COVID-19 Testing Market is to Create Newer Opportunities in the Medical Industry

23 March 2021

The resurgence of the coronavirus across countries is creating new demand in the COVID-19 testing market. The demand is growing rapidly as the number of affected people have crossed millions across the globe. Every country across the world is still finding it difficult to stop the spread of the coronavirus. The COVID-19 diagnostics market is dominated by PCR diagnostics technology. WHO has declared PCR diagnostics as the gold standard position in COVID-19 testing. This testing was mostly followed during the initial stage of the pandemic but, later with the introduction of the high specific antigen and antibody tests, countries planned to use antigen and antibody tests post 2020-2021 in the global market. Additionally, many countries are planning to conduct mass testing to study the disease epidemiology and to take preventive measures and social policies for COVID-19 measures.

Abbott, BD, F. Hoffmann-la Roche, Thermo Fisher Scientific, Siemens Healthineers, and Danaher are the major global players in the COVID-19 diagnostics market. Many other new market players are focusing on developing COVID-19 diagnostics kit in their respective regions and countries. This industry provides high growth opportunities to the new entrants to enter the COVID-19 diagnostic testing market. Global players are focusing on new product development and advanced analyzers with innovative technology platforms to run their broad portfolio of COVID-19 test kits. Companies are exclusively focusing on broadening their COVID-19 diagnostics portfolio to cater to the exponential surge in demand for COVID-19 tests.

Read: COVID-19 Diagnostics Market Global Outlook and Forecast 2021-2026

Is Preventive Measures Fueling Demand in the COVID-19 Testing Market?

In the mid of 2020, there was an increase in COVID-19 cases that could be troublesome because seasonal flu was likely to accelerate the number of cases post-October. The COVID-19 cases in different parts of the globe are recovering while in some places there is still rise in the cases. Since, COVID-19 has become common infectious virus as of now, people have stopped following COVID-19 protocols such as social distancing, wearing mask, and many other, this is turn, is increasing the spread of COVID-19. Most European nations have already reported a surge in the number of cases. More than 15,000 infections were recorded recently, which is a new record for Russia. The UK is imposing strong restrictions in the hard-hit regions such as Liverpool to contain the spread of the second wave of COVID-19.

The second wave of COVID-19 is emerging worldwide. Countries are opting for rapid antigen testing to contain the second wave of COVID-19. Intensive care units (ICU) in hospitals are filling up, many major cities are going under lockdown, and new infections are breaking records. This second wave is increasing the number of tests conducted across countries to diagnose patients fast and to isolate them to contain the second COVID-19 wave. Preventive measures taken by countries are increasing the number of tests conducted, which positively impacts the COVID-19 testing market.

Read: Surgical Wound Closure Devices Market Global Outlook and Forecast 2021-2026

North America to Create Immense Opportunities for the Players in the COVID-19 Testing Market

North America is one of the regions that is experiencing the brunt of the COVID-19 pandemic. The pandemic is still surging out of control in many parts of the country. North America is evolving to control the spread of the virus by increasing the number of tests conducted. The US has announced its plans to set up a surge testing site in several states with high coronavirus cases and hospitalizations. The US government plans to distribute 150 million rapid COVID-19 test kits from Abbott laboratories. The COVID-19  testing market in North America is expected to reach approximately USD 2 billion by 2026.

Scientists and the medical communities are working the state-of-the-art technologies to develop diagnostic and therapeutic products that can identify, treat, and prevent SARS-CoV-2. Multiple companies have sought and received EUAs for their testing kits that screen SARS-CoV-2, more commonly referred to as COVID-19 or the novel coronavirus.

Read: U.S. Point-of-Care Diagnostics Market Industry Outlook and Forecast 2019-2024

FAQs about the COVID-19 Testing Market:

Q. What is the market size of the COVID-19 diagnostics testing?

A. The COVID-19 testing market size to reach around USD 7.4 billion by 2026.

Q. What is the market segmentation of the COVID-19 testing?

A. The COVID-19 testing market is segmented by product type, end-user, test, technology, and geography.

Q. What is the market insight of the COVID-19 testing?

A. Up to 100 million COVID-19 vaccine doses to be made available for low- and middle-income countries as early as 2021.

Q. What are the major regions in the COVID-19 testing?

A. The leading regions in the COVID-19 testing market include Europe, North America, APAC, Latin America, and Middle East & Africa.

Read:Infrared Thermometer Market Global Outlook and Forecast 2020-2025

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