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 decline at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2030.
The market is driven by 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.
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.
Gather more insights about the market drivers, restrains and growth of the Global COVID-19 Diagnostics Market
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 28th September 2020 to 55,961,380 patients on 17th 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.
Browse through Grand View Research's Clinical Diagnostics Industry Research Reports
- Rapid Tests Market: The global rapid tests market size was valued at USD 1.29 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 8.6% from 2023 to 2030.
- Label-free Array Systems Market: Label-free array systems are analytical technologies that are used to detect and quantify biomolecules in complex samples without the use of fluorescent or radioactive labels. These systems rely on the principle of Surface Plasmon resonance (SPR) which allows detecting changes in the reflected light and quantifying the binding of biomolecules to the surface of the array.
Key Companies Profile
Some of the prominent players in the 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
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Global COVID-19 Diagnostics Market: Information by Type (Molecular Tests, Serology Tests), Technology (RT-PCR, Isothermal Amplification, CRISPR, ELISA, Hybridization), End-User (Hospitals, Public Health Labs, Private or Commercial Labs) and Region (Americas, Europe, Asia-Pacific, Middle East & Africa) - Forecast till 2027Market DynamicsBusiness growth is projected to be driven by the growing number of COVID-19 cases and government & private funds, as well as funding for research & development.
The industry growth is also projected to be guided by the growing number of emergency use permits (EUAs) for diagnostic kits & equipment as well as innovations & sponsorship from non-medical device / diagnostic firms.Furthermore, the incorporation of COVID-19 development of novel innovations and technical applications is expected to open new opportunities for business growth.
For example, in the COVID-19 tests for fast and successful diagnosis, market participants are inclined to integrate Artificial Intelligence ( AI) algorithms.
In July 2020, the University of Oxford has released findings on the use of AI algorithms for patient screening.It is expected that strong financing and investments from both public and private entities will drive molecular diagnostic companies to produce diagnostic products for COVID-19, thus pushing the market.
In June 2020, for example, NIH announced the announcement of four funding resources to speed up SARS-COV-2 screening studies for disadvantaged and underserved communities to decipher and address the inequality discrepancy.Request Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/9710 SegmentationGlobal COVID-19 Diagnostics Market has been segmented by Type, Technology, and End Users.
The high number of contaminated patients in the area can be attributed to this.
