Selbyville, Delaware According to a research report titled ‘Global COVID-19 Diagnostic Testing Market a?? Analysis By Test Type (Molecular, Serology), End-User, By Region, By Country (2020 Edition): Market Insights, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global COVID-19 diagnostic testing market accounted for USD 4481.8 million by value and 329.17 million by volume in the year 2020 and is projected to register remarkable growth over 2020-2025.
The report findings claim that the sharp rise in the number of coronavirus cases across the world is acting as a major impetus for the growth of global COVID-19 diagnostic testing market. COVID-19 diagnostic tests are pivotal to efficient management of the pandemic for accurate diagnosis, and to prevent the transmission and spread of infections.
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For the record, the Food and Drug Administration (FDA) has given Emergency Use Authorization (EUA) to Xpert Xpress test, the first POC test created by Cepheid for diagnosis of COVID-19, in March 2020. Moreover, the WHO has urged healthcare organizations to direct their attention towards indicative COVID-19 testing considering the widespread impact of the pandemic.
Based on test type, global COVID-19 diagnostic testing industry is classified into serology and molecular tests. Among these, molecular test segment holds for the largest market share, primarily due to heavy funding and speculations by private and public companies focused towards creating COVID-19 symptomatic products.
Moving on to end-user scope, the market segmentation comprises private or commercial labs, public health labs and others. Private or commercial labs segment currently accounts for a major market share followed by public health labs sector, owing to the increasing requirements for enhancing diagnostic testing capacity.
From a regional frame of reference, key contributors to the overall market revenue are Americas (Canada, U.S, Brazil), Europe (U.K, Germany, France, Italy, Spain, Russia), and Asia Pacific (India, Japan, China, South Korea, Singapore).
Prominent players in global COVID-19 diagnostic testing market sphere are PerkinElmer Inc., Seegene Inc., BGI Genomics Co. Ltd., Cepheid, Thermo Fisher Scientific Inc., Becton, Dickinson, and Co. (BD), Abbott Laboratories, Siemens Healthineers AG, F. Hoffmann-La Roche AG, and bioMérieux SA.
These leading companies are adopting profitable business strategies such as mergers & acquisitions, and partnerships & collaborations to gain a competitive edge in the industry.
Questions and Answers:
Q1: Which factors are impelling the growth of global COVID-19 diagnostic testing market?
A1: A sharp rise in the number of Coronavirus cases across the world is acting as a major impetus for worldwide COVID-19 diagnostic testing industry growth.
Q2: Why is global COVID-19 diagnostic testing market size from molecular test type segment recording strong growth?
A2: Heavy funding and speculations by private and public companies focused towards creating COVID-19 symptomatic products are augmenting the sales of molecular tests, thereby enhancing the overall industry size.
Q3: How is the competitive landscape of global COVID-19 diagnostic testing market defined?
A3: Prominent players in the market are PerkinElmer Inc., Seegene Inc., BGI Genomics Co. Ltd., Cepheid, Thermo Fisher Scientific Inc., Becton, Dickinson, and Co. (BD), Abbott Laboratories, Siemens Healthineers AG, F. Hoffmann-La Roche AG, and bioMérieux SA.
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