COVID-19 Diagnostics Market Size, Share, Growth Analysis, By Sample Type(Oropharyngeal swabs, nasopharyngeal, swabs, and blood), By Technology(Polymerase chain reaction, Enzyme-linked immunoassay (ELISA), and lateral flow immunoassay), By End users(Laboratories, hospitals, diagnostic centers and clinics, and others), By Region - Industry Forecast 2024-2031

The market size of North America is USD 11.97 billion in 2021, thus registering the fastest growth rate. The market in the region is expected to grow at a substantial level because of the sudden rise in COVID-19 cases and deaths in this region, so the demand for diagnosis and treatment increases.

Europe dominated the global market in 2021. The dominance of these regions is due to the most affected region with the highest number of confirmed cases and deaths worldwide. According to the World Health Organization (WHO), about 15.2 billion cases were registered in France as of 8th January 2022. Quest diagnostics and Laboratory Corporation of America has dominated the country’s market for COVID-19 diagnosis. On 28th September 2020, Quest diagnostics performed around 15.7 million diagnostic tests and nearby 3.8 million COVID-19 antibody tests.

Asia pacific is expected to grow at a CAGR 6.7% from 2020 to 2030. China and India are leading countries for revenue generation. China is a major exporter of COVID-19 test kits. Approximately 100 companies from China are exporting kits.

In the U.S., the Biomedical Advanced Research and Development Authority (BARDA), is a federal agency that funds investment of nearly USD 1 billion to support coronavirus vaccine development. Similarly, the U.K.’s National Health Services (NHS) announced GBP 24.6 million in funding as part of rapid research responses.