Dublin, April 17, 2024 (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$19.9 Billion in the year 2023, is projected to reach a revised size of US$5.8 Billion by 2030, growing at a CAGR of -14.2% over the analysis period 2023-2030.
COVID-19 testing has become integral in controlling the spread of the virus, witnessing significant growth due to the rising incidence of the coronavirus. Various types of tests are employed, including molecular tests such as RT-PCR, which currently dominate the market. Rapid tests have also emerged as crucial tools in containing the virus due to their quick turnaround times.
RT-PCR Assay Kits, one of the segments analyzed in the report, is projected to record -14.9% CAGR and reach US$3.9 Billion by the end of the analysis period. Growth in the Immunoassay Test Strips/cassettes segment is estimated at -12.5% CAGR for the next 8-year period.
Immunoassays, particularly antibody tests, are experiencing rapid growth, driven by increasing demand for serology testing. Diagnostic laboratories constitute the largest end-use segment for COVID-19 testing, utilizing nasopharyngeal/oropharyngeal swabs as the primary sample type. Approved COVID-19 tests span molecular assays, immunoassay kits, and antigen tests, providing a diverse range of options for detecting the virus.
The U.S. Market is Estimated at $5 Billion, While China is Forecast to Grow at -27.7% CAGR
The COVID-19 Testing market in the U.S. is estimated at US$5 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$56.9 Million by the year 2030 trailing a CAGR of -27.7% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at -13.3% and -12.8% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately -12.1% CAGR.
GLOBAL MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Types of COVID-19 Testing
- Different Types of Coronavirus Tests
- Performance Analysis of COVID-19 Tests
- Rapid Tests Help in Controlling the Virus
- Massive Testing to Become a Way of Life
- COVID-19 Testing Witnesses Staggering Growth Due to Rising Incidence of Corona Virus
- 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
- 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
- Point-of-Care Tests Witness Rapid Growth
- 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
- 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 2023 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (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
For more information about this report visit https://www.researchandmarkets.com/r/5alyxo
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