What is COVID-19 Diagnostic Testing Market Scope?
COVID-19 Diagnostic Testing is critical in the management of the ongoing COVID-19 pandemic for accurate diagnosis as well as for tackling the spread of the infection. Over 600 SARS-CoV-2 diagnostic tests are either approved or are in the development phase for clinical use. Therefore, an increase in the need for developing diagnostic tests is anticipated to drive the market growth. The current status of lead COVID tests is toward rising capacity but mixed accuracy. For efficient and accurate COVID-19 diagnosis testing, clinicians need a portable or an on-site diagnostic test for real-time management of patients in minimal time. This has encouraged the adoption of Point-of-Care (POC) testing for diagnosis. A growing number of COVID-19 cases ass over the world is the major driving factor for the COVID-19 diagnostic testing market.
The COVID-19 Diagnostic Testing market study is being classified by Type (Nucleic Acid Testing, Molecular (PCR) Testing, Antigen-based Testing, Antibody (Serology) Testing and Others) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global COVID-19 Diagnostic Testing market throughout the predicted period.
Abbott Laboratories (United States), F. Hoffman-La Roche Ltd. (Switzerland), Thermo Fisher Scientific, Inc. (United States), Perkin Elmer, Inc. (United States), BioMedomics, Inc. (United States), Aldatu Biosciences Inc. (United States), Quidel Corporation (United States), Quest Diagnostics (United States), Hologic Inc (United States), Laboratory Corporation of America Holdings (United States), Luminex Corporation (United States) and Cepheid (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are altona Diagnostics GmbH (Germany), Neuberg Diagnostics (India), 1drop Inc. (South Korea), Veredus Laboratories (Singapore), ADT Biotech (Malaysia), bioMérieux SA (France), Danaher (United States) and Mylab Discovery Solutions Pvt Ltd. (India).
Analyst at AMA have segmented the market study of Global COVID-19 Diagnostic Testing market by Type, Application and Region.
On the basis of geography, the market of COVID-19 Diagnostic Testing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
In July 2020, Becton, Dickinson, and Company launched a point-of-care SARS-CoV-2 diagnostic test as a response to the growing need for rapid testing. This test enables real-time testing of patients using an easy-to-use, highly portable instrument.
For instance, in June 2020, NIH has announced to release of four funding opportunities to accelerate research on SARS-COV-2 screening for vulnerable and underserved populations to decipher and address the disparity gap.
Influencing Market Trend
- Rising Inclined Toward Incorporating Artificial Intelligence (AI) Algorithms in the COVID-19 Tests for Rapid and Efficient Diagnosis
- Robust Funding and Investments by the Public as well as Private Agencies are Expected to Propel Molecular Diagnostic Companies to Develop COVID-19 Diagnostic Testing
- Increasing Focusing On Developing Rapid Immunoassay Tests for Covid-19 Diagnosis
- Technological Development and Advancement in the COVID-19 Diagnostic Testing
- Rising Demand from the Developing Economies like India
- Strict Government Rules and Regulations
- Intense Competition among the Competitors
Key Target AudienceDiagnostic Testing Providers, Research Organizations and Consulting Companies, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Others
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