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COVID-19 Diagnostics Market to Reach $9.20 bn by 2028; Abbott Launches Panbio to Ease Patient Worries Regarding Antigen Tests

August 30, 2021 | Healthcare

The global COVID-19 diagnostics market size was USD 16.05 billion in 2020. The market is projected to drop from USD 20.05 billion in 2021 to USD 9.20 billion in 2028 at a CAGR of -10.5% in the 2021-2028 period.


This information is published by Fortune Business Insights™ in its report titled, “COVID-19 Diagnostics Market Size, Share & Industry Analysis, By Product (Instruments and Reagents & Kits), By Technology (PCR (Polymerase Chain Reaction), ELISA (Enzyme-linked Immunosorbent Assay), Lateral Flow Immunoassay (LFIA), and Others), By Sample Type (Oropharyngeal and Nasopharyngeal Swabs, Nasal Swabs, Blood, and Others), By Setting (Lab-Based, Point of Care) By End-User (Hospitals & Clinics, Laboratories & Diagnostic Centers, and Others), and Regional Forecast, 2021-2028.”


According to our research professionals, nations are struggling to slow down the spread of the infection by adopting essential procedures and surging sample testing. The rising demand for COVID-19 diagnostic techniques and products has generated enormous prospects in the healthcare industry, therefore amplifying the value of this market.


The growing frequency of communicable diseases, combined with the demand for precise diagnostic processes, is projected to give impetus to the global market.


Abbott Launches Molecular Point-of-care Test to Strengthen its Position


Abbott declared that the U.S. Food and Drug Administration (FDA) had allotted Emergency Use Authorization (EUA) for the quickest obtainable molecular point-of-care test for the identification of novel coronavirus, offering affirmative outcomes in as few as five minutes and negative results in around 13 minutes. This assessment will function on the company's ID NOW platform, delivering prompt results in an extensive variety of healthcare situations such as doctor’s offices, emergency care clinics, and hospital emergency branches. Such launches would aid the COVID-19 diagnostics market growth in the near future.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/covid-19-diagnostics-market-103291


Growing Occurrence of Coronavirus to Drive Demand for Diagnostic Gadgets & Kits


The exponential growth in the transmittable coronavirus disease resulting in a global pandemic has led to the intensifying demand for COVID-19 diagnostic measures and products. According to the Worldometer figures, there has been a constant escalation in novel daily cases across the world. According to the World Health Organization (WHO), as of 18th May 2021, 163,312,429 people globally are impacted with coronavirus. Such prompt everyday surge in cases has rushed the implementation of COVID-19 diagnostic tests so as to deliver timely treatment to patients.


Competitive Landscape


Novel Launches and Procurements Set to Bolster Market Growth


Important players in this market often come up with effective tactics that include collaborations, attainments and mergers, product launches, and so on. These approaches bolster their position as dominating players and also support the other engaged companies as well.


For instance, in June 2021, Trivitron Healthcare, which is a medical technology corporation, stated the launch of a moveable laboratory for COVID-19 testing to empower COVID-19 diagnostics in urban, rural areas, and remote areas to bring superiority healthcare and diagnostic services nearer to the patients.


Industry Development



  • July 2021: Abbott declared the launch of Panbio, which is a COVID-19 rapid antigen test that will be accessible for self-testing to get effortless and precise consequences.


List of Key Players Covered in the Report



  • Abbott (Illinois, U.S.)

  • Danaher Corporation (Washington D.C, U.S.)

  • Siemens Healthcare GmbH (Germany, Europe)

  • F. Hoffmann-La Roche Ltd (Switzerland, Europe)

  • Quidel Corporation (California, U.S.)

  • bioMérieux SA (France, Europe)

  • Quest Diagnostics Incorporated (New Jersey, U.S.)

  • Thermo Fisher Scientific Inc. (Massachusetts, U.S.)

  • PerkinElmer Inc. (Massachusetts, U.S.)

  • Other Prominent Players


Further Findings



  • The instruments segment held a dominant market share in 2020 on account of the increased adoption of polymerase chain reaction (PCR) analyzers and ELISA instruments to conduct R&D for diagnostics purposes.

  • North America held the maximum COVID-19 diagnostics market shares and stood at USD 5.28 billion in 2020.


Table of Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



2020-2028



Base Year



2020



Forecast Period



2021-2028



Unit



Value (USD billion)



Segmentation



Product; Technology; Sample Type; Setting, End User and Geography



By Product




  • Instruments

  • Reagents & Kits



By Technology




  • Polymerase Chain Reaction (PCR)

  • Enzyme-linked Immunosorbent Assay (ELISA)

  • Lateral Flow Immunoassay (LFIA)

  •  Others



By Sample Type




  • Nasopharyngeal & Oropharyngeal Swab

  • Nasal Swab

  • Blood

  • Others



By Setting




  • Lab-based

  • Point-of-care



By End-User




  • Hospitals & Clinics

  • Laboratories & Diagnostic Centers

  • Others



By Geography




  • North America (the U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)

  • Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia- Pacific)

  • Latin America (Brazil, Mexico, Rest of Latin America)

  • The Middle East & Africa (GCC, South Africa, Rest of the Middle East & Africa)


 Global COVID-19 Diagnostics Market
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  • 2017-2019
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