Portland, OR, June 12, 2020 (GLOBE NEWSWIRE) — According to the reportby Allied Market Research, the global covid-19 diagnostics market garnered $7.1 million in the first quarter of 2020, and is estimated to generate $445.4 million by the fourth quarter of 2020.The report provides a detailed analysis of changing market trends, major winning strategies, investment pockets, key segments, and competitive landscape.
Rise in number of covid-19 patientsworldwide, surge in need of rapid diagnostics, and unavailability of particular medicine or vaccine drive the growth of the global covid-19 diagnostics market. However, lack of awareness in developing nations about necessary precautions and scarcity of diagnostic kits and medical professionals hinder the market growth. However, investment of leading manufacturers in developing advanced diagnostic kits would offer multiple opportunities in the near future.
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Covid-19 Impact:
- There are several trials for boosters and treatments have been conducted by researchers across the globe, no cure has been found yet. Lack of availability of particular medicine or vaccine outlined the significance of the covid-19 diagnostic tools.
- Researchers have broken the deadlock related to testing and diagnostic checks have been carried out. The results highlighted the population that need to be prioritized for immunization.
On the basis of technology, the report offers segmentation of the global covid-19 diagnostics market into molecular and immune assay. The molecular segment contributed the highest revenue in the first quarter of 2020, and will maintain the highest contribution by the fourth quarter of 2020. This is due to the fact that molecular assay being regarded as the gold standard for detection of new viral infections.
Based on end-user, the report segments the global covid-19 diagnostics market into physician offices & urgent care clinics, hospitals, and diagnostic labs. The diagnostic labs segment accounted for more than two-thirds of the total market share in the first quarter of 2020, and will maintain its dominant positionby the end of 2020.
Based on region, Europe held more than half of the total market share in the first quarter of 2020, and is estimated to continue its lead by the fourth quarter of 2020. This is attributed toconsiderable increase in number of patients in the province. The report is also analyzed across Asia-Pacific, LAMEA, and North America.
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Leading players of the global covid-19 diagnostics market analyzed in the report include F. Hoffmann-La Roche AG, Cepheid, Seegene Inc., SureScreen Diagnostics Ltd, MylabLifesolutions Pvt. Ltd., Genematrix, Thermo Fisher Scientific, Inc., Cellex Inc., and Robert Bosch GmbH.
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