Global COVID-19 Diagnostics Industry: Set to Witness Huge Growth by 2028
The global COVID-19 diagnostics market size is expected to reach USD 23.67 billion by 2027 according to a new study by Polaris Market Research. The report “COVID-19 Diagnostics Market Share, Size, Trends, Industry Analysis Report, By Product & Service Type (Instruments, Reagents & Kits, Service); By Sample Type (Nasopharyngeal (NP) Swab, Oropharyngeal (OP) Swab, Nasal Swabs, Blood, Others); By Test Type (Molecular (PCR) Testing, Antigen-based Testing, Antibody (Serology) Testing, Others); By Mode; By End Use; By Regions; Segment Forecast, 2020 – 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
COVID-19 medical tests play an important role in management of coronavirus and thus helping in containing the virus infection. These tests are available as POC and non-POC across various healthcare settings such as hospitals, diagnostic centers, physician clinics, and research laboratories. POC test are comparatively easier than the other swab-based tests but they lack sensitivity and specificity thus providing a non-conclusive result.
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While these tests are useful in real-time monitoring of infection as a preliminary test, the swab-based tests are necessity for confirmation of COVID-19 infection as they incorporate RT-PCR technology, which provide accurate results. The recent requirements for COVID-19 tests are higher accuracy, faster results, low-cost, and high sensitivity towards coronavirus.
The market drivers for COVID-19 diagnostic includes rapidly increasing COVID-19 infections across the globe, increasing number of patients undergoing diagnosis, government initiatives such as Sero testing, increased preference of physicians and patients towards POC testing, and increased requirement for COVID-19 test by non-profit organizations.
According to World Health Organization (WHO) as of September there were 29 million cases of COVID-19 infections worldwide, affecting about 213 countries and increasing rapidly. The relaxation in lockdowns across the countries and increasing number of testing is expected to drive the demand for COVID-19 diagnostics market. In addition, emergence of second wave of infections in Europe is likely to have a positive impact on the market growth.
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Companies such as Cepheid, 1drop Inc., ALDATU BIOSCIENCES, Altona Diagnostics GmbH, Perkin Elmer, Inc., bioMerieux SA, Danaher, Hologic Inc., Abbott, Luminex Corporation, ADT Biotech, Mylab Discovery Solutions Pvt Ltd., Laboratory Corporation of America Holdings, Quest Diagnostics, Quidel, Neuberg Diagnostics, Thermo Fisher Scientific, Inc., F. Hoffman-La Roche Ltd. and Veredus Laboratories are some of the key players operating in the market.
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