COVID-19 Diagnostic Testing Market
Number of pages: 100 | Report Format: PDF | Published date: May 05, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 81.7 billion |
|
Revenue Forecast in 2031 |
US$ 102.1 billion |
|
CAGR |
2.5% |
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Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
|
Segments Covered |
Product & Services, Sample Test, Test Type, End User, And Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global COVID-19 diagnostic testing market was valued at US$ 81.7 billion in 2022 and is expected to register a revenue CAGR of 2.5% to reach US$ 102.1 billion by 2031.
COVID-19 Diagnostic Testing Market Fundamentals
COVID-19 diagnostic testing is used to determine if a person is currently infected with the SARS-CoV-2 virus, which causes COVID-19. These tests detect the virus’s genetic material and are considered the most accurate type of COVID-19 diagnostic test. PCR tests require a sample of respiratory material, such as a nasal or throat swab, to be collected and sent to a laboratory for analysis. Results are usually available within a few days. Antigen tests are less sensitive than PCR tests and may produce false-negative results, so a negative result should be confirmed with a PCR test if symptoms persist. These tests detect the presence of antibodies in the blood, indicating that a person has been infected with the virus in the past. Antibody tests are not used to diagnose active COVID-19 infections and should not be used as the basis for determining whether a person has COVID-19.
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COVID-19 Diagnostic Testing Market Dynamics
The need to rapidly and accurately test large numbers of people has led to the development of new testing technologies and increased production of existing tests. This resulted in an expansion of testing capacity and increased the number of tests being performed. Governments worldwide have launched initiatives to increase testing capacity and make testing more widely available. For instance, some government bodies have provided funding for research and development of new testing technologies or have made testing free or low-cost for their citizens. The COVID-19 pandemic has led to collaborations between different industries, including pharmaceutical companies, diagnostic companies, and medical device manufacturers, to develop new testing technologies and increase production capacity. The emergence of new virus variants has highlighted the need for ongoing testing and monitoring to track the spread of the virus and identify new outbreaks. This has driven demand for diagnostic testing and is likely to continue to do so in the future. Many countries have implemented travel restrictions and quarantine requirements for incoming travelers. Diagnostic testing is often required before travel to ensure that individuals are not carrying the virus, which has driven demand for testing.
The global pandemic has disrupted supply chains, causing critical testing components and materials shortages, such as swabs, reagents, and personal protective equipment. This has resulted in supply chain constraints and production delays for many diagnostic test manufacturers. There is currently no universal standard for COVID-19 diagnostic testing, leading to test accuracy and reliability variations. The surge in demand for COVID-19 diagnostic tests has led to increased competition among manufacturers, which has put pressure on prices. As a result, many diagnostic test manufacturers face margin pressure, which may impact their ability to invest in research and development. All COVID-19 diagnostic tests have limitations; some tests may produce false positives or negatives. This can lead to incorrect diagnoses and the potential for further virus transmission. Many countries have implemented emergency use authorizations to expedite the approval of COVID-19 diagnostic tests, leading to concerns about some tests' safety and effectiveness. This has also created challenges for manufacturers to navigate different regulatory environments and requirements in different countries.
COVID-19 Diagnostic Testing Market Ecosystem
The global COVID-19 diagnostic testing market has been analyzed from the following perspectives: product & services, sample test, test type, end user, and region.
COVID-19 Diagnostic Testing Market by Product & Services
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Based on the product & services, the global COVID-19 diagnostic testing market is segmented into reagents & kits, instruments, and services.
The reagents and kits segment dominates the COVID-19 diagnostic testing market for several reasons. Reagents and kits are critical components of diagnostic testing, and they are required to perform PCR and antigen tests for COVID-19. The COVID-19 pandemic has created a massive demand for these products, as millions of tests are conducted globally daily. The reagents and kits segment also dominates the COVID-19 diagnostic testing market as it is a highly specialized and technical field. Reagents and kits are complex products that require specialized expertise to develop, manufacture, and distribute. This has created a high barrier to entry for new competitors, and established companies with expertise in reagents and kits have been able to capture a significant share of the market. Additionally, the reagents and kits segment has seen significant investment and innovation during the COVID-19 pandemic. Many companies have invested in research and development to develop new reagents and kits designed for COVID-19 testing. This has resulted in the development of new, more accurate, and more efficient diagnostic tests, further driving demand for reagents and kits.
COVID-19 Diagnostic Testing Market by Sample Test
Based on the sample tests, the global COVID-19 diagnostic testing market is segmented into oropharyngeal (OP) swabs, nasal swabs, nasopharyngeal (NP) swabs, blood, and others.
The nasopharyngeal swabs segment dominates the COVID-19 diagnostic testing market Nasopharyngeal swabs are a critical component of COVID-19 diagnostic testing, as they are used to collect respiratory samples from patients for PCR and antigen tests. The COVID-19 pandemic has created a massive demand for these swabs, as millions of tests are conducted globally daily. The main reason nasopharyngeal swabs dominate the COVID-19 diagnostic testing market is that they are the preferred method for collecting respiratory samples for COVID-19 testing. Nasopharyngeal swabs are considered the gold standard for collecting respiratory samples. They are more effective at collecting viral material from the upper respiratory tract than other swabs, such as oral or nasal. In addition, nasopharyngeal swabs are also highly specialized and technical products. The development, production, and distribution of nasopharyngeal swabs require specialized expertise and equipment, creating a high entry barrier for new competitors. Established companies with expertise in nasopharyngeal swabs have captured a significant market share. Moreover, the nasopharyngeal swabs segment is also highly profitable, with many companies experiencing high margins due to the specialized nature of their products and the high demand during the pandemic. This has led to significant investment in the segment, with companies seeking to expand their production capacity and develop new products to meet the growing demand for COVID-19 diagnostic testing.
COVID-19 Diagnostic Testing Market by Test Type
Based on test type, the global COVID-19 diagnostic testing market is segmented into molecular (PCR) testing, antigen-based testing, antibody (serology) testing, and others.
The molecular (PCR) testing segment dominates the COVID-19 diagnostic testing market. PCR testing is a highly accurate and reliable method for detecting the presence of the SARS-CoV-2 virus, which causes COVID-19. PCR testing has become the gold standard for COVID-19 diagnostic testing due to its high sensitivity and specificity. The main reason the molecular (PCR) testing segment dominates the COVID-19 diagnostic testing market is that PCR testing is the most widely used and recommended method for COVID-19 testing. PCR testing is recommended by many public health authorities and medical organizations, and it is used in most diagnostic laboratories worldwide. In addition, the molecular (PCR) testing segment is also highly specialized and technical. The development, production, and distribution of PCR testing require specialized expertise and equipment, creating a high entry barrier for new competitors. Established companies with expertise in PCR testing have captured a significant market share. Furthermore, the molecular (PCR) testing segment is also highly profitable, with many companies experiencing high margins due to the specialized nature of their products and the high demand during the pandemic. This has led to significant investment in the segment, with companies seeking to expand their production capacity and develop new products to meet the growing demand for COVID-19 diagnostic testing.
COVID-19 Diagnostic Testing Market by Mode
Based on the mode, the global COVID-19 diagnostic testing market is segmented into lab-based and point-of-care (PoC).
The lab-based segment dominates the COVID-19 diagnostic testing market. Lab-based testing refers to diagnostic testing performed in a centralized laboratory setting, such as a hospital or commercial laboratory, rather than at the point of care (POC). Lab-based testing offers several advantages over POC testing. Lab-based testing is typically more accurate and reliable than POC testing, allowing for more specialized and sophisticated testing equipment and techniques. In addition, lab-based testing can be performed at a larger scale, allowing for higher throughput and faster turnaround times for test results. Lab-based testing can be performed in centralized laboratories, which are often better equipped and staffed than POC testing facilities. This has led to greater availability of lab-based testing and increased use of this type of testing for COVID-19 diagnosis.
COVID-19 Diagnostic Testing Market by End User
Based on the end user, the global COVID-19 diagnostic testing market is segmented into laboratories, hospitals, diagnostic centers, and others.
The diagnostic centers segment accounted for a notable revenue share in the global market. Diagnostic centers specialize in performing various medical tests, including COVID-19 testing, to aid in diagnosing and managing medical disorders. Diagnostic centers often feature modern laboratory equipment, trained people, and standardized processes to assure the accuracy and dependability of their testing services. Other medical tests available at diagnostic centers include serology testing, reverse transcription polymerase chain reaction (RT-PCR) tests, and antigen tests.
COVID-19 Diagnostic Testing Market by Region
The global COVID-19 diagnostic testing market is segmented based on the region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Due to factors such as the rising frequency of COVID-19, the strong presence of important companies, and government initiatives for COVID diagnosis, North America dominates the global COVID-19 diagnostic testing market. Furthermore, technological advancement, developed infrastructure, and emergency regulatory approval for many test kits and mass screening methods all contribute to the growth of the COVID-19 diagnostic testing market.
Competitive Landscape
The prominent players operating in the global COVID-19 diagnostic testing market are:
The global COVID-19 diagnostic testing market was US$ 81.7 billion in 2022
The reagents & kits segment dominates the global COVID-19 diagnostic testing market with the largest revenue share.
COVID-19 diagnostic testing determines if a person is currently infected with the SARS-CoV-2 virus, which causes COVID-19. These tests detect the virus’s genetic material and are considered the most accurate type of COVID-19 diagnostic test.
All COVID-19 diagnostic tests have limitations, and some tests can also provide false positives or false negatives, thus negatively impacting the global market growth.
Some market players in the global COVID-19 diagnostic testing market are Abbott Laboratories Inc., Danaher, Siemens Healthineers AG, Quidel Corporation, and other notable players.
*Insights on financial performance are subject to the availability of information in the public domain