COVID-19 Diagnostics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

COVID-19 Diagnostics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of COVID-19 Diagnostics Market

The COVID-19 Diagnostics market size was valued at USD 46.76 billion in 2023, and the market is now projected to grow from USD 23.79 billion in 2024 to USD 8.91 billion by 2032, exhibiting a CAGR of -13.1% during the forecast period of 2024-2032.

With the expanding number of COVID-19 cases, need of nearness of any restorative or antibodies, and rise in government center on avoiding assist spread of COVID-19, an expanded request for time-efficient testing was observed with the advancements in COVID-19 diagnostics market growth. The sudden development of the COVID-19 emergency has caused an increment in its diagnostics exercises, treatment methods, and a rise in R&D exercises to create diagnostics, such as atomic tests and point of care tests. The developing request for COVID-19 diagnostics strategies and items has made monstrous openings within the healthcare industry thus increasing the showcase.

RT-PCR has been considered a standard test for COVID-19 determination due to its high precision, but it may take around 24 hours to induce the comes about. Be that as it may, at times, critical testing is required. Point of care/rapid COVID-19 diagnostics tests have played an imperative part in controlling the spread of the infection and encouraging the lifting of different limitations through an expanded number of every day tests.

Ensuring human lives is the foremost vital component of the healthcare framework amid a widespread circumstance. The expanding request for time-efficient and viable testing has driven pharmaceutical and restorative gadget companies to contribute in R&D to dispatch novel testing packs and measures. Expansive and little companies as well as new businesses are presenting items for patients and healthcare work force.

Comprehensive Analysis of COVID-19 Diagnostics Market

The bifurcation of product analysis is fractioned into two as reagents and kits and instruments. Enzyme-Linked Immunosorbent Assay (ELISA), Polymerase Chain Reaction (PCR) and Lateral Flow Immunoassay (LFIA) are the technology analysis of the COVID-19 diagnostics market wherein the PCR technology holds the largest share. On the reference of sample type, the market arena is fragmented into blood, oropharyngeal & nasopharyngeal swabs and nasal swabs. Delivering results within few hours, the swab test was figured as the dominant one. Point of care and lab-based were the two types of setting of the COVID-19 diagnostics market segmentation. The end-user analysis of the market is divided into home testing, hospital, clinics, laboratories and diagnostic centers.

The European continent with a higher valuation of USD 12.50 billion ruled the worldwide COVID-19 diagnostics market share in the projection of year 2021. The dominance of this region is due to the gigantic burden of COVID-19 cases in most European nations and expanded accentuation on more tests for controlling disease. New item dispatches within the Europe locale by major players too impelled the development of the advertise.

The advertise is exceedingly concentrated with different assortments of major players as: Abbott (U.S.), Quidel Corporation (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Thermo Fisher Scientific Inc., Danaher (U.S.), Quest Diagnostics Incorporated (U.S.), PerkinElmer Inc. (U.S.), Siemens Healthineers AG (Germany), bioMérieux SA (France) and many more.

In the month of December 2021, the Trusted Laboratory of DTPM reported that the FDA reissued the Tide Research facilities DTPM COVID-19 RT-PCR test crisis utilize authorization. With an alteration, the test will distinguish SARS-CoV-2 omicron variation.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2020-2029

Base Year 2021

Estimated Year 2022

Forecast Period 2022-2029

Historical Period 2020

Unit Value (USD billion)

Segmentation By Product

Instruments

Reagents & Kits

By Technology

Polymerase Chain Reaction (PCR)

Enzyme-Linked Immunosorbent Assay (ELISA)

Lateral Flow Immunoassay (LFIA)

Others

By Sample Type

Oropharyngeal & Nasopharyngeal Swabs

Nasal Swabs

Blood

By Setting

Lab-based

Point of Care

By End-user

Hospitals & Clinics

Laboratories & Diagnostic Centers

Home Testing

Others

By Geography

North America (U.S. and Canada)

Europe (Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe)

Asia Pacific (India, Japan, Australia, South Korea, and Rest of Asia Pacific)

Latin America (Brazil, Mexico, and Rest of Latin America)

Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

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