COVID-19 Testing

COVID-19 Testing

Global COVID-19 Testing Market to Reach US$5.8 Billion by 2030

The global market for COVID-19 Testing estimated at US$19.9 Billion in the year 2023, is expected to reach US$5.8 Billion by 2030, growing at a CAGR of -16.1% over the analysis period 2023-2030. RT-PCR Assay Kits, one of the segments analyzed in the report, is expected to record a -16.9% 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 -14.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$5.0 Billion While China is Forecast to Grow at -31.0% CAGR

The COVID-19 Testing market in the U.S. is estimated at US$5.0 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 -31.0% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of -15.1% and -14.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately -13.8% CAGR.

Global Covid-19 Testing Market - Key Trends and Drivers Summarized

COVID-19 testing refers to the methods and processes used to determine whether a person is infected with the SARS-CoV-2 virus, which causes COVID-19. There are primarily two types of tests: diagnostic tests, which detect the presence of the virus itself, and serological tests, which identify antibodies produced in response to it, indicating past infection. Diagnostic tests include polymerase chain reaction (PCR) tests, which are highly accurate and are considered the gold standard for detecting the virus. Rapid antigen tests provide quicker results but are less accurate than PCR tests and are used primarily for screening purposes in high-throughput environments.

Throughout the pandemic, the landscape of COVID-19 testing has evolved rapidly to meet increasing demands and address various challenges. Innovations in testing technology have focused on increasing accuracy, reducing turnaround times, and enhancing accessibility. For instance, developments in point-of-care testing and at-home testing kits have allowed for broader testing outside traditional healthcare facilities. These advancements have enabled more extensive and frequent testing, which is crucial for tracking the spread of the virus and implementing timely isolation and treatment strategies. Moreover, as the virus mutates, ongoing research and adaptation in testing are necessary to ensure sensitivity to new variants, maintaining the reliability and effectiveness of tests.

The growth in the COVID-19 testing market is driven by several factors, including technological advancements, government policies, and changes in consumer behavior. Technological innovations have led to the development of faster, more accurate tests that can be deployed at scale, which are essential for managing outbreaks and facilitating safe social interactions. Government policies and funding have significantly influenced the market, with massive investments in testing infrastructure to support public health strategies. Additionally, public awareness and behavior have changed markedly during the pandemic; there is now a higher demand for personal health monitoring and preventive practices, which includes regular COVID-19 testing. This shift has encouraged continuous growth in the testing market, ensuring that it remains a critical component of global health.

Select Competitors (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

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