COVID-19 Diagnostics Market – Industry Insights by Application, 2027

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 global COVID-19 Diagnostics Market size is expected to reach USD 104.7 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.1% from 2021 to 2027. Since testing is pivotal for effective management of the rising burden of coronavirus cases, the rate at which testing is performed has witnessed a steep increase. More than 150 million tests have been performed in the U.S. as of November 2020, followed by more than 100 million tests conducted in India, and around 20 million tests performed in Brazil.

A paradigm shift towards point-of-care (PoC) Covid-19 testing is estimated to offer significant momentum to the market expansion in the near future. Point-of-care (POC) testing enables accurate real-time, lab-quality diagnostic results at patient care settings, such as urgent care centers, hospitals, clinics, and emergency rooms. In response to the pandemic, many diagnostic test manufacturers are focused on the development of rapid and easy-to-use POC COVID-19 diagnostic tests to facilitate testing outside of laboratory settings.

High investments by medical technology companies are expected to offer profitable opportunities for the coronavirus testing industry. These companies have witnessed a moderate to high spike in the revenue generated by the diagnostics/testing business segments in 2020, attributed to the pandemic outbreak. Such key industry entities have also witnessed a high influx of orders exceeding their manufacturing capacities, which has compelled these companies to increase their output by reorganizing their test production structures.

Expanding scales of COVID-19 testing are expected to be a boon for various medical technology companies operating in the market. Additionally, the government authorities are actively moving forward to scale up COVID-19 testing, further creating a favorable environment for emerging diagnostic companies and new entrants. Both smaller entities and multi-national companies have undertaken unprecedented mobilization to ensure timely availability of the tests.

Companies such as F. Hoffman-La Roche Ltd.; Thermo Fisher Scientific, Inc.; Perkin Elmer, Inc.; Laboratory Corporation of America Holdings; and Abbott have marked their presence in the market with highly efficient FDA-approved tests for coronavirus infection. The companies are implementing commercially viable strategies to gain a competitive advantage in the market. These include new test development, collaborations and partnerships with key stakeholders, and business expansion strategies to fulfill the demand of their customers across the globe.

High investments in the development as well as commercialization of antibody and antigen COVID-19 tests by key industry participants have been witnessed recently and this trend is expected to gain significant momentum in the coming years. For instance, in October 2020, Roche announced the launch of Elecsys SARS-CoV-2 Antigen test to support high volume COVID-19 testing of suspected patients. The test is anticipated to be available by the end of 2020 in the European market. Similarly, in October 2020, Thermo Fisher Scientific, Inc. launched two antibody tests, namely, OmniPATH COVID-19 Total Antibody ELISA and EliA SARS-CoV-2-Sp1 IgG tests for the screening of antibodies against the virus. This initiative was intended to expand the testing capabilities of the company against COVID-19.

Related Press Release@ COVID-19 Diagnostics Market Report

COVID-19 Diagnostics Market Report Highlights

• By end use, diagnostic centers and clinics are estimated to witness the fastest growth from 2021 to 2027. This is attributed to the fact that the service providers are boosting their testing capabilities by expanding technological footprints in existing labs and diagnostic centers as well as by launching new, high-capacity laboratories
• Based on sample type, nasopharyngeal swabs are estimated to account for 43.88% share in 2020. Nasopharyngeal swabs are the most preferred for COVID-19 sample collection. These swabs are employed in PCR-based COVID-19 tests at a large scale, boosting the segment’s revenue generation capacity
• In terms of mode, the PoC segment is expected to witness the fastest growth from 2021 to 2027. Increasing popularity of at-home testing and handheld instruments targeted toward combating the shortage of coronavirus test kits has been witnessed. This has propelled the adoption of PoC COVID-19 tests
• The laboratories end-use segment is estimated to account for the largest share of 39.91% in 2020. The increasing number of laboratories are leveraging high-throughput technologies to process COVID-19 tests rapidly and effectively on a large scale. This is driven by effective implementation of favorable reimbursement policies in developed economies
• Asia Pacific is projected to register the highest CAGR of 4.5% from 2021 to 2027. This is attributed to the robust funding for fast-track clinical validation studies with respect to rapid tests for COVID-19 diagnosis, along with minimizing the duration required to introduce novel products. The increasing pool of local diagnostic kits and reagents manufacturers providing testing solutions for COVID-19 detection is anticipated to contribute to revenue generation in the region