Pune, India, April 19, 2022 (GLOBE NEWSWIRE) -- The global COVID-19 diagnostics market size reached USD 46.76 billion in 2021.
Scenario 1: The COVID-19 Diagnostics 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 COVID-19 Diagnostics 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, 2022-2029”.
Key Industry Development
- March 2020 – Abbott received the U.S. FDA Emergency Use Authorization (EUA) approval 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.
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COVID-19 Impact
COVID-19 Diagnostic Tests Gained Traction amid Exponentially Rising Cases
Since the outbreak of COVID-19, diagnostic solutions, such as molecular tests and point-of-care tests, have experienced substantial demand. With many countries witnessing massive spikes in COVID-19 cases, the need for rapid and accurate testing increased substantially. Leading diagnostic companies, such as Abbott, Bio-Rad, Roche, and Thermo Fisher Scientific, expanded R&D efforts to bring novel diagnostic solutions to the market. Despite the emergence of lucrative new opportunities, supply chain uncertainty caused by strict government restrictions affected the market dynamics to some extent.
Segments
Based on product, the market is bifurcated into reagents & kits and instruments.
In terms of technology, the market is segmented into Polymerase Chain Reaction (PCR), Lateral Flow Immunoassay (LFIA), Enzyme-Linked Immunosorbent Assay (ELISA), and others.
By sample type, the market is trifurcated into nasal swabs, oropharyngeal & nasopharyngeal swabs, blood, and others.
According to setting, the market share is divided into point of care and lab-based.
On the basis of end-user, the market is segregated into laboratories & diagnostic centers, hospitals & clinics, home testing, and others.
Geographically, the market is studied across North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/covid-19-diagnostics-market-103291
Report Coverage
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers and Restraints
Accelerated R&D Efforts and Launch of Novel Solutions to Strengthen Market Outlook
During the pandemic, small and large companies as well as startups expanded R&D investments to roll out novel testing kits and assays to diagnose COVID-19 infections. Biopharmaceutical companies and diagnostic firms were seen accelerating R&D efforts to develop safe, effective, and time-efficient diagnostic solutions. In April 2020, Accurate Diagnostic rolled out a new antibody test for COVID-19 diagnosis. These factors accelerated the COVID-19 diagnostics market growth during the pandemic.
However, a strict regulatory scenario for approval of diagnostic kits could limit the market growth to some extent.
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Regional Insights
North America Generated Revenues Worth USD 11.97 Billion During 2021
Europe dominated the global COVID-19 diagnostics market share in 2021 and will exhibit similar trends over 2022-2029. Most European countries witnessed an exponential surge in COVID-19 cases, leading to increased emphasis on increased COVID-19 testing. Major market players focused on rolling out novel diagnostic solutions that are reliable, efficient, fast, and accurate. These factors augmented the regional market share significantly.
Meanwhile, the market in North America generated USD 11.97 billion in 2021. The region is anticipated to record stellar growth during the forecast duration due to increased penetration of diagnostic solutions in the region.
Competitive Landscape
Abbott to Hold Lion’s Share Owing to Robust Products Portfolio
Abbott is one of the notable names 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. 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.
Major Players 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.)
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Table Of Contents :
- COVID-19 Diagnostics Market Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- COVID-19 Diagnostics Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Overview: Guidelines of COVID-19 Diagnosis
- New Product launches
- Prevalence of COVID-19 Diseases
- Number of Tests for 2020 & 2021
- Impact of COVID-19 on Diagnostic Market
- Overview of Regulatory Scenario
- Impact on Supply Chain of Diagnostics Amid the Pandemic
- Key Industry Developments
- Recent Launches/Developments Pertaining to Mobile/On-site COVID-19 Testing
- Global COVID-19 Diagnostics Market Analysis, Insights & Forecast, 2020-2029 - Scenario 1
- Key Findings / Summary
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- Market Analysis, Insights and Forecast – By Product
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- Instruments
- Reagents & Kits
- Market Analysis, Insights and Forecast – By Technology
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-
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- Polymerase Chain Reaction (PCR)
- Enzyme-Linked Immunosorbent Assay (ELISA)
- Lateral Flow Immunoassay (LFIA)
- Others
- Market Analysis, Insights and Forecast – By Sample Type
- Oropharyngeal & Nasopharyngeal Swabs
- Nasal Swabs
- Blood
- Others
- Market Analysis, Insights and Forecast – By Setting
- Lab-based
- Point of Care
- Market Analysis, Insights and Forecast – By End user
- Hospitals & Clinics
- Laboratories & Diagnostic Centers
- Home Testing
- Others
- Market Analysis, Insights and Forecast – By Region
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- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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- North America COVID-19 Diagnostics Market Analysis, Insights and Forecast, 2020-2029 – Scenario 1
- Key Findings / Summary
-
- Market Analysis, Insights and Forecast – By Product
-
-
- Instruments
- Reagents & Kits
- Market Analysis, Insights and Forecast – By Technology
-
-
-
- Polymerase Chain Reaction (PCR)
- Enzyme-Linked Immunosorbent Assay (ELISA)
- Lateral Flow Immunoassay (LFIA)
- Others
- Market Analysis, Insights and Forecast – By Sample Type
- Oropharyngeal & Nasopharyngeal Swabs
- Nasal Swabs
- Blood
- Others
- Market Analysis, Insights and Forecast – By Setting
- Lab-based
- Point of Care
- Market Analysis, Insights and Forecast – By End user
- Hospitals & Clinics
- Laboratories & Diagnostic Centers
- Home Testing
- Others
- Market Analysis, Insights, and Forecast – By Country
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- U.S.
- Canada
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Toc Continue..
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