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The global COVID-19 diagnostics market size is projected to reach USD 8.04 billion by 2027 owing to rising adoption of PCR analyzers for coronavirus detection, according to Fortune Business Insights™ in its report, titled “COVID-19 Diagnostics Market Size, Share & Industry Analysis, By Product (Instruments and Reagents & Kits), By Technology (PCR (Polymerase Chain Reaction), ELISA (Enzyme-linked Immunosorbent Assay), Point-of-care (POC), and Others), By Sample Type (Oropharyngeal and Nasopharyngeal Swabs, Blood, Urine, and Others), By End User (Hospitals & Clinics, Laboratories & Diagnostic Centers, Research Institutes, and Others), and Regional Forecast, 2020-2027”. As per the report findings, the global market value stood at USD 6.22 billion in 2020 and is expected to register a CAGR of 2.7% from 2021 to 2027.
FDA Issues EUA for Cepheid’s COVID Diagnostic Test
California-based Cepheid secured the US Food and Drug Administration’s (FDA) Emergency Use Authorization (EUA) in March 2020 for its rapid molecular diagnostics test, Xpert® Xpress SARS-CoV-2. The test is designed to provide qualitative detection of the COVID-19 infection in a person. Furthermore, the test has been calibrated to function effectively all of Cepheid’s GeneXpert® Systems, with a promise of result delivery within approximately 45 minutes. Catering to the growing demand for on-demand coronavirus diagnostics, Cepheid’s novel molecular test is capable of providing quick and accurate detection of the infection and also offers real-time management of patients in healthcare facilities.
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Proven Reliability of RT-PCR Tests to Fuel Market Growth
Real-time polymerase chain reaction (RT-PCR) test is a nuclear-based technique to detect the presence of specific genetic material or indications in a pathogen such as a virus. The test begins with the taking of a swab sample from a person’s throat or nose, which contains the person’s RNA as well as that of the virus, if present. The single-strand RNA is then converted into a double-strand DNA using a specific enzyme through a process called reverse transcription. Researchers then combine small pieces of DNA called primers with fluorescent dyes, which are left in the PCR along with the patient sample machine. Once the process is completed, the fluorescent signal indicates the presence of the virus. The test is being extensively utilized worldwide for coronavirus detection owing to the reliability of its results, which is one of the main factors boosting the COVID-19 diagnostics market growth.
Collaborative Development of COVID Tests to be Key Feature in Market Competition
The competitive landscape of this market is currently dominated by the presence of pharmaceutical giants such as Danaher and Roche. These companies are at the forefront for developing and introducing novel COVID-19 diagnostics and bolstering the global response to the pandemic. In pursuit of this goal, market players are also collaborating with other capable companies to enhance research activities and boost production capacities. Moreover, regulatory authorities are providing the required support and quality control on new products through timely approvals.
List of Companies Profiled in this Market Report:
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Value (USD billion)
By Sample Type
By End User