The major factors that drive the covid-19 market growth include significant increase in patient population across the globe and immense need of rapid diagnostics. Covid-19 has been declared as a pandemic by WHO. On 26 March, 2020, as per WHO, the positive cases of covid-19 across the globe rose to 416,686 with 18,589 deaths. In addition, unavailability of specific medicine or a vaccine propels the covid-19 diagnostics market growth.
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On the contrary, leading manufacturers of diagnostic kits can get benefited with several lucrative opportunities by developing rapid diagnostic kits. Further, various local players are also seeking immense opportunities by developing diagnostic kits and assays. For instance, Mylab, India has received approval by the Drug Controller of India for Covid-19 diagnostic kit, after the National Institute of Virology validated its test.
The Covid-19 diagnostics market is segmented on the basis of product, technology, end-users, and region. By product, it is categorized into PCR Kits, POC (point of contact) Kits and immune-assay. By technology, it is segmented into PCR and immunoassay. By end-users it is segmented into hospitals, physician’s office & urgent care clinics and diagnostic labs. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of technology, the PCR segment accounted for 80% of the total share in 2020 and is expected to exhibit a prominent growth rate in the near future, owing to its increased demand for diagnosis of coronavirus patients. In addition PCR is considered as a gold standard in terms of diagnosis of new virus infections.
By end user, the diagnosis labs segment is anticipated to dominate the Covid-19 diagnostics market in 2020, and continue to maintain its dominance throughout the forecast period. This is attributed to the fact that PCR test procedures require a laboratory to be processed as it includes the usage of various kinds of reagents and other instruments as well.
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Leading Market Players:
Key companies working towards the development of rapid diagnostic kits for Covid-19 include F. Hoffmann-La Roche AG, Seegene Inc., Cepheid, Mylab Lifesolutions Pvt. Ltd., SureScreen Diagnostics Ltd, Cellex Inc., Genematrix, Thermo Fisher Scientific, Inc.and Robert Bosch GmbH among others.
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