The global COVID-19 diagnostics market size was valued at USD 97.4 billion in 2021 and is expected to amass USD 50.1 billion in value by 2030, advancing at a CAGR of 7.7% during the period in focus. The advent of coronavirus infection was first detected in the year 2019 and has stressed the need for a reliable and accurate testing mechanism. With patients showing different symptoms- from severe to mild- it has become extremely important for healthcare authorities to extend an advanced testing mechanism that detects complex infection cases.
After the launch of effective vaccination doses that combats COVID-19 effectively, there has been a stark decline in the infection rate although, the risk of resurging is inevitable. Moreover, these testing solutions have proven to help the government restrengthen the economy after it faced tremendous losses owing to the pandemic. The travel and tourism industry, for instance, recorded massive losses due to the nationwide lockdown announced by governments in the majority of the countries, confining people to their homes. To revive the tourism sector, the authorities announced on-arrival coronavirus testing or a compulsory negative report to control the spread of the infection and promote tourism.
In a similar manner, many industries are incorporating effective COVID-19 diagnostics in various stages of operation to help rebuild the global economy.
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COVID-19 Diagnostics Market Report Highlights
• Based on product and service, the service segment has dominated the COVID-19 diagnostics market share accounting for nearly 47.8% of the global market share in the year 2021. This growth may be attributed to the wide presence of testing facilities in both urban and rural areas along with quality certifications provided by the governments. In addition to this, there has been a growing presence of highly-advanced COVID-19 testing labs that not only help in identifying the infection but also look for any possible side-effect of the infection as well. This offers people a holistic care approach.
• Considering the type of testing, antigen-based testing led the segment growth and is likely to witness a CAGR of 6.1% through 2030. The growth is mainly because this form of testing is considerably more stable than RNA samples, making them less hazardous during storage and transport, lowering the risk of false-negative results. Moreover, studies indicate that, in blood samples, antigens and antibodies are uniformly present, thus enhancing testing accuracy.
• In similar context, molecular (PCR) testing type has also gained popularity over the years owing to its high use in hospitals, diagnostic labs, clinics, airports, and various other points. Many private diagnostic labs have collaborated with the government to offer reliable PCR testing across the globe, making them a trusted and easily available testing form.
• Based on end-use insights, laboratories led the market holding 39.6% of the total revenue share in 2021. This is mainly because many testing producers require added analysis that is processed in the laboratories using reagents and instruments. This will support the need for laboratories along with the need to eliminate the possibility of hospital-acquired coronavirus infection.
• With respect to end-user, laboratories led the segment and will continue to do so mainly because PCR testing procedures require further analysis in laboratories along with different types of instruments and reagents that are easily found there. Moreover, the possibility of acquiring COVID-19 from hospitals will encourage people to resort to diagnostic laboratories for testing.
• North America has emerged as a hotbed for COVID-19 diagnostic providers holding 33.5% of the total revenue share in 2021. The growth may be attributed to the presence of robust healthcare in the region and the demand for advanced healthcare services. Additionally, there is a presence of a large number of coronavirus diagnostic providers that are approved by regulatory bodies like the FDA further driving the regional market growth.
COVID-19 Diagnostics Market Report Segments
COVID-19 Diagnostics Product & Service Outlook (Revenue, USD Million, 2020 - 2030)
• Reagents & Kits
COVID-19 Diagnostics Sample Type Outlook (Revenue, USD Million, 2020 - 2030)
• Nasopharyngeal (NP) swabs
• Oropharyngeal (OP) swabs
• Nasal swabs
COVID-19 Diagnostics Test Type Outlook (Revenue, USD Million, 2020 - 2030)
• Molecular (PCR) Testing
• Antigen-based Testing
• Antibody (Serology) Testing
COVID-19 Diagnostics Mode Outlook (Revenue, USD Million, 2020 - 2030)
• Point-of-Care (PoC)
• Non-Point-of-Care (Non-PoC)
COVID-19 Diagnostics End-use Outlook (Revenue, USD Million, 2020 - 2030)
• Diagnostic Centers and Clinics
COVID-19 Diagnostics Regional Outlook (Revenue, USD Million, 2020 - 2030)
• North America
• Asia Pacific
• South Korea
• Latin America
• Middle East Africa (MEA)
• South Africa
• Saudi Arabia
List of Key Players of COVID-19 Diagnostics Market
• F. Hoffman-La Roche Ltd.
• Thermo Fisher Scientific, Inc.
• Perkin Elmer, Inc.
• Neuberg Diagnostics
• 1drop Inc.
• Veredus Laboratories
• ADT Biotech Sdn Bhd
• altona Diagnostics GmbH
• bioMérieux SA
• Mylab Discovery Solutions Pvt. Ltd.
• ALDATU BIOSCIENCES
• Quidel Corporation
• Quest Diagnostics
• Hologic Inc.
• Laboratory Corporation of America Holdings
• Luminex Corporation