COVID-19 Diagnostics Market to Expand at CAGR of 7.7% from 2022-2030

Posted on 2022-06-07 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, June 07, 2022 — /EPR Network/ —

COVID-19 Diagnostics Industry Overview

The global COVID-19 diagnostics market size was valued at USD 97.4 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2030.

The market is driven by the rising government initiatives targeted toward the implementation of mass testing. On 1st September 2020, Hong Kong began voluntary mass testing with the help of healthcare personnel from mainland China. Around 1.78 million Hong Kong citizens were tested as of 15th September 2020. Moreover, despite the several criticisms over mass testing, on 11th September 2020, the British government announced its plan for mass coronavirus testing in the U.K. Additionally, increased traction gained by mobile testing market space is expected to open new avenues for market expansion.

Gather more insights about the market drivers, restrains and growth of the Global COVID-19 Diagnostics market

Transitioning focus of new entrants toward at-home testing and integration of advanced software has been witnessed in the past few months. This is expected to increase patient convenience in regard to time-consuming laboratory-based testing. One such new entrant, namely, Switch Health, offers mobile services for at-home testing and business testing. The Switch Health mobile rapid testing units have deployed more than 30 mobile units for the diagnosis of individuals with coronavirus infection and have catered to more than 30 clients, including on-site factory workers and sports players, as of September 2020.

The considerable increase in patient population around the world, the enormous need for speedy diagnostics, and the lack of specific drug or vaccination are the primary factors driving the market for Covid-19 diagnostics. However, a lack of awareness among developing countries about the precautions that must be taken, as well as a scarcity of diagnostic kits and medical professionals with sufficient understanding about the use of diagnostic kits for new Covid-19, are expected to stymie market expansion. Leading diagnostic kit producers, on the other hand, can benefit from a number of profitable ventures by manufacturing rapid diagnostic kits. Moreover, several local players and small startups are producing diagnostic kits and assays to take advantage of huge prospects. For example, once the National Institute of Virology confirmed its test, Mylab, India gained permission from the Drug Controller of India for manufacturing the Covid-19 diagnostic kit.

The demand for COVID-19 diagnostic products is set to propel further with the increasing number of coronavirus-infected patients, particularly post the ease of lockdown across the globe. According to World meter, the total number of cases witnessed a spike with 33,556,252 patients testing positive as of 28^th September 2020 to 55,961,380 patients on 17^th November 2020. Despite the gradual decline expected in the number of positive patients in 2021, integration of COVID-19 tests in routine diagnostic protocols is expected to maintain the growth of the market for Covid-19 diagnostics.

Moreover, these testing programs are set to pave way for the travel industry to gear up, creating a favorable environment for the entities operating in the market for Covid-19 diagnostics. The tourism and travel industries have been most affected during this pandemic outbreak, which has led to an upsurge in COVID-19 testing initiatives post August 2020, particularly in tourism-based countries and regions. This is also expected to propel the PoC testing market penetration as these tests are able to overcome the limitations associated with traditional testing.

Complex and pure reagents, such as probes, enzymes, and primers, are crucial in conducting tests in clinical laboratories. A number of factors like a sudden increase in demand, export bans, and stockpiling have led to the shortage of these reagents. Additionally, these reagents are manufactured by limited companies, therefore leading to a shortage of supply due to insufficient production capacity. The inadequate demand-to-supply ratio of reagents worldwide is anticipated to negatively impact the overall diagnosis rate and hinder the growth of the market for Covid-19 diagnostics.

The market for Covid-19 diagnostics is divided into two segments based on technology: PCR and immunoassay. Because of the rising need for coronavirus patient diagnosis, the PCR segment is likely to rise rapidly in the near future. Furthermore, PCR is regarded as the gold standard for detecting COVID-19 infections. The immunoassay segment is expected to increase at the fastest rate throughout the forecast period, due to a rise in the need for quick serological testing for disease diagnosis. A plethora of serological kits is being developed to confirm Sars Cov 2 infections.

The sudden rise in the number of COVID-19 cases has increased demand for R&D in the diagnostics process, a rise in government funding, and diagnostics activities which fueled the market growth. With the increasing number of COVID-19 cases in 2020 and 2021, increased focus of government to prevent further spread of the disease, lack of therapeutic treatment and vaccines, and a rise in demand for timely diagnostics were observed which expanded the market for COVID-19 diagnostics. Key players shifted their focus on developing time-efficient and accurate diagnostics kits for detecting COVID-19. For instance, in December 2021 F-Hoffman LaRoche Ltd. announced that it would launch SARS-CoV 2 and Flu A/B antigen rapid test kit in the market with a CE mark. Since the start of the pandemic, FDA approved around 88 antibody-based tests and 256 molecular tests accounting for the total approval of over 350 diagnostics tests.

Browse through Grand View Research’s Clinical Diagnostics Industry Research Reports.

Malaria Diagnostics Market – The global malaria diagnostics market size was valued at USD 728.8 million in 2021 and is anticipated to witness a CAGR of 5.4% during the forecast period.
Anatomic Pathology Market – The global anatomic pathology market size was valued at USD 16.06 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.08% from 2021 to 2028.

COVID-19 Diagnostics Market Segmentation

Grand View Research has segmented the global COVID-19 diagnostics market based on product & service, sample type, test type, mode, end-use, and region:

COVID-19 Diagnostics Product & Service Outlook (Revenue, USD Million, 2020 – 2030)
- Instruments
- Reagents & Kits
- Services
COVID-19 Diagnostics Sample Type Outlook (Revenue, USD Million, 2020 – 2030)
- Nasopharyngeal (NP) swabs
- Oropharyngeal (OP) swabs
- Nasal swabs
- Blood
- Others
COVID-19 Diagnostics Test Type Outlook (Revenue, USD Million, 2020 – 2030)
- Molecular (PCR) Testing
- Antigen-based Testing
- Antibody (Serology) Testing
- Others
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)
- Laboratories
- Hospitals
- Diagnostic Centers and Clinics
- Others
COVID-19 Diagnostics Regional Outlook (Revenue, USD Million, 2020 – 2030)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Market Share Insights

September 2020: LabCorp launched a combined test for RSV, flu, and COVID-19. The company has applied for the U.S. FDA approval to use this test with its Pixel by LabCorp at-home test collection kit.
October 2020: Quest Diagnostics announced a pilot program for drone delivery of COVID-19 at-home self-collection kits to single-family homes in the Cheektowaga area. The company has collaborated with DroneUp and Walmart for the effective delivery of kits.

Key Companies profiled:

Some prominent players in the global COVID-19 diagnostics market include

Hologic Inc.
Thermo Fisher Scientific, Inc.
Hoffman-La Roche Ltd.
Perkin Elmer, Inc.
Veredus Laboratories
1drop Inc.
ADT Biotech Sdn Bhd
Laboratory Corporation of America Holdings
bioMérieux SA
Danaher
Mylab Discovery Solutions Pvt. Ltd.
Neuberg Diagnostics
ALDATU BIOSCIENCES
Quidel Corporation
Quest Diagnostics
altona Diagnostics GmbH
Luminex Corporation
Abbott

Order a free sample PDF of the COVID-19 Diagnostics Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Matched content

Editor’s pick