Global COVID-19 Diagnostic Testing Market Analysis, 2020 research report depicts a deep-dive market analysis of statistics of global COVID-19 Diagnostic Testing market which consists of regional and country-wise market size, market forecast, CAGR market segmentation, market shares of diverse regions and countries, market share of various end users, applications, product type, technologies, competitive benchmarking, etc.
The major factor for the growth of COVID-19 diagnostic testing market is propelling due to development of specialized tests for early disease detection and disease management and increasing demand for lab automation. Another reason for the rapid growth of COVID-19 diagnostic testing is the use of point of care diagnostic products in the healthcare industry. Large number of clinical tests are being conducted across the globe by the healthcare specialists for early detection of disease. Since the number of patients are surging at a rapid pace globally thereby, escalating the COVID-19 Diagnostic Testing market growth. According to World Economic Forum, global healthcare spending is projected to increase from USD 7.7 trillion in 2017 to USD 10 trillion by 2020.
According to MarkNtel Advisors’ research report titled “Global COVID-19 Diagnostic Testing Market Analysis, 2020”, the Global COVID-19 Diagnostic Testing market is anticipated to grow at a substantial CAGR during 2020-25. Moreover, several startups are developing testing kits for COVID-19 patients; for instance, Mylab an Indian startup, developed a Mylab PathoDetect COVID-19 Qualitative PCR kit for faster diagnosis, and has also become the first to receive commercial approval from Central Drugs Standard Control Organisation (CDSCO).
Point-of-Care Testing Segment Escalating at a Sturdy Rate
On account of outbreak of COVID-19, the point-of-care segment is expected to show considerable growth due to the rising number of patients dealing with the disease day by day. Moreover, the rapid diagnostic test (RDT) detects the presence of viral proteins (antigens) exposed due by COVID-19 virus in a sample from the respiratory tract of a person. The antigen(s) detected are expressed only when the virus is actively replicating; therefore, such tests are best used to identify acute or early infection.
Molecular testing of respiratory tract samples is a recommended method for the identification and laboratory confirmation of COVID-19 cases. COVID-19 molecular diagnostic products are being evaluated for quality and safety through the WHO Prequalification Emergency Use Listing Procedures and through a collaboration with the Foundation for Innovative New Diagnostics (FIND). Therefore, the molecular testing is also gaining popularity during 2020 as stated in the MarkNtel Advisors’ research report “Global COVID-19 Diagnostic Testing Market Analysis, 2020”.
According to MarkNtel Advisors, 3D Medicines, 3D Black Biotech India Ltd., Advanced Molecular Diagnostics, Acumen Research Laboratories, Aura Biotechnologies, Beijing Applied Biological Technologies, Bioeksen R&D Technologies,BioMerieux,, Siemens, GE Healthcare are few of the leading players in the Global COVID-19 Diagnostic Testing Market.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Global COVID-19 Diagnostic Testing Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecast up-to 2025.
Q. What would be the growth rate or CAGR of the Global COVID-19 Diagnostic Testing Market during 2020-25?
A. The growth rate of the Global COVID-19 Diagnostic Testing Market during 2020-25 is forecast to grow at a substantial rate.
Q. Who are the key competitors or players operating in the Global COVID-19 Diagnostic Testing Market?
A. 3D Medicines, 3D Black Biotech India Ltd., Advanced Molecular Diagnostics, Acumen Research Laboratories, Aura Biotechnologies, Beijing Applied Biological Technologies, Bioeksen R&D Technologies, BioMerieux,, Siemens, GE Healthcare are few of the leading players in the Global COVID-19 Diagnostic Testing Market.
Q. Which end-user segment would emerge as an opportunity area for players in Global COVID-19 Diagnostic Testing Market?
A. The research laboratories segment is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which region would emerge as an opportunity area for players in Global COVID-19 Diagnostic Testing Market?
A. North America region grabbed a significant market share continues to grow at the highest CAGR, presenting immense opportunities for manufacturers and suppliers of the Global COVID-19 Diagnostic Testing Market.
