February 12, 2021
According to the business intelligence report titled ‘Global COVID-19 Diagnostics Testing Market Analysis, 2020’ available with Market Study Report LLC, global COVID-19 diagnostics testing market is slated to amass substantial gains during the forecast period 2020-2025.
Industry experts claim that introduction of specialized tests for efficient disease management and early detection of diseases coupled with escalating demand for laboratory automation are enhancing global COVID-19 diagnostics testing market outlook.
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Increasing frequency of clinical trials and tests, growing number of patients infected by the Coronavirus, ongoing technological advancements in diagnostics, and surging investments in the healthcare sector are further promoting business development. Also, World Economic Forum cites that global healthcare spending is anticipated to rise from USD 7.7 trillion in 2017 to USD 10 trillion by the year 2020, indicating a favorable environment for the industry growth.
Additionally, innovative product launches by leading industry players, strategic alliances such as acquisitions and partnerships, and rising adoption of point of care diagnostic products in the healthcare sector are positively swaying the global COVID-19 diagnostics testing market dynamics.
Based on test type, the point-of-care segment is anticipated to emerge as a major revenue generator for the industry over 2020-2025, on account of growing prevalence of infectious diseases across the globe. On the other hand, the molecular testing segment is also expected to grow significantly due to increasing number of COVID-19 patients and favorable regulatory approvals.
With regards to product landscape, the market is divided into reagents, instruments, and others. The end-user terrain of the industry includes point-of-care, diagnostic laboratories, hospital laboratories, and others.
As per the regional analysis, global COVID-19 diagnostic testing market size is bifurcated into Asia-Pacific, North America, Middle East & Africa, South America, and Europe. The country wise fragmentation of the business sphere includes India, China, South Korea, Japan, Australia, U.S., Mexico, Canada, UAE, Saudi Arabia, Argentina, Brazil, Spain, France, Italy, Germany, and United Kingdom.
Prominent companies influencing the global COVID-19 diagnostics testing industry trends include GE Healthcare, Siemens AG, BioMérieux SA, Bioeksen R&D Technologies Ltd., Beijing Applied Biological Technologies Co., Ltd., Aura Biotechnologies Pvt. Ltd., Acumen Research Laboratories Pte Ltd., Advanced Molecular Diagnostics Ltd., 3D Black Biotech India Ltd., and 3D Medicines among others.