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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.
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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.
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.
List of Key Players Covered in the Report
Table of Segmentation
Value (USD billion)
Product; Technology; Sample Type; Setting, End User and Geography
By Sample Type