Who Are The Key Players In The COVID-19 Diagnostics Market By 2030?

 COVID-19 Diagnostics Industry Overview

The global COVID-19 diagnostics market size is estimated at USD 84.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.1% from 2021 to 2027. The market is driven by the rising government initiatives targeted toward the implementation of mass testing. On 1st September 2020, Hong Kong began voluntary mass testing with the help of healthcare personnel from mainland China. Around 1.78 million Hong Kong citizens were tested as of 15th September 2020. Moreover, despite the several criticisms over mass testing, on 11th September 2020, the British government announced its plan for mass coronavirus testing in the U.K. Additionally, increased traction gained by mobile testing market space is expected to open new avenues for market expansion.

Transitioning focus of new entrants toward at-home testing and integration of advanced software has been witnessed in the past few months. This is expected to increase patient convenience in regard to time-consuming laboratory-based testing. One such new entrant, namely, Switch Health, offers mobile services for at-home testing and business testing. The Switch Health mobile rapid testing units have deployed more than 30 mobile units for the diagnosis of individuals with coronavirus infection and have catered to more than 30 clients, including on-site factory workers and sports players, as of September 2020.

Gather more insights about the market drivers, restrains and growth of the Global COVID-19 Diagnostics market

The demand for COVID-19 diagnostic products is set to propel further with the increasing number of coronavirus-infected patients, particularly post the ease of lockdown across the globe. According to Worldometer, the total number of cases witnessed a spike with 33,556,252 patients testing positive as of 28th September 2020 to 55,961,380 patients on 17th November 2020. Despite the gradual decline expected in the number of positive patients in 2021, integration of COVID-19 tests in routine diagnostic protocols is expected to maintain the market growth.

Moreover, these testing programs are set to pave way for the travel industry to gear up, creating a favorable environment for the entities operating in the market. The tourism and travel industries have been most affected during this pandemic outbreak, which has led to an upsurge in COVID-19 testing initiatives post August 2020, particularly in tourism-based countries and regions. This is also expected to propel the PoC testing market penetration as these tests are able to overcome the limitations associated with traditional testing.

Complex and pure reagents, such as probes, enzymes, and primers, are crucial in conducting tests in clinical laboratories. A number of factors like a sudden increase in demand, export bans, and stockpiling have led to the shortage of these reagents. Additionally, these reagents are manufactured by limited companies, therefore leading to a shortage of supply due to insufficient production capacity. The inadequate demand-to-supply ratio of reagents worldwide is anticipated to negatively impact the overall diagnosis rate and hinder the market growth.

Browse through Grand View Research's Clinical Diagnostics Industry Research Reports.

  • Healthcare Mobile Application Market - The global healthcare mobile application market size was valued at USD 17.92 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 45.0% from 2020 to 2027. The emergence of digitalization has revolutionized how industries run their business. The healthcare sector stands immensely impacted by the digitalization system, driven by the expanded usage of smartphones and more accessible internet connectivity.

  • Mass Notification System Market - The global mass notification system market size was valued at USD 8.90 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 20.8% from 2022 to 2030. The major factors driving the growth of the mass notification system market are the increasing implementation of Internet Protocol (IP)-based notification devices and the high adoption of mass notification systems across hospitals and medical facilities.

COVID-19 Diagnostics Market Segmentation

Grand View Research has segmented the global COVID-19 diagnostics market based on product & service, sample type, test type, mode, end-use, and region:

  • Product & Service Outlook (Revenue, USD Million, 2020 - 2027)
    • Instruments
    • Reagents & Kits
    • Services

 

  • Sample Type Outlook (Revenue, USD Million, 2020 - 2027)
    • Nasopharyngeal (NP) swabs
    • Oropharyngeal (OP) swabs
    • Nasal swabs
    • Blood
    • Others

 

  • Test Type Outlook (Revenue, USD Million, 2020 - 2027)
    • Molecular (PCR) Testing
    • Antigen-based Testing
    • Antibody (Serology) Testing
    • Others

 

  • Mode Outlook (Revenue, USD Million, 2020 - 2027)
    • Point-of-Care (PoC)
    • Non Point-of-Care (Non-PoC)

 

  • End-use Outlook (Revenue, USD Million, 2020 - 2027)
    • Laboratories
    • Hospitals
    • Diagnostic Centers and Clinics
    • Others

 

  • Regional Outlook (Revenue, USD Million, 2020 - 2027)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Market Share Insights

  • September 2020: LabCorp launched a combined test for RSV, flu, and COVID-19. The company has applied for the U.S. FDA approval to use this test with its Pixel by LabCorp at-home test collection kit.
  • July 2020: BATM launched 3 novel diagnostic kits, namely – Covid-19 serologic test, Covid-19 antigen test, and new molecular diagnostics test for advancing Covid-19’s diagnosis

Key Companies profiled:

Some prominent players in the global COVID-19 diagnostics market include

  • Hologic Inc.
  • Thermo Fisher Scientific, Inc.
  • Hoffman-La Roche Ltd.
  • Perkin Elmer, Inc.
  • Veredus Laboratories
  • 1drop Inc.
  • ADT Biotech Sdn Bhd
  • Laboratory Corporation of America Holdings
  • bioMérieux SA
  • Danaher
  • Mylab Discovery Solutions Pvt. Ltd.
  • Neuberg Diagnostics
  • ALDATU BIOSCIENCES
  • Quidel Corporation
  • Quest Diagnostics
  • altona Diagnostics GmbH
  • Luminex Corporation
  • Abbott

Order a free sample PDF of the COVID-19 Diagnostics Market Intelligence Study, published by Grand View Research. 

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