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USD 23.67 billion by 2027 according to a new study conducted by
Polaris Market Research. The market is
anticipated to register a CAGR of 2.9%
From
2020 – 2027.
An increase in COVID-19 patients across the world and the need for rapid diagnostics are anticipated to drive the growth of the global market. Several countries are conducting testing for the diagnosis of COVID-19 and to isolate patients affected by the virus, helping to limit its spread is one of the key factors boosting the market growth. Rising awareness among physicians and patients regarding the crucial benefits of COVID-19 diagnostics is positively influencing the market. Increased fear among people for infectious virus coupled with healthcare professional's suggestions for early diagnostics to contain the risk of virus infection, boost the global COVID-19 diagnostics market. The rise in government initiatives and programs to encourage early diagnostic testing are further creating demand for the market.