COVID-19 Diagnostics Market Share, Size, Trends, Industry Analysis Report, By Mode (PoC, Non-PoC); By Product & Service Type; By Sample Type; By Test Type; By End Use; By Region; Segment Forecast, 2022 - 2029
- Published Date:Jan-2022
- Pages: 106
- Format: PDF
- Report ID: PM1752
- Base Year: 2021
- Historical Data: 2017 - 2020
Report Outlook
The global COVID-19 diagnostics market was valued at USD 116.07 Billion in 2021 and is expected to grow at a CAGR of 3.0% during the forecast period. Increasing transmission of COVID-19 cases is expected to boost market growth. According to WHO, more than 270,031,622 confirmed cases of COVID-19 have been reported worldwide as of December 2021.
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The continuing coronavirus spread has emphasized the need for diagnostic testing in outbreak containment. Ending the outbreak requires the correct use of diagnostic tests in large quantities, as well as the timely usage data to aid in the implementation of suitable treatment and the prevention of further transmission.
Industry Dynamics
Growth Drivers
The emergence of innovative antibodies and serological testing kits for residential screening that requires less time and might be combined with application tools for reliable findings is also increasing the product demand. For example, Roche Holding AG, a Swiss drug manufacturer, released a novel fast antigen nasal kit in March 2021 to aid in the identification of COVID-19 infection.
Even though the structural and molecular properties of SARS-CoV-2 were previously unseen, research organizations and pharmaceutical corporations examined the virus's primary traits in a relatively short amount of time, enabling scientists throughout the world to create numerous diagnostic techniques for coronavirus, which has created lucrative opportunities for the COVID-19 diagnostics market growth.
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Furthermore, increasing government approvals for testing due to the rapid transmission of the virus is expected to boost the COVID-19 diagnostics market share. For instance, Cepheid announced that it had obtained Emergency Use Authorization (EUA) from the U.S. Food & Drug Administration (FDA) for Xpert® Xpress SARS-CoV-2, a quick molecular-based test for the definite identification of SARS-CoV-2, the virus that causes coronavirus.
Report Segmentation
The market is primarily segmented on the basis of product & service, sample type, test type, test mode, end-use, and region.
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By Product & Service |
By Sample Type |
By Test Type |
By Mode |
By End-Use |
By Region |
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Insight by Product & Service
Reagents & kits segment is expected to grow at a significant pace over the forecast period due to increasing biotechnology companies coupled with increasing investment in research & developments related to stem cells. Furthermore, the outbreak of the coronavirus pandemic has also boosted the segment demand due to increasing demand for virus diagnosis.
Instrument segment is expected to grow at a considerable pace over the forecast period due to increasing demand for research & development for diagnostic purposes. Moreover, the increasing use of instruments for testing coronavirus is expected to fuel the demand over the projected period.
Insight by Test Type
Nasopharyngeal (NP) Swab segment is expected to hold the largest COVID-19 diagnostics market share over the forecast period. Manufacturers failed to meet demand due to the continuing coronavirus transmission as countries face a huge shortage of therapeutic resources. The decrease in the availability of diagnostic testing services has boosted the demand for 3D-printed Nasopharyngeal (NP) swabs.
Insight by End-Use
Hospital end-use segment is expected to grow at a considerable pace over the forecast period due to increasing hospital admission of COVID-19 patients along with mandatory COVID-19 tests for traveling across the globe.
Geographic Overview
Asia Pacific is expected to hold the largest market share over the forecast period due to the rapid increase in COVID-19 cases. The constant increase in the number of daily occurrences has resulted in the extensive use of screening procedures for speedy and thorough testing in order to give individuals with medical intervention. In accordance with this, the rising demand for bulk screening and molecular techniques is fueling the market expansion of coronavirus diagnostics.
North America is expected to grow at a significant pace over the forecast period due to the presence of major diagnostics manufacturers along with an increasing number of COVID-19 cases. Moreover, with the introduction of the third wave along with the new delta variant, COVID- 19 diagnostics in the region is expected to increase, which in turn will benefit the market growth.
Competitive Insight
Some of the players operating in the market include 1drop Inc., Abbott, ADT Biotech, ALDATU BIOSCIENCES, Altona Diagnostics GmbH, bioMérieux SA, Cepheid, Danaher, F. Hoffman-La Roche Ltd., Hologic Inc., Laboratory Corporation of America Holdings, Luminex Corporation, Mylab Discovery Solutions Pvt Ltd., Neuberg Diagnostics, Perkin Elmer, Inc., Quest Diagnostics, Quidel, Thermo Fisher Scientific, Inc. and Veredus Laboratories.
Key players in the market are increasing their production capacities in order to cater to the increasing demand. Further, these players are introducing novel products for accurate testing of the COVID-19 virus. For instance, in September 2020, LabCorp announced the launch of the first testing method to simultaneously detect COVID-19, influenza A / B, and respiratory syncytial virus (RSV).
COVID-19 Diagnostics Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 116.07 Billion |
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Revenue forecast in 2029 |
USD 283.93 Billion |
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CAGR |
3.0 % from 2022 - 2029 |
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Base year |
2021 |
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Historical data |
2017 - 2020 |
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Forecast period |
2022 - 2029 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2022 to 2029 |
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Segments covered |
By Product & Service, By Sample Type, By Test Type, By Mode, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
1drop Inc., Abbott, ADT Biotech, ALDATU BIOSCIENCES, Altona Diagnostics GmbH, bioMérieux SA, Cepheid, Danaher, F. Hoffman-La Roche Ltd., Hologic Inc., Laboratory Corporation of America Holdings, Luminex Corporation, Mylab Discovery Solutions Pvt Ltd., Neuberg Diagnostics, Perkin Elmer, Inc., Quest Diagnostics, Quidel, Thermo Fisher Scientific, Inc. and Veredus Laboratories. |
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