Press Release

How COVID-19 Diagnostics Market Booming Worldwide? Fortune Business Insights

The global “COVID-19 Diagnostics Market Industry” is projected to reach USD 11.40 billion by 2027, exhibiting a CAGR of 7.9% during the forecast period. Uncontrolled spread of the coronavirus worldwide will be the major factor propelling the growth of this market, shares Fortune Business Insights™ in its report, titled “COVID-19 Diagnostics Market Size, Share & Industry Analysis, By Product (Instruments and Reagents & Kits), By Technology (PCR (Polymerase Chain Reaction), ELISA (Enzyme-linked Immunosorbent Assay), Point-of-care (POC), and Others), By Sample Type (Oropharyngeal and Nasopharyngeal Swabs, Blood, Urine, and Others), By End User (Hospitals & Clinics, Laboratories & Diagnostic Centers, and Research Institutes), and Regional Forecast, 2020-2027”. According to Johns Hopkins University, global COVID-19 infections reached 100,000 in just 60 days, growing to 200,000 in the next 12-14 days, and the recent addition of 100,000 cases has taken only 3 days.

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The report provides market analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product & service launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on a global and regional basis.

What does the Report Include?

The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

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Key Companies and Manufacturers Covered:

  • PerkinElmer Inc.
  • Quest Diagnostics Incorporated
  • Quidel Corporation
  • Siemens Healthcare GmbH
  • Abbott
  • Thermo Fisher Scientific Inc.
  • bioMérieux SA
  • Hoffmann-La Roche Ltd
  • Danaher Corporation

Key Features of COVID-19 Diagnostics Market Report:

  • Overview, Industry Life Cycle Analysis, Supply Chain Analysis
  • Size, Trends, Growth Drivers, Constraints, SWOT Analysis, Forecast Analysis
  • Competitive Landscapes: Market Share, Product Portfolio, New Product Launches, etc.
  • Market attractiveness and Associated Growth Opportunities
  • Strategic Growth Opportunities for the Existing and New Players
  • Key Success Factors

Concerted Efforts towards Developing COVID Detection Tests to Accelerate Growth

With the COVID-19 pandemic showing no signs of abatement, medical and regulatory bodies are collaborating to encourage innovation and speed up research in developing coronavirus detection tools. For instance, in April 2020, the National Institutes of Health in the US announced the launch of Rapid Acceleration of Diagnostics (RADx) initiative with a funding of USD 1.5 billion to commercialize and widen the accessibility of COVID-19 testing. Similarly, in June 2020, the US Food and Drug Administration (FDA) joined the COVID-19 Diagnostics Evidence Accelerator created by the Friends of Cancer Research and Reagan-Udall Foundation with the aim to evaluate the performance of PCR and antibody tests for COVID. Together, these and similar initiatives are expected to augment the COVID-19 diagnostics market growth throughout 2020.

High Number of COVID-19 Cases to Give North America Leading Market Position

The United States is one of the worst-hit countries in the world by the coronavirus pandemic, with the number of cases as of June 2020 standing at 2.68 million and 129,000 deaths. In response, the US government is injecting more funds into medical research facilities to accelerate development of COVID-19 diagnostics and widen the testing net in the country. The region’s market size in 2019 stood at USD 2.17 billion.

In Europe, the virus is spreading at a furious pace, with the UK, Italy, Spain, France, and Germany having the highest number of cases. Quick adoption of advanced detection tools in the region will enable it to expand its footprint in the COVID-19 diagnostics market share in the immediate future. Heavy investments by governments in Asia Pacific in the healthcare sector are expected to favor market growth in the region.

Detailed Table of Content:

  • Introduction
    • Market Scope
    • Market Segmentation
    • Market Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Overview: Guidelines for COVID-19 Diagnosis
    • New Product Launch
    • Prevalence of COVID-19 Disease
    • Key Industry Developments – Mergers, Acquisitions, and Partnerships
  • Global COVID-19 Diagnostics Market Analysis, Insights and Forecast, 2016-2027
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast By Product
      • Instruments
      • Reagents & Kits
    • Market Analysis, Insights and Forecast By Technology
      • Polymerase Chain Reaction (PCR)
      • Enzyme-linked Immunosorbent Assay (ELISA)
      • Point-of-care (POC)
      • Others
    • Market Analysis, Insights and Forecast By Sample Type
      • Oropharyngeal & Nasopharyngeal Swabs
      • Blood
      • Urine
      • Others
    • Market Analysis, Insights and Forecast By End User
      • Hospitals & Clinics
      • Laboratories & Diagnostic Centers
      • Research Institute
    • Market Analysis, Insights and Forecast By Geography
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East & Africa

TOC Continued….

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Reasons to Purchase this Report:

  • Detailed business profiles including product offerings, recent developments, key financial information, and strategies employed by main market players.
  • Analysis of various regions and countries that includes the demand and supply based actions, which consequently have a major influence on the market’s expansion.
  • Market dynamics and opportunities for growth for players in the near future.
  • Competitive landscape describing the market revenue shares of key players.
  • Market segmentation analysis that deals with quantitative and qualitative research, discussing the influence of policy-based and economical aspects.

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Our proven methodologies and systematic analysis help in making confident business and strategic decisions.

A market study that conducts at Fortune Business Insights can save significant cost and time, and can help prevent making costly mistakes.

Secondary Data Sources That We Refer To:

  • Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
  • Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
  • Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
  • Industry journals and paid databases

Secondary Research Is Conducted To Derive The Following Information:

  • Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
  • Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
  • Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
  • Number of procedures and average price of procedures
  • Replacement rate and pricing of capital equipment
  • Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
  • Market & technological trends, new product developments, product pipeline.

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Dale Martinez

Dale possesses an engineering degree in Electronics from the Georgia Institute of Technology. She is the sole contributor at the Healthcare IT column. Before opting to write, Dale worked at major firms such as Microsoft, Amazon, GE, Raytheon, and so on. She possesses vast knowledge about a variety of fields like IT, IoT, Telecommunications, Health Dialysis, photovoltaic, and many others. Dale is also a ballet dancer.

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