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COVID-19 Diagnostics Market to Reach USD 8.91 Billion by 2029; Rising R&D and Product Innovation to Boost Market Growth

April 12, 2022 | Healthcare

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.


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


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


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



  • September 2021 – PerkinElmer Inc. announced a collaboration with the Mount Sinai health system to expand access to SARS-CoV-2 testing in New York City. With a capacity to process 25,000 tests a day, the lab is located at the Mount Sinai Beth Israel hospital campus.


List of the Companies Profiled in the Report



  • F. Hoffmann-La Roche Ltd (Switzerland)

  • Abbott (U.S.)

  • Danaher (U.S.)

  • Siemens Healthineers AG (Germany)

  • Quidel Corporation (U.S.)

  • bioMérieux SA (France)

  • Quest Diagnostics Incorporated (U.S.)

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

  • PerkinElmer Inc. (U.S.)


Further Report Findings



  • In terms of technology, the Polymerase Chain Reaction (PCR) segment captured the dominant market share in 2021. The demand for PCR for COVID-19 testing is increasing due to increased quantification of patient samples by the use of this technique.

  • Europe dominated the global COVID-19 diagnostics market share in 2021. The same can be attributed to the massive burden of COVID-19 cases in European countries along with increased emphasis on more tests for controlling the coronavirus spread.


Table of Segmentation





















































  ATTRIBUTE



  DETAILS



Study Period



2020-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2020



Unit



Value (USD billion)



Segmentation



By Product



  • Instruments

  • Reagents & Kits



By Technology



  • Polymerase Chain Reaction (PCR)

  • Enzyme-Linked Immunosorbent Assay (ELISA)

  • Lateral Flow Immunoassay (LFIA)

  • Others



By Sample Type



  • Oropharyngeal & Nasopharyngeal Swabs

  • Nasal Swabs

  • Blood



By Setting



  • Lab-based

  • Point of Care



By End-user



  • Hospitals & Clinics

  • Laboratories & Diagnostic Centers

  • Home Testing

  • Others



By Geography



  • North America (U.S. and Canada)

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

  • Asia Pacific (India, Japan, Australia, South Korea, and Rest of Asia Pacific)

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

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


 Global COVID-19 Diagnostics Market
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  • 2021
  • 2020-
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