis which is further expected to propel the coronavirus diagnostics demand in the market during the forecast period. As the pandemic continues, many pharmaceutical and medical devices companies are now focusing for the development of more sensitive, specific, and advanced antigen & antibody test for covid-19 diagnosis. However, PCR diagnostic test proved to be the confirmatory test for covid-19 infection. Such rising demand for PCR diagnostic technology is expected to fuel the growth of coronavirus diagnostics market during the forecast period. For instance, in May 2021, Cipla Limited (India) announced the commercialization and marketing of RT-PCR technology-based kits named ‘ViraGen’ for covid-19 diagnosis in India. This product was developed in partnership with Ubio Biotechnology System Pvt. Ltd (India). This product launch is expected to be an addition to their largest covid care product portfolio. ViraGen is expected to be manufactured by Ubio Biotechnology and Distributed and manufactured by Cipla through their extensive distribution channel across the globe.
The report also provides in-depth analysis of coronavirus diagnostics industry dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Coronavirus Diagnostics Market Analysis
Covid-19 pandemic has positively impacted the growth of the coronavirus diagnostics demand in the market. Sudden covid-19 outbreak lead to an increase in demand for diagnostic tests across the globe. Upsurge in covid-19 cases gained the attention of pharmaceutical and medical devices companies for the development of covid infection diagnostics kits across the globe. Moreover, increased covid-19 cases lead to the execution of certain government restrictions on travel, social-distancing and closure of many manufacturing industries which disrupted the supply chain across the globe. Over the past few months, consortium worked to identify and negotiate with suppliers and manufacturers to ensure the supply of the coronavirus diagnostic products to low-to-middle income countries wherein the covid-19 wave hit to the hardest. On the contrary, rising emergence of covid variants such as omicron & florona and growing incidences of covid-19 cases are expected to fuel the growth of coronavirus diagnostics demand during the forecast period.
The report also provides an in-depth analysis of key trends in coronavirus diagnostics market
|1||Increasing upgradation in covid-19 diagnostic testing devices for detection of new corona variants||Positive|
|2||Ongoing research for biosensor systems for real time diagnosis that would help to enhance patient care through remote health||Positive|
The report also provides an in-depth analysis of recent news developments and investments
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