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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.

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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

  • 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



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD billion)


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
  • PDF
  • 2021
  • 2020-
  • 194


  • 4850

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