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COVID-19 Diagnostics Market to Hit USD 39.68 Billion by 2029; Increasing COVID-19 Cases to Augment Market Share Globally
The report includes two scenarios for the global COVID-19 diagnostics market.
Scenario 1: This scenario considers an ‘endemic’ situation, where the COVID-19 pandemic is expected to reach endemic stage during the forecast period.
Scenario 2: In this scenario, the market will witness ‘cyclic growth’, considering the emergence of future waves with new COVID-19 variants and the impact of factors such as vaccination and herd immunity.
The global COVID-19 diagnostics market size stood at USD 46.76 billion in 2021.
Scenario 1: The market value is predicted to fall from USD 23.79 billion in 2022 to USD 8.91 billion by 2029, exhibiting a CAGR of -13.1% over 2022-2029.
Scenario 2: The market value is estimated to fall from USD 48.64 billion in 2022 to USD 39.68 billion by 2029, recording a CAGR of -2.9% during the forecast period.
This information is offered by Fortune Business Insights™ in its report titled, “COVID-19 Diagnostics Market Size, Share & Analysis, By Product (Instruments and Reagents & Kits), By Technology (Polymerase Chain Reaction [PCR], Enzyme-Linked Immunosorbent Assay [ELISA], Lateral Flow Immunoassay [LFIA], and Others), By Sample Type (Oropharyngeal & Nasopharyngeal Swabs, Nasal Swabs, Blood, and Others), By Setting (Lab-Based and Point of Care), By End-user (Hospitals & Clinics, Laboratories & Diagnostic Centers, Home Testing, and Others), and Regional Forecast, 2022-2029”.
Demand for COVID-19 Diagnostics Experienced Healthy Growth during the Pandemic
Diagnostic technologies, such as Point of Care tests and molecular tests, experienced robust demand amid the COVID-19 pandemic, with many countries witnessing an exponential surge in coronavirus cases. Companies offering diagnostic solutions witnessed tremendous opportunities during the pandemic. Major companies, such as Abbott, Bio-Rad, Roche, and Thermo Fisher Scientific, increased their R&D capacity to develop novel technologies to fight against the pandemic. However, strict restrictions due to COVID-19 caused slight disturbance in the supply chains of this market.
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Abbott Bags U.S. FDA Emergency Use Authorization for ID NOW – A Molecular POC Test
In March 2020, Abbott received the U.S. FDA Emergency Use Authorization (EUA) for ID NOW – a molecular POC test – for the detection of COVID-19. The rapid test offers positive results within 5 minutes and negative results in around 13 minutes. Abbot noted that the test would run on its ID NOW platform, offering fast and accurate results in a broad range of healthcare settings, including urgent care clinics, physicians’ offices, and hospital emergency departments.
Increasing Prevalence of COVID-19 to Create Promising Market Opportunities
Since the COVID-19 pandemic started, a daily exponential rise in coronavirus cases was witnessed. With millions of people suffering from COVID-19 infections across the world, the demand for fast, reliable, and accurate testing has gone up. As diagnostic companies and biopharmaceutical firms accelerate R&D efforts, the market will witness steady growth. The prevailing and highly uncertain nature of the pandemic is expected to drive the COVID-19 diagnostics market growth over the projected period.
Abbott to Hold Substantial Market Share Owing to Diversified Products Portfolio
Abbott is a prominent name in the global COVID-19 diagnostics industry. In 2021, the company captured the largest market share. Abbott’s revenue increased by 21.8% in 2021, from USD 34.61 billion in 2020. Robust R&D activity, product innovation, and regulatory approvals are the key factors attributed to the company’s dominant position as a major market shareholder. Recently in March 2021, Abbott bagged the U.S. FDA Emergency Use Authorization (EUA) for the BinaxNOW COVID-19 Ag Self-Test for COVID-19 detection. Other notable players include PerkinElmer Inc., Danaher, F. Hoffmann-La Roche Ltd, and Siemens Healthineers AG.
Notable Industry Development
List of the Companies Profiled in the Report
Further Report Findings
Table of Segmentation
Value (USD billion)
By Sample Type