As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
The global COVID-19 diagnostics industry is anticipated to rise significantly in the forecast period owing to the rising innovation and introduction of new technologies for faster and more efficient testing of SARS-CoV-2. This can be attributed to the rising number of active cases across the continents. The growing focus on at-home testing and integration of advanced software has significantly contributed to the industry growth.
The concept of the switch health mobile rapid testing units is likely to further aid the market as it has a potential to reach on-site factory workers and sport persons. A significant increase in the infected patients has been witnessed post ease of lockdown, owing to the resurgence of building and construction activities, sporting events, and travelling, among others. The travel and tourism industry, which was significantly affected by the pandemic, has propelled the COVID-19 testing initiatives and is likely to further bolster the market growth. The United States is currently leading the market growth as the country has performed more than 390 million tests for COVID-19.
Some of the leading players in the industry are Abbott Laboratories (NYSE: ABT) and Thermo Fisher Scientific Inc (NYSE: TMO). In 2020, companies such as LabCorp (NYSE: LH) have been looking for the U.S FDA approval for their at-home test kits. The testing method developed by LabCorp not only focusses on COVID-19, but can also detect multiple types of infections like flu and RSV. This, coupled with the growing focus of companies towards expanding their capacity and introducing ‘return-to-work’ policies through employer focused COVID-19 testing offerings, is expected to further bolster the market growth.
Market Breakup by Test Type, Product, Sample Type, Business Mode, End-Use, and Region:
Key Findings of the Report:
Key Offerings of the Report:
The major players in the global COVID-19 diagnostics market are F. Hoffmann-La Roche Ltd, Abbott Laboratories, Thermo Fisher Scientific Inc, Guangzhou Wondfo Biotech Co., Ltd., Altona Diagnostics GmbH, and Mylab Discovery Solutions Pvt. Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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