The global COVID-19 diagnostics market size is expected to reach USD 24.6 billion by 2027, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 3.1% during the forecast period. An increase in the need for mass testing and efficiency in diagnosing the infection are key contributors to market growth. As the number of COVID-19 cases is exponentially rising, the need to develop rapid and easy-to-use diagnostic and serology tests is also increasing. This has created opportunities for emerging players and new market entries, thereby driving market revenue.
Large-scale operational entities in Sweden, such as Tele2, H&M, and Spotify are engaged in mass testing for distinguishing the staff tested positive from uninfected. In addition, key players are constantly accelerating the production and supply of diagnostic tests to keep pace with the increasing need for disease containment. For instance, in May 2020, Roche introduced an antibody test which is recognized as 100% accurate by Public Health England.
Exploring the potential of novel molecular technologies in the scaling-up of coronavirus testing is expected to offer a significant momentum to the expansion of COVID-19 diagnostics space. For instance, CRISPR-a gene editing technology-has recently made its way into the coronavirus testing market. This gene-editing technology enables detection of SARS-CoV-2 genes, via a protein, namely, CRISPR-Cas12. Acknowledging the potential of this technology in diagnosing coronavirus patients, the Food and Drug Administration (FDA) recently approved the CRISPR test for coronavirus patients in the U.S. This diagnostic kit has been approved under the provisions of emergency use.
The expanding pool of startup companies actively operating in the market for COVID-19 diagnostics is also expected to intensify market participant competition. This trend has been prominently observed in the Asia Pacific region, contributing to the fast-paced growth expected to be witnessed by this region through 2021-2027. Some of the startup manufacturers of novel COVID-19 tests include Mylab, DNA Xperts Private Limited, Rokid, Bione, and SD Biosensor.
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COVID-19 Diagnostics Market Report Highlights
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COVID-19 Diagnostics Market Segmentation
Grand View Research has segmented the global COVID-19 diagnostics market on the basis of product & service, sample type, test type, mode, end-use, and region:
COVID-19 Diagnostics Product & Service Outlook (Revenue, USD Million, 2020 – 2027)
COVID-19 Diagnostics Sample Type Outlook (Revenue, USD Million, 2020 – 2027)
COVID-19 Diagnostics Test Type Outlook (Revenue, USD Million, 2020 – 2027)
COVID-19 Diagnostics Mode Outlook (Revenue, USD Million, 2020 – 2027)
COVID-19 Diagnostics End-use Outlook (Revenue, USD Million, 2020 – 2027)
COVID-19 Diagnostics Regional Outlook (Revenue, USD Million, 2020 – 2027)
List of Key Players of COVID-19 Diagnostics Market
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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