Global COVID-19 Diagnostics Market Report and Forecast 2024-2032

Global COVID-19 Diagnostics Market Outlook

The global COVID-19 diagnostics market is being aided by the growing cases of COVID-19 infections in the United States, which has performed around 390 million tests for COVID-19 as of March 2021.

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The Asia Pacific and North America to Significantly Aid the Demand Growth for COVID-19 Diagnostics

The large and growing number of coronavirus patients in nations, such as India, with a huge population base, is leading to a rapid increase in the demand for COVID-19 testing kits and diagnostic tools in the Asia Pacific region. The diagnostic facilities in the Asia Pacific have been witnessing a continuous expansion, with the government initiating mass testing programmes to tackle the pandemic. The implementation of various government initiatives, like the Indian government’s plan to expand the number of rapid action antigen kits for more rigorous detection of COVID-19, have been favourable for the growth of the COVID-19 diagnostics market.

North America is also substantially adding to the demand for COVID-19 testing kits and diagnostic tests, owing to the exorbitant number of active coronavirus patients in the United States. The United States and Canada have granted emergency use authorisation to COVID-19 diagnostic kits in order to expand the testing capacity. This has provided a further thrust to the growth of the COVID-19 diagnostics market.

COVID-19 Diagnostics: Market Segmentation

COVID-19 is a single-stranded RNA coronavirus that infects the respiratory system of the human body and is generally spread through the close contact with an infected patient by coughing or sneezing. COVID-19 diagnostics refer to the processes of analysing test samples to detect either the current or recent presence of SARS-CoV-2. The diagnostic kits detect the presence of the virus or antibodies produced in response to the infection.

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By test type, the market is segmented into:

• PCR Test 
• Antigen Test
• Antibody Test
• Others

Based on product, the market is divided into the following:

• RT-PCR Assay Kits
• Immunoassay Test Strips
• Others

On the basis of sample type, the market is segmented into:

• Nasopharyngeal Swab
• Oropharyngeal (OP) Swab
• Nasal Swab
• Blood Test
• Others

By business model, the market is divided into:

• Point-of-Care (PoC) Testing
• Non-Point-of-Care (PoC) Testing

The end uses for the market are categorised into the following segments:

• Hospitals
• Diagnostic Centres and Clinics
• Laboratories
• Others

The regional markets for the COVID-19 diagnostics market can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Growing Technological Advancements to Boost the COVID-19 Diagnostics Market Growth

The introduction of new and improved technology has helped in the active detection of coronavirus patients and checked the uncontrolled growth of infections across the world. The key players in the market have invested heavily to produce better COVID-19 testing and diagnostic kits, with improved accuracy and lower time of testing, further propelling the growth of the market. The surge of the second wave of the coronavirus pandemic around the world has alerted governments of different nations and increased the testing to better control the virus, thus, catalysing the growth of the market. The increasing initiation of drive-in and walk-through testing centres, which have made the process of testing convenient, have also accelerated the market growth for COVID-19 diagnostics.

Key Players in the Global COVID-19 Diagnostics Market

The report gives a detailed analysis of the following key players in the global COVID-19 diagnostics market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• F. Hoffmann-La Roche Ltd
• Abbott Laboratories
• Thermo Fisher Scientific Inc
• Guangzhou Wondfo Biotech Co., Ltd.
• Altona Diagnostics GmbH
• Mylab Discovery Solutions Pvt. Ltd.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report