What is the global market size of the COVID-19 Diagnostics Market?

Global COVID-19 Diagnostics Market size was valued at USD 97.4 billion in 2021 and is poised to grow from USD 95.2 billion in 2022 to USD 50.1 billion by 2030, growing at a CAGR of 7.7% in the forecast period (2023-2030).

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

Report ID: SQMIG35B2067 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 92 | Figures: 76

COVID-19 Diagnostics Market Dynamics

COVID-19 Diagnostics Market Driver

Government initiatives supporting the rapid development of therapies

To deal with the COVID-19 crisis, governments across the world have implemented lockdowns. The government invested in the COVID-19 crisis and has been supporting health and life science industries in developing rapid treatment. FDA announced an emergency use authorization (EUA) pathway for the emergency use of therapies that help in the treatment of COVID-19. Several pharmaceuticals, biotechnology, and biopharmaceutical firms granted EUA approval which supports further clinical studies on therapy.

COVID-19 Diagnostics Market Restraint

Lack of knowledge about novel coronavirus challenging effective treatment development

A key challenge to achieving successful solutions is the lack of information on the novel coronavirus, such as biological and genetic information, and the duration of immunity in recovered patients, which are important for developing safe and effective treatments. In the future, the industry is expected to face challenges related to production capacity and distribution. Thus, as vaccine development continues, manufacturers are also focusing on increasing production capacity.

COVID-19 Diagnostics Market Report Snapshots

License Type Top market research company in USA

File Type

$5,300

BUY NOW GET FREE SAMPLE

Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

COVID-19 Diagnostics Market size was valued at USD 95.2 billion in 2022 and is poised to grow from USD 102.53 billion in 2023 to USD 185.60 billion by 2031, growing at a CAGR of 7.70% in the forecast period (2024-2031).

The nature of competition in this market is very intense owing to the presence of multiple players. Partnerships with companies that provide free technology and investment to increase the production capacity of potential therapies are key strategies adopted by industry players to strengthen their market position. ' F. Hoffmann-La Roche AG ', ' Abbott Laboratories ', ' Thermo Fisher Scientific Inc. ', ' Becton, Dickinson and Company ', ' Siemens Healthineers AG ', ' Danaher Corporation ', ' QIAGEN N.V. ', ' Bio-Rad Laboratories, Inc. ', ' Hologic, Inc. ', ' Ortho-Clinical Diagnostics, Inc. ', ' Cepheid ', ' Beckman Coulter, Inc. ', ' GenMark Diagnostics, Inc. ', ' PerkinElmer, Inc. ', ' Sysmex Corporation ', ' Seegene Inc. ', ' BioFire Diagnostics, LLC ', ' BioMérieux SA ', ' ThermoGenesis Holdings, Inc. ', ' Meridian Bioscience, Inc. '

To deal with the COVID-19 crisis, governments across the world have implemented lockdowns. The government invested in the COVID-19 crisis and has been supporting health and life science industries in developing rapid treatment. FDA announced an emergency use authorization (EUA) pathway for the emergency use of therapies that help in the treatment of COVID-19. Several pharmaceuticals, biotechnology, and biopharmaceutical firms granted EUA approval which supports further clinical studies on therapy.

In vitro diagnostic, companies and governments have focused on developing more reliable tests, which provides faster results at lower costs. By July 2021, more than 500 COVID-19 POC diagnostic tests were available in the market.

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.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

COVID-19 Diagnostics Market Dynamics

COVID-19 Diagnostics Market Report Snapshots

Want to customize this report?

FAQs

What is the global market size of COVID-19 Diagnostics Market?

Who are the key vendors in the COVID-19 Diagnostics Market?

What is the key driver of COVID-19 Diagnostics Market?

What is the key market trend for COVID-19 Diagnostics Market?

Which region accounted for the largest share in COVID-19 Diagnostics Market?

Request Free Customization

Related Reports

Feedback From Our Clients

$5,300