COVID-19 Diagnostics: Introduction
- COVID-19, first detected in China in late 2019 and has since been declared a pandemic, is posing both a serious threat to vulnerable populations and a challenge to the global economy.
- COVID-19 has the potential to take lives, overwhelm health systems, deplete the value of assets, and trigger lasting geopolitical change, as confirmed cases of COVID-19 increase and spread
Key Drivers and Restraints of Global COVID-19 Diagnostics market
- COVID-19, caused by a coronavirus, has been spreading rampantly across the globe. People infected with coronavirus experience symptoms of mild to moderate respiratory illnesses. The disease is known to spread through the respiratory droplets of an infected person. Use of face masks was advocated for infected persons to curb the spread of the disease. As of November, 2020, the disease has spread to over 218 countries, globally, infecting over 60 million people.
- Growing scare of infection among people and the asymptomatic spread of the disease have created a strong demand for COVID-19 diagnostics. Furthermore, ongoing efforts to flatten the curve of infection, globally, have prompted contact tracing and rapid diagnostic tests, which is likely to minimize the spread of the infection.
- Growing pandemic of COVID-19 and rising fear among people, along with healthcare care professionals advocating early diagnostics to reduce the risk of infection, fuel the COVID-19 diagnostics market
RT-PCR Test to Lead Global Market
- The global COVID-19 diagnostics market can be segmented based on test type, end-user, and region
- In terms of test type, the global COVID-19 diagnostics market can be divided into polymerase chain reaction (PCR), POC test, and immunoassay test. PCR tests are utilized to directly detect the presence of an antigen, rather than the presence of the body’s immune response, or antibodies. Currently, there are two types of diagnostic tests– molecular tests, such as RT-PCR tests, that detect the virus’s genetic material, and antigen tests that detect specific proteins from the virus.
- Based on end-user, the global COVID-19 diagnostics market can be classified into hospitals, physician's office & urgent care clinics, and diagnostic laboratories
North America to Lead the Global COVID-19 Diagnostics Market
- The global COVID-19 diagnostics market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Robust expansion of the market in the U.S. can be attributed to a significant rise in the number of people being affected with the novel coronavirus. Additionally, growing focus of market players on enhancing their production facilities to cater to a rise in the demand for COVID-19 diagnostics further boosts the global market.
Key Players Operating in Global COVID-19 Diagnostics market
Leading players in the global COVID-19 diagnostics market include:
- Abbott Laboratories
- Thermo Fisher Scientific, Inc.
- F. Hoffmann-La Roche Ltd.
- Perkin Elmer, Inc.
Global COVID-19 Diagnostics Market: Research Scope
Global COVID-19 Diagnostics Market, by Test Type
- Reverse Transcriptase Polymerase Chain Reaction (RT-PCR)
- POC Test
- Immunoassay Test
Global COVID-19 Diagnostics Market, by End-user
- Physician's Office & Urgent Care Clinics
- Diagnostic Laboratories
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.