The global COVID-19 diagnostics market by revenue is expected to register a negative CAGR of (9%) during the period 2022–2031.
The RT-PCR testing segment constituted over 75% of the global COVID diagnostics market share. The market is growing because of the outbreak of the coronavirus (SARS CoV-2) pandemic, which has increased the demand for rapid testing across the world. As the number of people suffering from the viral infection increases, the demand for rapid testing, which allows detecting the virus quickly, is growing. The adoption of a population-wide testing approach, which includes household, individual testing, is one of the trends influencing the demand for covid-19 diagnostics kits. The shift from symptomatic testing to mass testing in developed countries is another major factor affecting the market.
The following factors are likely to contribute to the growth of the COVID-19 diagnostics market during the forecast period:
• Increased Demand for Mass Testing
• Demand for Molecular Diagnostics due to Covid-19 Pandemic
• Unavailability of Specific Medicines/ Vaccines
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The study considers the present scenario of the COVID-19 diagnostics market and its market dynamics for the period 2022−2031. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent ones operating in the market.
Global Covid-19 Diagnostics Market Segmentation
This research report includes a detailed segmentation by product, end-users, test, technology, geography. In 2020, the consumables segment constituted over 74% of the global COVID-19 diagnostics market share. The demand for consumables, including biomarkers and reagents, including substrates, enzymes, electrolytes, specific proteins, lipids, and point-of-care test kits, is growing as they obtain quick and accurate results for diagnosing diseases, including COVID-19. The need to perform rapid testing to detect coronavirus spread across the world is driving the demand for consumables.
As RT-PCR testing is considered exceptionally reliable, the segment constituted over 75% of the global COVID diagnostics market share. The market is witnessing an increasing uptake of PCR testing to deliver a reliable diagnosis in quick succession. Currently, the reverse transcription-polymerase chain reaction (RT-PCR) is a standard for diagnosing COVID-19. With the WHO recommending PCR testing as one of the reliable methods for COVID-19 test procedures, countries such as the US, Brazil, Russia, India, Germany, Italy, and Spain drive the demand for PCR kits the virus highly infects these regions. Antigen and antibody testing accounted for a small share of the global COVID-19 diagnostics market. These tests are considered an important factor in mass screening. However, due to a lack of specificity and sensitivity, these tests were not initially used in several countries. As the COVID-19 pandemic continues, vendors came up with advanced antibody and antigen tests, driving the market growth.
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The failure of several rapid diagnostics kits to detect the presence of the COVID-19 virus in several countries has led to the development of molecular-based-PCR testing for covid-19 diagnosis. The share of molecular diagnostic test makers has increased drastically, with the WHO declaring RT-PCR as the standard test for Covid-19 diagnosis. This trend is followed in several developed, developing, and underdeveloped countries, thereby generating a high demand for molecular diagnostic testing. The immunoassay segment accounted for over 24% of the global market share in 2020. These tests are conducted on those with maximum exposure to the covid-19 virus, especially healthcare professionals and medical practitioners.
In most countries, diagnostic laboratories, which include standard and public health laboratories, have played a significant role in detecting covid-19. The demand for standalone laboratories is growing gradually owing to the prevalence of pandemic, epidemic conditions, or the outbreak of unexpected infectious diseases, requiring immediate diagnosis of the diseases for a large population in a shorter time. Hospitals have played a major role in covid-19 testing since its outbreak. A majority of hospitals have their own in-house laboratories to conduct diagnostic tests, which help them to admit and monitor COVID-19 patients. Hence the segment is witnessing a high demand for COVID-19 testing kits. The demand for COVID-19 diagnostic kits from ambulatory care settings increased in developed countries as these settings accommodated several asymptomatic patients.
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