Wilmington, Delaware, United States, Sept. 13, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The COVID-19 diagnostics market was estimated to have acquired US$ 79.8 billion in 2021. It is anticipated to register a -7.9% CAGR from 2022 to 2031 and by 2031 the market is likely to gain US$ 45.8 billion.
In recent years, there have been several developments made in the global industry. Abbott Laboratories created a fast antigen test that may yield findings in 15 minutes. The test may be done in a variety of locations, including doctor’s offices, clinics, and homes, and is intended to be simple to perform.
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The United States Food and Drug Administration (FDA) has granted emergency use authorization for the test, which has a high level of accuracy. Other businesses have created PCR-based assays that are regarded as the industry standard for COVID testing, including Roche, LabCorp, Thermo Fisher, and Quest Diagnostics.
Global COVID-19 Diagnostics Market: Key Players
Leading manufacturers in the industry use mergers, acquisitions, and product portfolio expansion as significant strategy. The following companies are well-known participants in the global COVID-19 diagnostics market:
- Abbott Laboratories
- Becton, Dickinson and Company (BD)
- Bio-Rad Laboratories Inc.
- Danaher Corporation (Cepheid)
- F. Hoffmann-La Roche Ltd. (Roche Diagnostics)
- Hologic, Inc.
- Laboratory Corporation of America Holdings
- PerkinElmer, Inc.
- Quest Diagnostics
- Thermo Fisher Scientific Inc.
Key developments in the global COVID-19 diagnostics market are:
- Roche and Pfizer established a partnership in December 2022 to spread knowledge about the value of prompt COVID-19 testing, available treatment choices, symptoms, as well as high-risk factors that may result in serious disease.
- Quest Diagnostics stated in January 2022 that a COVID-19 fast antigen test service for consumers to purchase is available through its consumer-initiated diagnostic platform. Thanks to co-operation with eMed, the new service employs proctored telemedicine, where a certified technician supervises appropriate sample collection during a telehealth session, confirms identification, and validates results reporting.
- Abbott released the Molecular Point-of-Care Test in March 2020, which can identify new coronaviruses in five minutes. The test is conducted using the business’s ID NOW platform that offers quick results in a variety of healthcare settings, including doctor’s offices, urgent care centers, and emergency departments in hospitals.
Key Findings of the Market Report
- The molecular tests segment is anticipated to have the biggest worldwide COVID-19 diagnostics market share throughout the forecast period in terms of test type.
- The global market for molecular diagnostic testing is dominated by reverse transcriptase polymerase chain reaction (RT-PCR) diagnostics.
- In 2021, the COVID-19 diagnostics market’s second-largest share belonged to the RT-PCR testing category.
Market Trends for COVID-19 Diagnostics
- The hospitals & clinics segment led the global COVID-19 diagnostics market in 2021 in terms of end-user. The COVID-19 pandemic has raised the need for diagnostic testing, which has caused the COVID-19 diagnostics market to see rapid expansion. One of the main places where these tests are offered is at hospitals and clinics. These locations are an essential component of the COVID-19 testing ecosystem because they contain the tools, manpower, and infrastructure required to carry out diagnostic tests.
- The reagents & kits segment dominated the COVID-19 diagnostics market share for products in 2021. These items include the chemicals and kits needed for RT-PCR, fast antigen, as well as serological (antibody) assays. Diagnostic techniques that are used to find the existence of the SARS-CoV-2 virus in a patient’s sample depend heavily on reagents and kits.
- The tests are used to amplify and identify the viral RNA that is extracted from a patient’s sample. Serological tests, which look for the presence of antibodies towards the virus within a patient’s blood sample, are also carried out using reagents and kits.
- There is a strong demand for diagnostic reagents and kits due to the demand for accurate and dependable diagnostic tests for COVID-19. Companies like Thermo Fisher Scientific, Roche, QIAGEN and Bio-Rad. dominate the market for diagnostic reagents and kits
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Global Market for COVID-19 Diagnostics: Regional Outlook
Various reasons are propelling the growth of the COVID-19 diagnostics market in different countries. These are:
- In North America, the United States of America is a significant market for COVID-19 diagnostics. The nation has a sizable number of diagnostic facilities and laboratories, as well as governments are heavily funding COVID-19 diagnostic tests to aid in containing the virus’s spread.
- One of the most significant COVID-19 testing rates in the world is in the United States, which has significantly increased demand for diagnostic tests. The nation also boasts a sizable and established healthcare system, which has assisted in boosting the use of diagnostic testing.
- In Asia Pacific, South Korea, Japan, and China are the three biggest markets for COVID-19 diagnostics. There are several diagnostic facilities and laboratories in these nations. Governments have made large investments in COVID-19 diagnostic tests to aid in controlling the virus’s spread.
Global COVID-19 Diagnostics Market Segmentation
- Reagents & Kits
- Molecular Tests
- Antigen Tests
- Antibody (serology) Tests
- Hospitals & Clinics
- At-home Testing
- North America
- Asia Pacific
- Middle East & Africa
- South America
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