The Global COVID-19 Diagnostic Market Anticipated to Generate a Revenue of $65,727.4 Million, Growing at a CAGR of 3.5% from 2021 to 2028 - Research DiveDownload Sample Reports Overview
The COVID-19 diagnostic market is estimated to be valued at $ 65,727.4 million by 2028, surging from $ 49,002.1 million in 2020 at a noteworthy CAGR of 3.5%.
Impact Analysis of COVID-19 on the COVID-19 Diagnostic Market
The COVID-19 diagnostic market has experienced an exponential growth during the coronavirus pandemic. Continuously increasing cases of viral infection accompanied by high death rate has raised the demand for COVID-19 diagnostics. The government has imposed strict regulations on traveling like compulsory rt PCR tests before travel, regular employee COVID-19 tests, and many more. These government initiatives have shown the market for COVID-19 diagnostics an incredible growth.
COVID-19 Diagnostic Market Analysis
Rapid increase in coronavirus infection cases among all age groups is expected to accelerate the growth of the COVID-19 market globally. Also, a surge in the establishment of coronavirus testing centers, laboratories, and healthcare centers at various places is also expected to increase the market revenue in the forecast time frame. Also, practice of mass testing drive to diagnose coronavirus infection in time is further expected to drive the market of COVID-19 diagnostics.
However, lack of awareness about diagnostic methods and negligence toward the importance of getting a proper and timely treatment is anticipated to restrain the market growth.
High demand for diagnostic kits and reagents for conducting mass testing in various part of the world is expected to boost the market growth in the forthcoming period. The manufacturing companies have got a great opportunity to expand their diagnostic test portfolios and develop rapid test kits which can predict accurate results in a short span of time. This opportunity will help the companies to enhance their market presence in the coming years.
COVID-19 Diagnostic Market, Segmentation
The COVID-19 diagnostic market is segmented based on product & services, sample type, test type, mode, end user, and region.
Product & Services:
The product & services segment is further classified into instruments, reagents & kits and services. Among these, the reagents & kits sub-segment is anticipated to have the fastest growth and surpass $23,435.90 million by 2028, with an increase from $3 17,036.30 million in 2020. This growth is attributed to the increase in demand for bulk purchasing of reagents & kits amid rising infection cases.
The sample type segment is further divided into nasopharyngeal swabs, oropharyngeal swabs, nasal swabs, blood and others. The nasopharyngeal swabs sub-segment is anticipated to have a dominating market share in the global market and register a revenue of $26,485.50 million during the analysis timeframe. This is because the nasopharyngeal swabs are mostly for RT PCT diagnostic test due to its high sensitivity.
Based on test type, the market has been divided into molecular, antigen-based, antibody-based, and others. The antibody (serology) testing of the market is predicted to have a rapid growth and it is expected to surpass $15,125.10 million by 2028, with an increase from $10,699.40 million in 2020 because it is more sensitive in detecting any viral genome presence in the body.
Based on mode, the market has been divided into point-of-care and non point-of-care. Point-of-care is predicted to have a dominating market share in the global market and is expected to register a revenue of $38,507.70 million during the analysis timeframe. This growth is attributed to production of many point-of-care diagnostic kits for easy use by the manufacturing companies.
Based on end-user, the analysis has been divided into laboratories, hospitals, diagnostic centers & clinics and others. Laboratories is predicted to have a dominating market share in the global market and is expected to register a revenue of $25,747.20 million during the analysis timeframe. This is due to increasing number of laboratories to conduct more diagnostic cases.
The COVID-19 diagnostic market for the North American region is projected to witness rapid growth. The market accounted $16,366.30 million in 2020 and is projected to register a revenue of $21,237.30 million by 2028. The regional growth is attributed to rising COVID-19 infection cases and quick measures by the government to conduct mass testing for timely diagnosis. Also, established market players in the region are continuously manufacturing diagnostic kits in bulk quantities to cater to the need of rapid and accurate coronavirus detection.
Key Players in the COVID-19 Diagnostic Market
The key players operating in the COVID-19 diagnostic market include –
- Hologic Inc.
- Veredus Laboratories
- ADT Biotech
- Mylab Discovery Solutions Pvt. Ltd.
- Neuberg Diagnostics
- Luminex Corporation
- Quidel Corporation
- Quest Diagnostics
Porter’s Five Forces Analysis for the COVID-19 Diagnostic Market:
- Bargaining Power of Suppliers: The suppliers in the COVID-19 market are high in number. Therefore, they have to set a moderate level price for their products in order to attract the customers.
Thus, the bargaining power suppliers is moderate.
- Bargaining Power of Buyers: Buyers are high in number and have huge bargaining power. Also, they have a variety of option in the products. Thus, buyers can freely choose the convenient service that best fits their preference and budget.
Thus, the bargaining power of the buyers is high.
- Threat of New Entrants: New companies entering the COVID-19 market have great opportunity to introduce new technologies in the minimum time frame.
Thus, the threat of the new entrants is high.
- Threat of Substitutes: Currently, as the COVID-19 cases are increasing, the buyers are focusing more on the available diagnostic kits rather than exploring new substitutes.
Thus, the threat of substitutes is moderate.
- Competitive Rivalry in the Market: The competitive rivalry among industry leaders is very high as the opportunity to expand their business is vast, especially between the global players.
Therefore, competitive rivalry in the market is high.