Dublin, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The "COVID-19 Testing - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global COVID-19 Testing Market to Reach $5.8 Billion by 2030
The global market for COVID-19 Testing estimated at US$24.2 Billion in the year 2022, is projected to reach a revised size of US$5.8 Billion by 2030, growing at a CAGR of -16.3% over the analysis period 2022-2030.
The global COVID-19 Testing market is poised for growth, with anticipated annual revenue increases projected from 2022 to 2030. This upswing follows a period of steady expansion experienced between 2020 and 2022.
Diverse segments, including RT-PCR Assay Kits, Immunoassay Test Strips/Cassettes, Nasopharyngeal Swabs, Oropharyngeal Swabs, Nasal Swabs, and Other Specimen Types, contribute to the market's development.
In the report, RT-PCR Assay Kits, one of the segments, is expected to exhibit a -17.1% CAGR and achieve a market value of US$3.9 Billion by the conclusion of the analysis period. Similarly, the Immunoassay Test Strips/Cassettes segment is anticipated to witness growth with a -14.4% CAGR over the next eight years.
Geographically, pivotal regions like the USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, the Middle East, and Africa significantly influence the market's dynamics. End-users such as hospitals, diagnostic centers, and other applications are key drivers of market demand. This underscores the vital role of COVID-19 testing in healthcare and diagnostic industries.
The U.S. COVID-19 Testing market is estimated at US$5.9 Billion in 2022, while China, the world's second-largest economy, is projected to reach US$56.9 Million by 2030, albeit with a -30.7% CAGR from 2022 to 2030.
Noteworthy geographic markets also include Japan and Canada, both anticipated to decline by -15.2% and -14.6%, respectively, during the 2022-2030 period. Germany, within Europe, is forecasted to decline at an approximate -13.9% CAGR.
Distinguished healthcare players like Abbott Laboratories, Hologic Inc., and Thermo Fisher Scientific, amongst others, feature in the comprehensive competitor analysis.
GLOBAL MARKET OVERVIEW
- Types of COVID-19 Testing
- Different Types of Coronavirus Tests
- Performance Analysis of COVID-19 Tests
- Rapid Tests Help in Controlling the Virus
- How Will COVID-19 Testing Change in 2021
- Massive Testing to Become a Way of Life
- COVID-19 to Drive Hospital and Diagnostic Lab Revenues in 2021
- COVID-19 Testing Witnesses Staggering Growth Due to Rising Incidence of Corona Virus
- Total Number of COVID-19 Tests Conducted in the Most Impacted Countries: As of September 1st, 2021
- Total Number of COVID-19 Tests Worldwide in Select Countries: As of September 1st, 2021
- Molecular Tests (RT-PCR) Occupy a Predominant Share of the COVID-19 Testing Market
- Select Approved COVID-19 Molecular Assay Tests
- Immunoassays to Witness Fastest Growth
- Increasing Demand for Antibody Tests
- How Antibody (Serology) Tests Were Approved and Developed
- Select COVID-19 Immunoassay Kits
- List of US FDA Approved Antigen Tests
- Nasopharyngeal/Oropharyngeal Swabs Remain Primary Sample Type
- Diagnostic Laboratories Constitute the Largest End-use Segment
- RECENT MARKET ACTIVITY
- Recent Launches
MARKET TRENDS AND ISSUES
- Rising Incidence of Coronavirus Cases Drive the Need for Testing
- COVID-19 Most Impacted 18 Countries Worldwide: As on September 1st, 2021
- Pandemic Gives Rise to Innovative Partnership Models
- Broader Adoption of Reverse-Transcription Polymerase Chain Reaction-based Diagnostics
- Increasing Point-of-Care Molecular Testing
- Accelerated Development and Faster Adoption of New Technologies
- Expansion of Manufacturing Capacity in Asia and Shift of Supply
- Positioning for the Future
- Some Innovative Testing Methods for COVID-19:
- CRISPR
- Bioluminescence Testing
- Lab-on-chip Testing
- LAMpore Kits
- Covid-19 NudgeBox Test by DNANudge
- High Risk of Infection in Geriatric Population Drives COVID-19 Testing Market
- Expanding Elderly Population Worldwide: Breakdown of Number of People Aged 65+ Years in Million by Geographic Region for the Years 2019 and 2030
- Rapid Test Kits Market for COVID-19 to Exhibit Exponential Growth
- Select Approved COVID-19 Rapid Tests
- Point-of-Care Tests Witness Rapid Growth
- High-Speed NanoPCR Technology Developed for Point-of-Care Diagnosis of COVID-19
- Mass Community Testing Holds the Key for Effective COVID-19 Management
- The Need for Rapid Mass Testing Pushes for Production of Novel Testing Platforms
- CRISPR Emerges as Cutting-Edge Biotechnology in COVID-19 Diagnostic Market
- Innovations and Approvals
- Portable PoC Test with a Smartphone Reader
- Saliva Test
- FDA Approves First Molecular Test for Asymptomatic Patients
- New Molecular Test N1-STOP-LAMP
- LumiraDx SARS-CoV-2 Antigen Test
- Integration of Sophisticated Technology to Drive Market Growth
- Isothermal Amplification: An Effective Alternative to RT-PCR for COVID-19 Testing
- In-home Testing for Covid-19
- FDA Authorizes Home Collection Option for LabCorp's COVID-19 Diagnostic Test
- A Rapid Genomics Strategy to Trace Coronavirus
- The pioneering of Rapid Genomics
- Digital Healthcare Gains Spotlight Amid COVID-19 Pandemic
- Digital Technologies Gaining Adoption Amid COVID-19
- List of COVID-19 Contact Tracing Apps
- Amazon Offers FDA-Approved COVID-19 Test
- Alliance of BMGF and Life Science Companies Pledge to Improve Access
- Ensuring the Perfect Mix of COVID-19 Testing
- Testing Rate & Average Turnaround Time to Results as Key Metrics
- Growing Significance of Pooled Testing
- Participation of Public & Private Sector
- Avoiding Supply Mismatch
- Recent Launches
- New Test Detects SARS-CoV-2 in Less Than Five Minutes
- New COVID-19 Test Provides Faster Results and Eliminates False Negatives
- New Rapid Lateral Flow Immunoassay Developed
- University of California Develops Rapid, Accurate Testing for SARS-CoV-2 Antibodies
- Abbott Plans Shipment of Tens of Millions of At-Home Coronavirus Tests Costing $25 in Early 2021
- Quidel Gains FDA Approval for Sofia 2 Antigen Test
- Improving Medicine with Innovation and Technology and Massachusetts Institute of Technology Develop COVID-19 Testing Impact Calculator (U.S.)
- Nanomix Offers eLab COVID-19 Rapid Antigen Test
- Abbott Receives FDA Approval for BinaxNow
- Roche Introduces Elecsys SARS-CoV-2 Antigen test
- DnaNudge Offers CovidNudge Test
- Open-Source Toolkit Helps Developing Countries Meet Demand for COVID-19 Diagnostics
- 3M Joins Hands with MIT's Sikes Lab to Create Rapid & Affordable COVID-19 Test
- ZTA Biotech Announces "Breakthrough" Development with Antibody Test
- Molecular Diagnostics Firm QuantuMDx Group Set to Scale up Production of Rapid PCR COVID-19 Device
- Mologic Granted CE Mark for Rapid Antigen Test
- FDA Approves Abbott's COVID-19 Antigen Test
- AptameXTM
- COVID-19 Testing - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Global Market Prospects and Outlook
- US and Europe Dominate, Asia-Pacific to Witness Fastest Growth
FOCUS ON SELECT PLAYERS (Total 547 Featured)
- Adaltis Srl
- Alfa Scientific Designs, Inc.
- A*STAR Experimental Therapeutics Centre
- AITbiotech Pte., Ltd.
- Altimmune, Inc.
- ADS Biotec, Inc.
- Accelerate Diagnostics, Inc.
- AccuBioTech Co., Ltd.
- Access Bio, Inc.
- Abwiz Bio Inc.
- AB Diagnostic Systems GmbH
- 1drop, Inc.
- 3B BlackBio Biotech India Ltd.
- Abacus Diagnostica Oy
- Aldatu Biosciences
REGIONAL MARKET ANALYSIS
UNITED STATES
- US Emerges as a Major Market for COVID-19 Tests
- Covid-19 Test Supply Chain Issues in the US
- Challenges Associated with COVID-19 Testing
- Impact of Surveillance Testing on COVID-19 Test Supply Chain
- CDC Funding for Covid-19 Vaccination & Testing-Related Activities
- Escalating Cases of COVID-19 Lead to Spurt in Diagnostic Test Innovations
- Uptake of At-Home Tests Remains Modest
- FDA Approves 2 Rapid, At-Home Coronavirus Tests
- Select Point Of Care Home Tests in the US
- Pharmacies Now Offering Over-The-Counter Same-day COVID Tests
- HHS Introduces Pilot Program for Cartridge-based Covid-19 Molecular Test Kits
- Oura Develops New Smart Ring to Detect Covid-19 Symptoms at Early Stage (Finland)
- Issues with Existing Testing Options
- Issues with At-Home and Point-of-Care Rapid Tests
- Disparate Costs Continue to Plague US Covid-19 Testing
- With Spike in COVID-19 Cases Roiling Testing Efforts, NIH Eyes on Rapid Tests to Push Capacity
- Promising Technologies under RADx Program
- Rapid COVID Tests: Important Tool for Recovery
- California University Installs Vending Machines to Dispense COVID-19 Testing Kits to Students
- FDA Assumes Lukewarm Stance to Home Tests despite COVID-19 Testing Lag in US
- CMS Prioritizes Covid-19 Testing: Announces New Reimbursement Rules
- CMS Decreases Price for High-Throughput Technology-Based Covid-19 Testing
- Aging Demographics: A Major Driving Factor
- NIH Funding
- US FDA Approved COVID-19 Tests
CANADA
- Market Analysis
- New Cheaper and Faster COVID-19 Rapid Test Kit Obtains Approval
- Canada Approves First Antigen-Based Rapid COVID-19 Test
- Government of Ontario Introduces Covid-19 Screening Tests at Toronto Pearson International Airport
- New Federal Rule in Canada for Air Passengers' COVID-19 Tests
JAPAN
- Japan Moves to Low-Cost PCR Testing
- Rapid Testing Still Costs a Bomb
- Medical Clinics Edge
CHINA
- China's Qingdao Embarks on Ambitious Mission to Test Entire Population of City for COVID-19 in Five Days
UNITED KINGDOM
- Pandemic Exposes Deficiencies in the UK Healthcare System
- UK Opens New Vaccine Centers to Expand Asymptomatic Covid-19 Testing
- Mandatory COVID-19 Tests for UK-Bound Travellers
- Mass Testing Program for COVID-19
- Mass Testing in Schools
- Mass Testing in Cities and Towns
- New `Mega Labs` to Speed Up COVID-19 Testing in Early 2021
INDIA
- India Hastens Strides toward COVID-19 Testing & Significantly Exceeds Testing Criteria Set by WTO
- Increase in Daily Tests for COVID-19 in India
- Indian Researchers Develop Foremost Paper-based Test to Get Handle over COVID-19
- Researchers in India Successfully Develop Saliva-based Test for COVID-19
- Home Kits for COVID-19 Testing in India
- The Rockefeller Foundation Injects New Grants to Boost Covid-19 Testing & Surveillance in India
SOUTH KOREA
- Authorities Succeed In Successfully Evading the Virus Impact
- Widespread Roll Out of Testing Laboratories Yields Results
AFRICA
- WHO Pushes for Rapid Testing to Boost Africa's Response to COVID-19 Pandemic
- COVID-19 Testing Benefits from Existing TB and HIV Laboratory Systems
- RDTs Arrive in African Countries
For more information about this report visit https://www.researchandmarkets.com/r/6fzhz7
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
