COVID-19 Diagnostic Testing Market Size to Surpass US$ 102.1 Billion by 2031 – Growth Plus Reports
Newark, New Castle, USA, June 14, 2023 (GLOBE NEWSWIRE) — The market analysis of the global COVID-19 diagnostic testing market was conducted by Growth Plus Reports in 2022 and is valued at US$ 81.7 billion. The market is expected to hit a revenue CAGR of 2.5% to reach US$ 102.1 billion by 2031.
Analysis of the global market for COVID-19 diagnostic testing indicates that during the forecast period, revenue share is likely to increase significantly. To find out if a person is currently infected with the SARS-CoV-2 virus, which produces COVID-19, COVID-19 diagnostic testing is performed.
- The increasing prevalence of Covid-19 is driving the market revenue share.
- The government initiatives for an accurate diagnosis of Covid-19 are driving the market demand.
- Collaborations among different companies are increasing the market revenue growth rapidly.
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COVID-19 Diagnostic Testing Market Scope
|Market Size Value in 2022||US$ 81.7 billion|
|Revenue Forecast in 2031||US$ 102.1 billion|
|Base Year for Estimation||2022|
|Forecast Period||2023 to 2031|
|Segments Covered||Product & Services, Sample Test, Test Type, End User, And Region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa|
A list of the companies operating in the global market for COVID-19 diagnostic testing includes:
- Siemens Healthineers AG
- Quidel Corporation
- Thermo Fisher Scientific Inc.
- PerkinElmer Inc.
- bioMérieux SA
Market Drivers and Restraints:
The global COVID-19 diagnostic testing market revenue is driven by the rising prevalence of Covid-19, advancements in diagnostic technology, awareness among the population for early detection of disease, and rising government initiatives in precision diagnostics. Furthermore, the increasing R&D activities in the development of a point-of-care detection technique are contributing to the market revenue growth.
However, due to the cost margin pressure on the manufacturer and the limitations such as false positive results, the COVID-19 diagnostic testing market revenue growth is expected to be restrained.
Segmentation By Product & Services
Based on the products & services, the reagents and kits segment dominates the global COVID-19 diagnostic testing market with a significant revenue share. This sizable revenue share is attributed to their vast utilization in Covid-19 testing and is required to perform PCR and antigen tests.
Segmentation By Sample Test
Based on the sample test, the nasopharyngeal swabs segment dominates the global COVID-19 diagnostic testing market with the largest revenue share. The significant revenue share is attributed to their critical component of COVID-19 diagnostic testing as well as nasopharyngeal swabs are considered a gold standard in COVID-19 disease detection.
Segmentation By Test Type
Based on test type, the molecular (PCR) testing segment accounts for the highest revenue share in the global COVID-19 diagnostic testing market due to its accuracy, cost-effectiveness, lesser chances of a false-positive result, high specificity, and sensitivity. Furthermore, the government’s reliability on the molecular diagnostic test (PCR) results for an accurate count of COVID-19 patients is resulting in the segment’s revenue growth of Covid-19 diagnostic testing and is expected to drive the segment revenue share significantly during the forecast period as well.
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Segmentation By Mode
Based on mode, the lab-based segment accounts for the largest market revenue share in the global COVID-19 diagnostic testing market due to its specificity, affordability, and accuracy.
Segmentation By End-User
Based on end-users, the diagnostic center’s segment is dominating the global COVID-19 diagnostic testing market with a sizable revenue share. To assist in the diagnosis and management of medical diseases, diagnostic facilities specialize in administering a variety of medical tests, including COVID-19 testing, attributing to the segment’s revenue share.
Regional Growth Dynamics
Based on the region, North America, with the largest revenue share, dominates the global COVID-19 diagnostic testing market. This large share of revenue is attributed to the large population, rising awareness of testing, the prevalence of Covid-19, and well-established healthcare infrastructure.
Growth Plus Reports carried out extensive market research on the COVID-19 diagnostic testing market globally. We examined the fundamental market characteristics, significant investment opportunities, regional growth patterns, ten-year revenue estimates, competing market players, and mergers and acquisitions.
Table of Content
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2021
- Base Year – 2022
- Forecast Years – 2023 to 2031
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2022)
- MARKET DYNAMICS
- GLOBAL COVID-19 DIAGNOSTIC TESTING MARKET- ANALYSIS & FORECAST, BY PRODUCT & SERVICES
- Reagents & Kits
- GLOBAL COVID-19 DIAGNOSTIC TESTING MARKET- ANALYSIS & FORECAST, BY SAMPLE TYPE
- Oropharyngeal (OP) Swabs
- Nasal Swabs
- Nasopharyngeal (NP) Swabs
- GLOBAL COVID-19 DIAGNOSTIC TESTING MARKET- ANALYSIS & FORECAST, BY TEST TYPE
- Molecular (PCR) Testing
- Antigen-based Testing
- Antibody (Serology) Testing
- GLOBAL COVID-19 DIAGNOSTIC TESTING MARKET- ANALYSIS & FORECAST, BY MODE
- Point-of-Care (PoC)
- GLOBAL COVID-19 DIAGNOSTIC TESTING MARKET- ANALYSIS & FORECAST, BY END USER
- Diagnostic Centers
COVID-19 DIAGNOSTIC TESTING MARKET TOC
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VALUE PROPOSITIONS RELATED TO THE REPORT:
- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market.
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- ‘Business Profile’ of Key Players
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