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COVID-19 Diagnostics Market Size to reach USD 9.20 Billion | Size, Industry Share, Interaction, Revenues , Development Strategy, Key Players

The global COVID-19 diagnostics market size was USD 16.05 billion in 2020. The market is projected to drop from USD 20.05 billion in 2021 to USD 9.20 billion in 2028 at a CAGR of -10.5% in the 2021-2028 period. This information is published by Fortune Business Insights™ in its report titled, “COVID-19 Diagnostics Market, 2021-2028.”

According to our expert analysts, the coronavirus outbreak was stated as a public health emergency in January 2020 by the World Health Organization (WHO). Since then, the amount of COVID-19 positive cases in several nations has elevated drastically. As per statistical data presented by Worldometer, in May 2021, the U.S. registered the maximum COVID-19 cases across the globe, staying responsible for approximately 96.2% in the North American region.

The abrupt advent of the crisis has noted augmented COVID-19 diagnostic happenings, treatment processes, and an upsurge in R&D events for the development of diagnostics, such as molecular assessments and point-of-care tests, among others.

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Demand for COVID-19 Diagnostics Experienced Healthy Growth during the Pandemic

Diagnostic technologies, such as Point of Care tests and molecular tests, experienced robust demand amid the COVID-19 pandemic, with many countries witnessing an exponential surge in coronavirus cases. Companies offering diagnostic solutions witnessed tremendous opportunities during the pandemic. Major companies, such as Abbott, Bio-Rad, Roche, and Thermo Fisher Scientific, increased their R&D capacity to develop novel technologies to fight against the pandemic. However, strict restrictions due to COVID-19 caused slight disturbance in the supply chains of this market.

Increasing Prevalence of COVID-19 to Create Promising Market Opportunities  

Since the COVID-19 pandemic started, a daily exponential rise in coronavirus cases was witnessed. With millions of people suffering from COVID-19 infections across the world, the demand for fast, reliable, and accurate testing has gone up. As diagnostic companies and biopharmaceutical firms accelerate R&D efforts, the market will witness steady growth. The prevailing and highly uncertain nature of the pandemic is expected to drive the COVID-19 diagnostics market growth over the projected period.

Industry Development

March 2021: Roche Diagnostics declared the permission for Emergency Use Authorization (EUA), received from the U.S. Food and Drug Administration (FDA) meant for COVID-19 rapid antigen test that is intended for usage by healthcare experts in point-of-care situations with patients suffering through symptoms of COVID-19.

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