The global COVID-19 diagnostics market is estimated to grow with a high CAGR during the forecast period, i.e., 2022-2030, which can be attributed to the significant growth in COVID-19 affected population globally, along with the rising need for rapid and accurate diagnosis. In addition, the COVID-19 outbreak has affected the whole world adversely owing to the fast human-to-human transmission of the SARS-COV-2 virus. As the damaging effect of the virus on organs can be depicted only through its diagnostic tests, there is an ever-expanding demand for the COVID-19 diagnostics. The growth of the market can also be attributed to factors such as the increasing geriatric population and a high number of individuals with co-morbid conditions such as hypertension or diabetes who are more vulnerable to infections, accompanied by the growing investment in COVID-19 research on a global level. According to the data collected from World Health Organization, till July 2021, the estimated diagnosed cases and number of deaths from COVID-19 in the world were around 183.7 million and 3.981 million, respectively. Moreover, the increasing focus on home-based tests as compared to laboratory-based tests, which are time-consuming, is also projected to contribute to market growth in the near future.
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The market is segmented based on technology into molecular (RT-PCR) testing, antigen-based testing, antibody (serology) testing, CT scan, and others, out of which, the molecular (RT-PCR) testing segment is anticipated to grab the largest share by the end of 2030 on account of its increasing demand for COVID-19 diagnosis and better efficiency of molecular (RT-PCR) testing than other methods. Moreover, the primers required for performing molecular (RT-PCR) testing can be produced with a higher speed, which is also projected to contribute to the growth of the segment during the forecast period. Additionally, on the basis of end-user, the diagnostic labs segment in the market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that molecular tests require diagnostic labs for processing samples as it involves the use of various kinds of reagents and other instruments.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the rapid surge in COVID-19 infections and the need to develop adequate diagnostic infrastructure in the region. Moreover, increasing prevalence of chronic diseases among the population in the region is also expected to drive the market growth. Furthermore, the market in North America is evaluated to occupy the largest share during the forecast period, owing to the presence of leading diagnostic service providers in the region. Along with this, North America also leads in terms of ongoing clinical trials and emergency-use authorizations granted for COVID-19 diagnostics by the regulatory bodies, which are also projected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the COVID-19 diagnostics market on account of favourable regulatory environment for COVID-19 diagnostic kits and a high prevalence of COVID-19 infections in the region. As per the analysis of World Health Organization, Europe had about 50.7 million confirmed cases pertaining to COVID-19 infection till April, 2022.
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The global COVID-19 diagnostics market is further classified on the basis of region as follows:
Our in-depth analysis of the global COVID-19 diagnostics market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The significant growth in COVID-19 affected population globally and the rising need for accurate diagnostics are the key factors driving market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2021-2029.
The lack of skilled professionals for operating COVID-19 diagnostic kits and low awareness in developing countries about the precautions that need to be taken are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the rapid surge in COVID-19 infections and the need to develop adequate diagnostic infrastructure in the region.
The major players dominating the COVID-19 diagnostics market are Thermo Fisher Scientific, Cepheid, and BioMerieux SA among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, end-user, and by region.
With respect to end-user, the diagnostics labs segment is anticipated to hold the largest market share owing to the fact that molecular tests require diagnostic labs for processing samples.
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