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COVID-19 Diagnostics Market Forecasts to 2028 – Global Analysis By Product (Analyzers/Instruments, Reagents & Kits), Setting (Point-of-Care (PoC), Non-Point-of-Care (Non-PoC)), End User (Hospitals, Public Health Labs) and By Geography
Estimated Year Value (2021)
US $67,119.96 MN
Projected Year Value (2028)
US $116,531.28 MN
CAGR (2021 - 2028)
North America, Europe, Asia Pacific, South America, and Middle East & Africa
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa
Highest Growing Market
According to Stratistics MRC, the Global COVID-19 Diagnostics Market is accounted for $67,119.96 million in 2021 and is expected to reach $116,531.28 million by 2028 growing at a CAGR of 8.2% during the forecast period. COVID-19 is an infectious disease caused due to Corona virus. Its symptoms include mild to moderate respiratory discomfort. While most may recover without any need for special treatment, the virus can cause major issues or serious illness and even death in older individuals and persons with underlying medical problems such as diabetes and cancers. As it has been the cause of numerous deaths, and infections in the past there is an urgent need for accurate diagnostic methods.
Rising prevalence of coronavirus disease
The sudden rise in the communicable coronavirus disease leading to a global pandemic has resulted in the escalating demand for COVID-19 diagnostic procedures and products. According to the Worldometer statistics, there has been a continuous rise in new daily cases across the globe. According to the World Health Organization (WHO), as of 18th May 2021, 163,312,429 people globally are affected with COVID-19. Such rapid daily rise in cases has surged the adoption of COVID-19 diagnostic tests so as to provide early treatment to patients. This is likely to increase the sales of reagents & kits used in the detection of the virus. Additionally, rising R&D activities are likely to drive market growth during the forecast period. Also, higher investments are being made by several companies to support the development of diagnostic solutions. For instance, in July 2020, the National Institutes of Health (NIH) invested USD 248.7 million in new technologies to address challenges associated with COVID-19 diagnostics (which detects SARS-CoV-2 coronavirus).
Stringent regulatory framework
Though the COVID-19 diagnostic market has tremendous potential and upcoming opportunities, there are some challenges that are likely to hinder the growth of the global market. Owing to the continuous rise in COVID-19 infections worldwide, the demand for better, safer, and faster detection kits to provide successful treatment to patients has created havoc in the diagnostics market. However, despite the dire need for these diagnostic tools, manufacturers have to pass through stringent regulatory restrictions to launch novel kits and maintain the supply chain. For instance, every country has its own regulatory authority implementing different regulations and guidelines for manufacturers. To ensure the safety of products, the U.S Food and Drug Administration (FDA), the Centers for Disease Control and Prevention (CDC), and other regulatory bodies have updated their guidelines. Moreover, increasing budgetary constraints are also likely to impact the market growth during the forecast period.
Launch of innovative products
Protecting human lives is the most crucial element of the healthcare system during a pandemic situation. The need of the hour is to have accurate diagnostic procedures so as to receive early treatment. This has led pharmaceutical and medical device companies to invest in R&D to launch novel testing kits and assays. Large and small companies, as well as startups, are introducing new products for patients and healthcare personnel. For example, in May 2021, Cipla Limited, in partnership with Ubio Biotechnology Systems Pvt. Ltd announced the launch of the test kit ViraGen in India for corona diagnosis. This serology test is performed by collecting and analyzing saliva samples for detection of the coronavirus antigen.
The stringent regulation of the framework
The restraining factor includes the stringent regulation of the framework and that mainly includes the development of the new test kits and which might be considered to be a limited covid 19 diagnostic market growth. In this situation, the dire need for the diagnostic tools appears to be stringent as it regulates launch the of novel kits and the maintenance of the supply chain management. This enables the safety of the products and it mainly includes the regulatory authority of implementation of the different regulations along with the guidelines for better manufacture.
The reagents & kits segment is expected to be the largest during the forecast period
The reagents & kits segment is expected to be the largest share during the forecast period due to the increasing demand for the products with respect to the increasing R&D in the companies coupled with the growing need for detection of the diseases. As these kits are one-time use, they need to be bought in bulk quantities and need to be supplied regularly.
Region with highest share:
Asia Pacific is projected to hold the largest share in the market due to increasing cases of coronavirus along with the presence of several industry players. APAC emerged as the largest Covid-19 diagnostics market and is likely to retain its position during the forecast year due to the widespread COVID infection in the population.
Region with highest CAGR:
North America is projected to have the highest CAGR in the market due to increasing virus testing rates, as this region is one of the most affected regions by the virus. For instance, according to the Worldometer statistics, the U.S. recorded more than 33 million cases as of May 2021 and conducted over 470 million tests.
Key players in the market:
Some of the key players profiled in the COVID-19 Diagnostics Market include Abbott Diagnostics, Accelerate Diagnostics, Ador Diagnostics, Akkoni Biosystems, Alveo Technologies, Applied BioCode, Aus Diagnostics, BD Diagnostics, Biocartis, BioFire Diagnostics, bioMerieux, Bio-Rad Laboratories, Bosch Healthcare Solutions GmbH, Cepheid, Co-Diagnostics, Cue Health, Curetis, Diagenode Diagnostics, Quest Diagnostics, and Trivitron Healthcare.
In July 2021: Abbott announced the launch of Panbio COVID-19 rapid antigen tests which will be available for self-testing to get easy and accurate results. The self-test features a minimally invasive nasal swab and delivers results in as early as 15 minutes with no instrumentation, using proven Abbott lateral flow technology
In June 2021: Trivitron Healthcare, a medical technology company announced the launch of mobile laboratory for covid-19 testing to enable diagnostics in urban, rural areas and distant geographies to bring quality healthcare and diagnostic services close to the patients.
In May 2021: Quest Diagnostics Incorporated announced its collaboration with Ginkgo Bioworks to provide COVID-19 testing to K-12 schools across the U.S. Quest Diagnostics' expertise in COVID-19 testing can help kids and teachers learn more safely throughout Texas in person this school year.
Test Types Covered:
• Molecular (RT-PCR) Testing
• Immunoassay Test
• Polymerase Chain Reaction (PCR) Kits
• Lateral Flow Immunoassay (LFIA)
• Antibody (Serology) Testing
• Enzyme-Linked Immunosorbent Assay (ELISA)
• Antigen-Based Testing
Quantity of Users Covered:
• Reagents & Kits
• Point-of-Care (PoC)
• Non-Point-of-Care (Non-PoC)
Sample Types Covered:
• Nasopharyngeal & Oropharyngeal Swab
• Nasal Swab
End Users Covered:
• Private or Commercial Labs
• Physician Labs/Offices
• Hospitals & Clinics
• Public Health Labs
• Laboratories & Diagnostic Centers
• Urgent Care Clinics
• Ambulatory Care Settings
• Research Institutes
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Product Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global COVID-19 Diagnostics Market, By Test Type
5.2 Molecular (RT-PCR) Testing
5.3 Immunoassay Test
5.4 Polymerase Chain Reaction (PCR) Kits
5.5 Lateral Flow Immunoassay (LFIA)
5.6 Antibody (Serology) Testing
5.7 Enzyme-Linked Immunosorbent Assay (ELISA)
5.8 Antigen-Based Testing
6 Global COVID-19 Diagnostics Market, By Quantity of User
7 Global COVID-19 Diagnostics Market, By Product
7.3 Reagents & Kits
8 Global COVID-19 Diagnostics Market, By Setting
8.3 Point-of-Care (PoC)
8.4 Non-Point-of-Care (Non-PoC)
9 Global COVID-19 Diagnostics Market, By Sample Type
9.2 Nasopharyngeal & Oropharyngeal Swab
9.3 Nasal Swab
10 Global COVID-19 Diagnostics Market, By End User
10.2 Private or Commercial Labs
10.3 Physician Labs/Offices
10.4 Hospitals & Clinics
10.5 Public Health Labs
10.6 Laboratories & Diagnostic Centers
10.7 Urgent Care Clinics
10.8 Ambulatory Care Settings
10.9 Research Institutes
11 Global COVID-19 Diagnostics Market, By Geography
11.2 North America
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.5 Other Key Strategies
13 Company Profiling
13.1 Abbott Diagnostics
13.2 Accelerate Diagnostics
13.3 Ador Diagnostics
13.4 Akkoni Biosystems
13.5 Alveo Technologies
13.6 Applied BioCode
13.7 Aus Diagnostics
13.8 BD Diagnostics
13.10 BioFire Diagnostics
13.12 Bio-Rad Laboratories
13.13 Bosch Healthcare Solutions GmbH
13.16 Cue Health
13.18 Diagenode Diagnostics
13.19 Quest Diagnostics
13.20 Trivitron Healthcare
List of Tables
1 Global COVID-19 Diagnostics Market Outlook, By Region (2020-2028) ($MN)
2 Global COVID-19 Diagnostics Market Outlook, By Test Type (2020-2028) ($MN)
3 Global COVID-19 Diagnostics Market Outlook, By Molecular (RT-PCR) Testing (2020-2028) ($MN)
4 Global COVID-19 Diagnostics Market Outlook, By Immunoassay Test (2020-2028) ($MN)
5 Global COVID-19 Diagnostics Market Outlook, By Polymerase Chain Reaction (PCR) Kits (2020-2028) ($MN)
6 Global COVID-19 Diagnostics Market Outlook, By Lateral Flow Immunoassay (LFIA) (2020-2028) ($MN)
7 Global COVID-19 Diagnostics Market Outlook, By Antibody (Serology) Testing (2020-2028) ($MN)
8 Global COVID-19 Diagnostics Market Outlook, By Enzyme-Linked Immunosorbent Assay (ELISA) (2020-2028) ($MN)
9 Global COVID-19 Diagnostics Market Outlook, By Antigen-Based Testing (2020-2028) ($MN)
10 Global COVID-19 Diagnostics Market Outlook, By Quantity of User (2020-2028) ($MN)
11 Global COVID-19 Diagnostics Market Outlook, By Multiple (2020-2028) ($MN)
12 Global COVID-19 Diagnostics Market Outlook, By Single (2020-2028) ($MN)
13 Global COVID-19 Diagnostics Market Outlook, By Product (2020-2028) ($MN)
14 Global COVID-19 Diagnostics Market Outlook, By Analyzers/Instruments (2020-2028) ($MN)
15 Global COVID-19 Diagnostics Market Outlook, By Reagents & Kits (2020-2028) ($MN)
16 Global COVID-19 Diagnostics Market Outlook, By Consumables (2020-2028) ($MN)
17 Global COVID-19 Diagnostics Market Outlook, By Setting (2020-2028) ($MN)
18 Global COVID-19 Diagnostics Market Outlook, By Lab-Based (2020-2028) ($MN)
19 Global COVID-19 Diagnostics Market Outlook, By Point-of-Care (PoC) (2020-2028) ($MN)
20 Global COVID-19 Diagnostics Market Outlook, By Non-Point-of-Care (Non-PoC) (2020-2028) ($MN)
21 Global COVID-19 Diagnostics Market Outlook, By Sample Type (2020-2028) ($MN)
22 Global COVID-19 Diagnostics Market Outlook, By Nasopharyngeal & Oropharyngeal Swab (2020-2028) ($MN)
23 Global COVID-19 Diagnostics Market Outlook, By Nasal Swab (2020-2028) ($MN)
24 Global COVID-19 Diagnostics Market Outlook, By Blood (2020-2028) ($MN)
25 Global COVID-19 Diagnostics Market Outlook, By End User (2020-2028) ($MN)
26 Global COVID-19 Diagnostics Market Outlook, By Private or Commercial Labs (2020-2028) ($MN)
27 Global COVID-19 Diagnostics Market Outlook, By Physician Labs/Offices (2020-2028) ($MN)
28 Global COVID-19 Diagnostics Market Outlook, By Hospitals & Clinics (2020-2028) ($MN)
29 Global COVID-19 Diagnostics Market Outlook, By Public Health Labs (2020-2028) ($MN)
30 Global COVID-19 Diagnostics Market Outlook, By Laboratories & Diagnostic Centers (2020-2028) ($MN)
31 Global COVID-19 Diagnostics Market Outlook, By Urgent Care Clinics (2020-2028) ($MN)
32 Global COVID-19 Diagnostics Market Outlook, By Ambulatory Care Settings (2020-2028) ($MN)
33 Global COVID-19 Diagnostics Market Outlook, By Research Institutes (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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