COVID-19 Diagnostics Market Analysis, Size, Growth, Share, Outlook & Forecast to 2027
The global COVID-19 diagnostics market size is expected to reach USD 24.6 billion by 2027, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 3.1% during the forecast period. An increase in the need for mass testing and efficiency in diagnosing the infection are key contributors to market growth. As the number of COVID-19 cases is exponentially rising, the need to develop rapid and easy-to-use diagnostic and serology tests is also increasing. This has created opportunities for emerging players and new market entries, thereby driving market revenue. Large-scale operational entities in Sweden, such as Tele2, H&M, and Spotify are engaged in mass testing for distinguishing the staff tested positive from uninfected. In addition, key players are constantly accelerating the production and supply of diagnostic tests to keep pace with the increasing need for disease containment. For instance, in May 2020, Roche introduced an antibody test which is recognized as 100% accurate by Public Health England. Exploring the potential of novel molecular technologies in the scaling-up of coronavirus testing is expected to offer a significant momentum to the expansion of COVID-19 diagnostics space. For instance, CRISPR-a gene editing technology-has recently made its way into the coronavirus testing market. This gene-editing technology enables detection of SARS-CoV-2 genes, via a protein, namely, CRISPR-Cas12. Acknowledging the potential of this technology in diagnosing coronavirus patients, the Food and Drug Administration (FDA) recently approved the CRISPR test for coronavirus patients in the U.S. This diagnostic kit has been approved under the provisions of emergency use.