July 01, 2020
According to the research report titled ‘Global COVID-19 Diagnostic Testing Market Analysis By Test Type, End-User, By Region, By Country (2020 Edition): Market Insights, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global COVID-19 diagnostic testing market was remunerated at USD 44481.8 million in 2020 and is projected to witness substantial growth over 2020-2025.
Rising cases of corona virus across the globe are boosting the demand for COVID-19 diagnostic tests. These tests play an important role in management of COVID-19 pandemic. They aid in accurate diagnosis of coronavirus and help curb the spread of this contagious infection. As per the report, total number of COVID-19 tests is projected to reach 329.17 million by the end of year 2020.
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Notably, Chembio Diagnostics and Abbott Laboratories are among the major market players contributing towards commercial care center. Even the World Health Organization has been encouraging healthcare organizations to pay attention on indicative testing of COVID-19 considering the current situation.
Likewise, in March 2020, Cepheid received EUA (Emergency Use Authorization) from FDA (Food & Drug Administration) for its Xpert Xpress POC test for COVID-19 analysis. Also, Quest Diagnostics collaborated with Ortho Clinical Diagnostics in March 2020, to expand COVID-19 antibody testing in more than 20 labs across the US. The firm further ramped up its COVID-19 testing by applying VITROS immunodiagnostic products Anti-SARS-CoV-2 IgG Test of Ortho. Such initiatives by pharmaceutical players, along with fast approvals from regulatory authorities will augment the growth of COVID-19 diagnostic testing market.
As per the test type, the market is divided into serology and molecular. The report claims that molecular tests segment is poised to grow substantially over 2020-2025. Robust funding by private and public organizations are encouraging the molecular diagnostics firms to develop COVID-19 symptomatic products, in turn propelling the segmental share.
As per end user scope, the market is divided into private or commercial labs, public health labs, and others. The private or commercial labs segment currently holds a significant market share, while the public health labs and hospitals are likely to depict a similar trend in the coming years. With drastic rise in coronavirus cases across the globe, governments are involving private or commercial organizations as well as public health centers to intensify the COVID-19 diagnosis.
Major players in global COVID-19 diagnostic testing market are PerkinElmer, Seegene, BGI Genomics, Cepheid, Thermo Fisher Scientific, Becton Dickinson, Abbott Laboratories, Siemens Healthineers, Roche Holding AG, and Biomerieux among others.