COVID-19 Diagnostic Testing Market Size to Surpass US$ 102.1 Billion by 2031 - Growth Plus Reports

| Source: Growth Plus Reports Growth Plus Reports

Newark, New Castle, USA, June 14, 2023 (GLOBE NEWSWIRE) -- The market analysis of the global COVID-19 diagnostic testing market was conducted by Growth Plus Reports in 2022 and is valued at US$ 81.7 billion. The market is expected to hit a revenue CAGR of 2.5% to reach US$ 102.1 billion by 2031.

Analysis of the global market for COVID-19 diagnostic testing indicates that during the forecast period, revenue share is likely to increase significantly. To find out if a person is currently infected with the SARS-CoV-2 virus, which produces COVID-19, COVID-19 diagnostic testing is performed. 

Key Takeaways: 

  • The increasing prevalence of Covid-19 is driving the market revenue share.
  • The government initiatives for an accurate diagnosis of Covid-19 are driving the market demand.
  • Collaborations among different companies are increasing the market revenue growth rapidly.

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                             COVID-19 Diagnostic Testing Market Scope

Report AttributeDetails
Market Size Value in 2022US$ 81.7 billion
Revenue Forecast in 2031US$ 102.1 billion
CAGR2.5%
Base Year for Estimation2022
Forecast Period2023 to 2031
Historical Year2021
Segments CoveredProduct & Services, Sample Test, Test Type, End User, And Region
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, and the Middle East & Africa


Competitive Landscape

A list of the companies operating in the global market for COVID-19 diagnostic testing includes: 

  • Danaher 
  • Siemens Healthineers AG
  • Quidel Corporation
  • Thermo Fisher Scientific Inc.
  • PerkinElmer Inc.
  • bioMérieux SA

Market Drivers and Restraints: 

The global COVID-19 diagnostic testing market revenue is driven by the rising prevalence of Covid-19, advancements in diagnostic technology, awareness among the population for early detection of disease, and rising government initiatives in precision diagnostics. Furthermore, the increasing R&D activities in the development of a point-of-care detection technique are contributing to the market revenue growth. 

However, due to the cost margin pressure on the manufacturer and the limitations such as false positive results, the COVID-19 diagnostic testing market revenue growth is expected to be restrained. 

Market Segmentation: 

Segmentation By Product & Services

Based on the products & services, the reagents and kits segment dominates the global COVID-19 diagnostic testing market with a significant revenue share. This sizable revenue share is attributed to their vast utilization in Covid-19 testing and is required to perform PCR and antigen tests. 

Segmentation By Sample Test

Based on the sample test, the nasopharyngeal swabs segment dominates the global COVID-19 diagnostic testing market with the largest revenue share. The significant revenue share is attributed to their critical component of COVID-19 diagnostic testing as well as nasopharyngeal swabs are considered a gold standard in COVID-19 disease detection. 

Segmentation By Test Type 

Based on test type, the molecular (PCR) testing segment accounts for the highest revenue share in the global COVID-19 diagnostic testing market due to its accuracy, cost-effectiveness, lesser chances of a false-positive result, high specificity, and sensitivity. Furthermore, the government's reliability on the molecular diagnostic test (PCR) results for an accurate count of COVID-19 patients is resulting in the segment's revenue growth of Covid-19 diagnostic testing and is expected to drive the segment revenue share significantly during the forecast period as well. 

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Segmentation By Mode

Based on mode, the lab-based segment accounts for the largest market revenue share in the global COVID-19 diagnostic testing market due to its specificity, affordability, and accuracy. 

Segmentation By End-User

Based on end-users, the diagnostic center's segment is dominating the global COVID-19 diagnostic testing market with a sizable revenue share. To assist in the diagnosis and management of medical diseases, diagnostic facilities specialize in administering a variety of medical tests, including COVID-19 testing, attributing to the segment's revenue share. 

Regional Growth Dynamics

Based on the region, North America, with the largest revenue share, dominates the global COVID-19 diagnostic testing market. This large share of revenue is attributed to the large population, rising awareness of testing, the prevalence of Covid-19, and well-established healthcare infrastructure.

Report Coverage 

Growth Plus Reports carried out extensive market research on the COVID-19 diagnostic testing market globally. We examined the fundamental market characteristics, significant investment opportunities, regional growth patterns, ten-year revenue estimates, competing market players, and mergers and acquisitions.

Table of Content

  1. INTRODUCTION
    1. Market Ecosystem 
    2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
    3. Currency Used in the Report
  2. RESEARCH METHODOLOGY 
    1. Research Approach
    2. Data Collection Methodology
    3. Data Sources
      1. Secondary Sources 
      2. Primary Sources 
    4. Market Estimation Approach
      1. Bottom Up 
      2. Top Down 
    5. Market Forecasting Model
    6. Limitations and Assumptions       
  3. PREMIUM INSIGHTS
    1. Current Market Trends (COVID-19 Perspective)
    2. Key Players & Competitive Positioning (2022)
  4. MARKET DYNAMICS
    1. Drivers
    2. Restraints
    3. Opportunities
  5. GLOBAL COVID-19 DIAGNOSTIC TESTING MARKET- ANALYSIS & FORECAST, BY PRODUCT & SERVICES
    1. Instruments
    2. Reagents & Kits
    3. Service
  6. GLOBAL COVID-19 DIAGNOSTIC TESTING MARKET- ANALYSIS & FORECAST, BY SAMPLE TYPE
    1. Oropharyngeal (OP) Swabs
    2. Nasal Swabs
    3. Nasopharyngeal (NP) Swabs 
    4. Blood
    5. Others
  7. GLOBAL COVID-19 DIAGNOSTIC TESTING MARKET- ANALYSIS & FORECAST, BY TEST TYPE
    1. Molecular (PCR) Testing
    2. Antigen-based Testing
    3. Antibody (Serology) Testing
    4. Others
  8. GLOBAL COVID-19 DIAGNOSTIC TESTING MARKET- ANALYSIS & FORECAST, BY MODE
    1. Point-of-Care (PoC)
    2. Lab-based
  9. GLOBAL COVID-19 DIAGNOSTIC TESTING MARKET- ANALYSIS & FORECAST, BY END USER
    1. Laboratories
    2. Hospitals
    3. Diagnostic Centers 
    4. Others

COVID-19 DIAGNOSTIC TESTING MARKET TOC

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VALUE PROPOSITIONS RELATED TO THE REPORT:

  • Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
  • Comprehensive quantitative and qualitative insights at segment and sub-segment level
  • Covid 19 impact trends and perspective
  • Granular insights at global/regional/country level
  • Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
  • Blanket coverage on competitive landscape
  • Winning imperatives
  • Exhaustive coverage on 'Strategic Developments' registered by leading players of the market.

CUSTOMIZATION OPTIONS:

  • Distributor Landscape Assessment
  • Pricing Intelligence
  • Customer Base Assessment
  • Investment & Initiatives Analysis
  • 'Business Profile' of Key Players

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