The global COVID-19 diagnostics market size is expected to reach USD 283.93 billion by 2029 according to a new study by Polaris Market Research. The report “COVID-19 Diagnostics Market Share, Size, Trends, Industry Analysis Report, By Mode (PoC, Non-PoC); By Product & Service Type; By Sample Type; By Test Type; By End Use; By Region; Segment Forecast, 2022 - 2029” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The COVID 19 pandemic has compelled the research establishment to quickly create extremely accurate diagnostic procedures to efficiently and properly detect this virus in order to restrict infectious transmission.
Furthermore, the advent of novel and innovative diagnostic tests, such as immunoenzymatic serological tests, rapid antigen tests, and molecular tests based on RT PCR, are expected to drive the industry's demand.
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Asia Pacific is expected to hold the largest market share in the global market over the forecast period due to increasing cases of coronavirus along with the presence of several industry players. However, North America is expected to grow at a considerable pace over the forecast period due to increasing virus testing rates, as this region is one of the most affected regions by the virus.
Some of the players operating in the market include Abbott, 1drop Inc., ADT Biotech, Altona Diagnostics GmbH, ALDATU BIOSCIENCES, bioMérieux SA, F. Hoffman-La Roche Ltd., Cepheid, Danaher, Hologic Inc., Luminex Corporation, Laboratory Corporation of America Holdings, Thermo Fisher Scientific, Inc.Mylab Discovery Solutions Pvt Ltd., Perkin Elmer, Inc., Quidel, and Veredus Laboratories.
These companies are investing in research & development and are introducing new products to compete in the global market. For instance, in July 2021, Abbott introduced the PanbioTM COVID-19 antigen self-test in India to expand quick diagnostics offering to meet screening requirements at home, work, and clinics.
Polaris Market Research has segmented the COVID-19 diagnostics market report on the basis of product & service, sample type, test type, mode, end-use, and region:
COVID-19 Diagnostics, Product & Service Outlook (Revenue – USD Billion, 2017 - 2029)
COVID-19 Diagnostics, Sample Type Outlook (Revenue - USD Billion, 2017 - 2029)
COVID-19 Diagnostics, Test Type Outlook (Revenue - USD Billion, 2017 - 2029)
COVID-19 Diagnostics, Mode Outlook (Revenue - USD Billion, 2017 - 2029)
COVID-19 Diagnostics, End-Use Outlook (Revenue - USD Billion, 2017 - 2029)
COVID-19 Diagnostics, Regional Outlook (Revenue - USD Billion, 2017 - 2029)