Covid-19 Diagnostics Market to Reach $9.94 Bn, Globally, by the Fourth Quarter of 2020, Says Allied Market Research

Covid-19 Diagnostics Market to Reach $9.94 Bn, Globally, by the Fourth Quarter of 2020, Says Allied Market Research

PR Newswire

PORTLAND, Ore., Oct. 29, 2020

- Rise in Covid-19 patients across the world, need for rapid diagnostics, and lack of specific vaccine or medicine drive the growth of the global Covid-19 diagnostics market

PORTLAND, Ore., Oct. 29, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Covid-19 Diagnostics Market by Product (PCR Kits, POC Kits and Immunoassay), Technology (Molecular and Immunoassay), and End User (Hospitals, Physician's office & urgent care clinics and Diagnostic Labs): Global Opportunity Analysis and Industry Forecast, 2020–2022". As per the report, the global Covid-19 diagnostics industry was pegged at $73.19 million in the first quarter of 2020, and is projected to reach $9.94 billion by the fourth quarter of 2020.

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Drivers, restraints, and opportunities

Rise in Covid-19 patients across the world, need for rapid diagnostics, and lack of specific vaccine or medicine drive the growth of the global Covid-19 diagnostics market. However, lack of awareness among developing countries regarding precautions and dearth of diagnostic kits & medical professionals hinder the market growth. On the contrary, development of advanced diagnostic kits would open new opportunities for the market players in the future.

Covid-19 scenario:

The PCR kits segment held the largest share

By product, the PCR kits segment held the lion's share in the first quarter of 2020, and is expected to maintain its dominance till the end of 2020. This is due to their high accuracy and specificity. The global Covid-19 diagnostics market report includes an analysis of other segments such as POC kits and Immunoassay.

The diagnostic labs segment dominated the market

By end user, the diagnostic labs segment held the largest share in the first quarter of 2020, contributing to more than two-thirds of the global Covid-19 diagnostics market, due to increased usage of molecular assays for Covid-19 diagnosis as the procedure requires various chemicals and instruments that are more easily available in a diagnostic laboratory. The report includes an analysis of other segments such as hospitals and physician offices & urgent care clinics.

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Europe, followed by Asia-Pacific and North America, held the lion's share

By region, the market across Asia-Pacific is expected to contribute the highest revenue by the fourth quarter of end of 2020, owing to a higher number of patient populations in this region. The global Covid-19 diagnostics market across Europe held the lion's share in the first quarter of 2020, contributing to nearly half of the total revenue.

Major market players

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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering impact of Covid-19 over this market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.

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