According to FutureWise analysis the market for COVID-19 Diagnostics in 2023 is US$ 68.01 billion, and is expected to reach US$ 35.89 billion by 2031 at a CAGR of -7.68%.
The Coronavirus responsible for Covid-19 is a newly discovered virus. The name Covid-19 indicates that the virus belongs to the Coronavirus family. The most widely used diagnostic test for Covid-19 is reverse transcriptase polymerase chain reaction or PCR. PCR is considered to be the gold standard for diagnosing a wide range of infectious agents. The advantage of this method is that the primers required for performing these tests can be produced relatively quickly. Additionally, multiplex RT-PCR tests, which detect multiple target sequences simultaneously, are preferred diagnostic methods for Covid-19. A number of leading diagnostic kit manufacturers, including Roche Diagnostics, Thermo Fisher Scientific, and Quest Diagnostics, are expanding the capacity of their laboratories to perform these tests by implementing automated SARS-CoV-2 testing systems. In spite of this, a very limited number of companies, like SureScreen, are focusing on developing rapid immunoassay tests in order to diagnose Covid-19. Covid-19 market growth is driven primarily by the significant increase in patient population across the globe and the considerable demand for rapid diagnostics. As a result of WHO's declaration of the Covid-19 outbreak as a pandemic, the absence of specific medicines or vaccines drives growth in the diagnostics market for Covid-19. As a result, leading manufacturers of diagnostic kits will be able to take advantage of several lucrative opportunities as a result of developing rapid diagnostic kits. Furthermore, numerous local players are also developing diagnostic kits and assays in an effort to capitalize on immense opportunities.
FutureWise Market Research has instantiated a report that provides an intricate analysis of COVID-19 Diagnostics Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the COVID-19 Diagnostics Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.