Vendors are actively launching innovative devices to penetrate and tap the huge growth potential prevailing in the global COVID-19 diagnostics market.
According to the latest Arizton's market research report, the global COVID-19 diagnostics market to be valued at around USD 13 billion by 2020, growing at a CAGR of close to (9%) during the forecast period.
Global COVID-19 Diagnostics Market Growth
New product approvals/launches, coupled with R&D activities helping the vendors to expand their presence, enhance their growth, and sustain their market position in the global COVID-19 diagnostics market. Vendors are actively launching innovative devices to penetrate and tap the huge growth potential prevailing in the global COVID-19 diagnostics industry. The inorganic growth strategies among the players help them acquire new products and further strengthen its position in the global COVID-19 diagnostics market, thereby delivering continuous profitable growth in the long-term.
Moving Towards the Second Wave of COVID-19
Many countries across the globe is still struggling with the increase in COVID-19 cases, the pandemic is still evolving. Majority of the countries have experienced severe outbreaks and appear to be recovering and there are certain places which are experiencing the rise in the COVID-19 cases. However, rise of COVID-19 cases in the fall could be troublesome because of emerging seasonal flu post October. If the coronavirus surges in the fall and the flu season is bad, the combination could put hospitals and patients at risk. The second wave is increasing and the number of tests that are being conducted across the countries to diagnose the patients fast and isolate them to contain the second wave, which in turn, is likely to boost the demand for test kits in the global COVID-19 diagnostics industry.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product, end-users, test, technology, and geography
- Competitive Landscape – 6 Key Company Profiles and 49 Other Prominent Vendors
Global COVID-19 Diagnostics Industry – Geographic Analysis
North America is one of the regions which is experiencing the brunt of the global coronavirus pandemic. This region has 2 worst hit countries out of top 10 countries in the globe. The countries like US has announced it will set up “surge” testing site in several states affected by coronavirus and hospitalizations. Thereby, boosting the global COVID-19 diagnostics industry growth. The US government plans to distribute the 150 million rapid covid-19 test kits from Abbott laboratories due to the increase in COVID-19 cases in the region. People can get tested in clinic, pharmacy, and other common places like shopping malls and WalMarts. This is possible due to the diagnostic manufacturer significantly boosting their production of materials required for the test kits in the global COVID-19 diagnostics industry.
The global COVID-19 diagnostics indsutry is highly dynamic as it consist of several global, regional, and local players offering wide range of product portfolio such as analyzers, test kits, assays, and reagents for the end-users to perform COVID-19 tests in huge volume. Key players in the global COVID-19 diagnostics market are engaged in strategic acquisitions as a part of their inorganic growth strategy to improve sales and profit margins. Market players are exclusively focusing on broadening their COVID-19 diagnostics portfolio to cater to the exponential surge in demand for these tests kits. The market players are focusing on developing and commercializing new techniques as add-on to their product portfolios to facilitated at-home sample collection and home-based tests as well.
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