The global COVID-19 diagnostics market is predicted to witness significant growth in the forecast period. The North America region is predicted to dominate the market. Various key players are working on initiatives to help the market grow further.
NEW YORK, July 12, 2021 /PRNewswire/ -- According to the latest report by Research Dive, the Global Covid-19 Diagnostic Market is predicted to experience a significant rise in revenue from $49,000.9 million in 2020 to over $65,750.1 million by 2028 at a stable CAGR of 3.5% from 2021-2028.
The North American region is predicted to garner tremendous revenue of $21,237.30 million by 2028 in the analysis period. Several experts of the market have been working towards slowing the spread of the virus. To add further, the extensive use of coronavirus diagnostic kit to detect any traces of the virus quickly is expected to further propel the growth of the market.
Key Market Segments
By product and services, the services sub-segment is expected to gain revenue of $31,671.40 million in the analysis. Due to people being exposed to the coronavirus, many service providers have been ensuring that everyone is tested with the use of the latest methods. This is set to further enhance the growth of the market.
By samples type, the nasopharyngeal sub-segment is set to garner hold the highest market share with revenue of $26,485.50 million in the analysis period. The rtPCR tests require nasal swabs which provide the most accurate results post testing. This factor is set to add to the growth of the market.
By test type, the antibody (serology) sub-segment is set to gain revenue of $15,125.10 million by 2028. This growth is a result of the serology test that is able to detect the presence of the COVID-19 virus within the collected samples accurately.
By mode, the point-of-care sub-segment is expected to gain revenue of $38,507.70 million in the analysis period due to the increase in manufacture of testing kits. These tests are known to provide an accurate result which is set to add to the growth of the market.
End user, the laboratories sub-segment is set to contribute to the steady growth of the market with revenue of $25,747.20 million in the forecast period. Most of the cases of COVID-19 were confirmed in labs, especially due to the large number of people opting to get it done with the help of professionals.
In the past couple of years, the world has experiences multiple surges and drops in the coronavirus cases around the world. Several healthcare experts have been constantly working on finding new and quicker ways to provide a diagnosis. These efforts by professionals to conduct maximum number of antibody as well as RT-PCR tests in a day are expected to boost the growth of the market.
The rural population isn't well aware of the risks of not getting testing. To add further, the risk of being isolated from society due to the fear of contracting the virus has been a hindrance in the growth of the market.
Multiple initiatives by the government and efforts by medical professionals to test people frequently and initiate advanced testing technologies is further expected to provide an opportunity of growth for the market.
Top Key Players, New Developments, and Strategies
As per the report, some of the prominent pioneers of the market are
COVID-19 and Its Impact on the COVID-19 Diagnostics Market
The widespread effect of COVID-19 was felt all over the world which led to a drastic increase in the requirement for effective and efficient diagnostics solutions. The lockdown rules were implemented to further curb the rise of the virus among people. Though entire countries were shut down, several hospitals, medical labs, and clinics witnesses a sure in people coming in to get themselves tested for the virus. If people need to travel for essential reasons, they need to be in possession of a negative rt-PCR test. This constant need for the virus detection and initiatives to free the world from it have contributed to the growth of the COVID-19 diagnostics market.
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