COVID-19 Diagnostics Market, By Product (Instruments and Reagents & Kits), By Sample Type (Oropharyngeal & Nasopharyngeal Swabs, Blood, Urine, and Others), By Technology (Polymerase Chain Reaction (PCR), Antibody or Enzyme-Linked Immunosorbent Assay (ELISA), Serology, Portable or Point-of-Care (POC), and Others), By End-user (Laboratories, Hospitals, Diagnostic Centres & Clinics, and Research Institutes), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

COVID-19 diagnostics market was valued at USD 38.5 billion in 2024 and is projected to grow at a CAGR of 21.5% to reach US$ 227.1 Billion in 2034.

Certain factors such as rising government initiatives for COVID-19 testing and growing number of product launches are projected to accelerate the market growth during the forecast period. Covid-19 is a transferrable disease caused by a recently discovered coronavirus. According to World Health Organization (WHO), common symptoms of Covid-19 include fever, dry cough, and tiredness. This infectious disease might spread from one person to other person through saliva droplets or discharge from nose, when an infected person sneezes or coughs.

Currently, the most broadly used diagnostic test for detection of Covid-19 is RT PCR or reverse transcriptase PCR. PCR technique is considered as the standard method for diagnosis of various infectious agents. Moreover, leading key players involved in diagnostic kits such as Thermo Fisher Scientific, Roche Diagnostics, and Quest Diagnostics are considerably growing their capacity to perform such tests by rolling out automated SARS-CoV-2 testing systems. Nevertheless, few manufactures such as SureScreen are directing towards developed of rapid immunoassay tests for Covid-19 diagnosis.

Impact of Covid-19 pandemic on market

Number of patients suffering from Covid-19 is rising day by day. Governments of all Covid-19 hit nations are facing major shortages in the supply of diagnostic kits to test for the virus. Diagnostic institutes are under pressure to meet the growing demands for reliable testing kits. This report will quantify the impact of this pandemic on the diagnostics market.

Drivers of COVID-19 Diagnostics Market:

Global Pandemic

•  The COVID-19 pandemic itself is the primary driver, creating an urgent and growing demand for diagnostic tests to identify infections promptly.

Government Initiatives

•  Governments worldwide have invested heavily in testing infrastructure, including funding research, supporting production, and subsidizing testing costs, which drives market growth.

 Technological Advancements

• Rapid advancements in diagnostic technologies, such as PCR testing, rapid antigen tests, and serological tests, have improved accuracy, speed, and accessibility of testing methods.

Increasing Awareness

•  Public awareness campaigns about the importance of testing, along with mandatory testing requirements for travel, work, and public events, have boosted demand.

Rising Healthcare Expenditure

• Overall increases in healthcare spending, particularly in infectious disease management and prevention, support market expansion.

 Supply Chain Improvements

• Efforts to streamline supply chains for diagnostic reagents, equipment, and consumables have helped meet the escalating demand for testing.

Restraints:

Supply Chain Disruptions

• The COVID-19 pandemic has disrupted global supply chains, leading to shortages of testing kits, reagents, and other essential components, which can constrain market growth.

Regulatory Challenges

• Stringent regulatory requirements for diagnostic tests, including approvals and certifications from health authorities like the FDA and CE, can delay product launches and market entry.

High Competition

• Intense competition among diagnostic companies and new market entrants can lead to pricing pressures and reduced profit margins.

Varying Testing Accuracy

• Variability in the accuracy and reliability of some diagnostic tests, especially rapid antigen tests compared to PCR tests, may impact consumer confidence and market adoption.

Economic Uncertainty

• Economic downturns and financial constraints faced by healthcare systems and consumers can limit spending on non-essential healthcare services, including diagnostic testing.

Vaccine Rollout

• As vaccination efforts expand globally, there may be a gradual decrease in demand for COVID-19 diagnostic tests, particularly for routine testing purposes.

COVID-19 Diagnostics market is segmented based on based on by product Type, By sample type, By technology, by End User and Region.

COVID-19 Diagnostics Market Insights

Segmentation by Type

Product Type Insights

• Instruments-Equipment used for conducting COVID-19 tests, such as PCR machines and testing platforms.
• Reagents & Kits-Consumables required for performing tests, including test kits and reagents for sample processing.

 Sample Type Insights

• Various types of samples collected for testing COVID-19-Oropharyngeal & Nasopharyngeal Swabs
• Blood- Used for serological tests to detect antibodies.
• Urine-Less common but used in certain testing scenarios.
• Others- Includes samples like sputum and faeces, based on specific diagnostic needs.

Technology Insights

• Polymerase Chain Reaction (PCR)-Highly sensitive method for detecting viral RNA.
• Serology- Analyses blood serum to identify antibodies against the virus.
• Portable or Point-of-Care (POC)- Testing conducted near the patient for rapid results.
• Others- Includes advanced molecular techniques and emerging technologies.

End-user Insights: Various entities utilizing COVID-19 diagnostics:

• Laboratories-Facilities conducting diagnostic tests.
•  Hospitals-Providing inpatient and outpatient care.
• Diagnostic centres & Clinics-Specialized facilities focused on diagnostic services.
• Research Institutes-Organizations engaged in scientific research related to COVID-19.

COVID-19 Diagnostics market Regional Insights:

On region the COVID-19 Diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

• North America, the market for COVID-19 Diagnostics market is bustling with activity, thanks to the region's well-established dental care infrastructure and a penchant for embracing cutting-edge technologies. With a plethora of dental clinics, laboratories, and research institutions dotting the landscape, the United States and Canada lead the charge in driving market growth. Not to mention, the increasing awareness surrounding oral hygiene and cosmetic dental procedures adds fuel to the market's fire, making it a hotbed for innovation and adoption.
• Europe, Europe is likely to lead the target market for COVID-19 diagnostics with a share of 40% in 2020, a similar story unfolds. Countries like Germany, the UK, France, and Italy are at the forefront of this market, boasting advanced healthcare facilities and stringent regulations ensuring top-notch product quality and patient safety. As the demand for cosmetic dentistry procedures continues to soar and the aging population seeks enhanced dental care solutions, the region stands as a beacon of opportunity for manufacturers and suppliers alike.
• Asia Pacific, we find a region ripe with potential. Rapidly growing economies such as China, Japan, and India are driving the demand for COVID-19 Diagnostics kits spurred on by rising disposable incomes and a burgeoning interest in dental tourism. With governments keen on improving oral healthcare access and promoting hygiene awareness, the market in this region is poised for substantial growth in the coming years.
• Latin America, a similar narrative unfolds, albeit with its own unique flavour. Brazil, Mexico, and Argentina stand out as key players in the market, buoyed by a growing population base and increasing investments in healthcare infrastructure. Despite economic fluctuations and regulatory hurdles, the demand for dental care services, including micro-sandblasting, remains resilient, driven by a growing emphasis on dental aesthetics and oral health.
• Middle East and Africa, we witness a region on the cusp of transformation. With countries like Saudi Arabia, UAE, and South Africa leading the charge, investments in healthcare infrastructure and government initiatives promoting healthcare are driving market growth. While challenges persist, such as socio-economic disparities and healthcare access issues, the region presents ample opportunities for market players willing to navigate its complexities and tap into its potential.

COVID-19 Diagnostics Market Report Scope:

Attribute	Details
Market Size 2024	USD 38.5 Billion
Projected Market Size 2034	USD 227.1 Billion
CAGR Growth Rate	21.5%
Base year for estimation	2023
Forecast period	2024-2034
Market representation	Revenue in USD Billion & CAGR from 2024 to 2034
Market Segmentation	By Product Type - Instruments and Reagents & Kits By Sample – Oropharyngeal & Nasopharyngeal Swabs, Blood, Urine, and Others By Technology- (Polymerase Chain Reaction (PCR), Antibody or Enzyme-Linked Immunosorbent Assay (ELISA), Serology, Portable or Point-of-Care (POC), and Others By End User- Laboratories, Hospitals, Diagnostic Centres & Clinics, and Research Institutes
Regional scope	North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the COVID-19 Diagnostics market report based on By Product Type, By Sample Type, By Technology, By End User and Region.

COVID-19 Diagnostics Market, By Product Type:

• Instruments
• Reagents and Kits

COVID-19 Diagnostics Market, By Sample Type:

• Oropharyngeal & Nasopharyngeal Swabs
•  Blood and Urine
•  Others

COVID-19 Diagnostics Market, By Technology:

• PCR
• ELISA
• POC (Point of Care)
• Others

COVID-19 Diagnostics Market, By End User:

• Laboratories
• Hospitals, Diagnostic Centres & Clinics
• Research Institutes

COVID-19 Diagnostics Market, By Region:

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Russia
• Italy
• Rest of Europe

• Asia Pacific

• China
• India
• Japan
• South Korea
• Rest of Asia Pacific

• Latin America

• Brazil
• Mexico
• Rest of Latin America

• Middle East & Africa

• GCC
• Israel
• South Africa
• Rest of Middle East & Africa

The key players operating the COVID-19 Diagnostics market includes Abbott Diagnostics, Accelerate Diagnostics, Expedeon Ltd., Beckman Coulter Inc., Ador Diagnostics, Cepheid Inc., Akonni Biosystems Inc., Bio-Rad Laboratories, Becton, Dickinson and Company, Lonza and Fusion Genomics Corporation.

• In January 2023 the Government of Canada approved The BioMedomics CoV-SCAN Rapid Antigen Test (CoV-SCAN) is a lateral flow immunochromatographic assay intended for the qualitative detection of the nucleocapsid protein (N-protein) antigen from SARS-CoV-2 in nasal swab specimens directly collected from individuals, two (2) years old and older, who are suspected of COVID-19 by a healthcare provider within the first five (5) days of symptom onset
• In May 2020, Bio-Rad Laboratories, Inc. Bio-Rad received FDA Emergency Use Authorization (EUA) for Droplet Digital PCR SARS-CoV-2 Test Kit for the detection of COVID-19. It has shown an immense demand in market .It is efficient and easy to test COVID-19 from the kit since it has been made user friendly.
• In May 2020, F. Hoffmann-La Roche Ltd Roche received emergency use authorization (EUA) from the US FDA for the Elecsys Anti-SARS-CoV-2 antibody test for the detection of COVID-19. Elecsys® Anti-SARS-CoV-2 detected antibodies with 100% sensitivity in samples taken 14 days after a PCR-confirmed infection. The importance of specificity and sensitivity of a particular test will be dependent on its purpose and disease prevalence within a given population.

• Abbott Diagnostics
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• Accelerate Diagnostics
• Expedeon Ltd.
• Beckman Coulter Inc.
• Ador Diagnostics
• Cepheid Inc.
• Akonni Biosystems Inc.
• Bio-Rad Laboratories
• Becton, Dickinson and Company
• Lonza
• Fusion Genomics Corporation