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

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).

Covid-19 (coronavirus disease) is a highly contagious viral infection caused by the severe acute respiratory syndrome. COVID-19 had a severe impact on the population of the world, causing more than 6 billion deaths globally and becoming the most severe worldwide health crisis. The first case of COVID-19 was reported in Wuhan, Hubei Province, China, in late December 2019. COVID-19 rapidly spread across the world in a short period of time, and the world health organization (WHO) declared it is a global pandemic on 11 march 2020.

Health services around the world are struggling to manage the population of COVID-19 patients, and researchers are looking for solutions. On the other hand, all business and operation sectors witnessed severe economic loss due to imposition of lockdown regulations in order to stop the spread of the virus. Globally, GDP has fallen, unemployment has risen and inflation has risen. The high rate of coronavirus transmission has led to a rapid increase in COVID-19 cases and deaths worldwide and has increased the need for diagnosis and treatment. However, a key challenge to achieving successful solutions is the lack of information on the new virus, such as biological and genetic information, and the duration of immunity in recovered patients, which are important for developing safe and effective treatments.  According to some statistics, the total number of cases witnessed a spike with 33,556,252 patients testing positive as of 28th September 2020 to 55,961,380 patients on 17th November 2020.

In terms of treatment options, the industries are focused on developing immunotherapy, vaccines, antiviral, cell-based therapies, and plasma therapies. Currently, about 205 different therapies and 124 vaccines are in the development stage. Antibodies, protein-based vaccines, Antivirals, RNA-based vaccines, non-replicating viral vectors, and cell-based therapies are several most significant research topics that fall under the COVID-19 Diagnostic study category. Vaccines and antivirals are the most extensively researched treatment options currently being investigated by researchers around the world.

US COVID-19 Diagnostics Market is poised to grow at a sustainable CAGR for the next forecast year.