Who are the main competitors in the COVID-19 Diagnostics market?

The global COVID-19 diagnostics market size is expected to reach USD 50.1 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.7% from 2022 to 2030. Since testing is pivotal for effective management of the rising burden of coronavirus cases, the rate at which testing is performed has witnessed a steep increase. More than 150 million tests have been performed in the U.S. as of November 2020, followed by more than 100 million tests conducted in India, and around 20 million tests performed in Brazil.

COVID-19 Diagnostics Market Segmentation

Grand View Research has segmented the global COVID-19 diagnostics market on the basis of product and service, sample type, test type, mode, end-use, and region:

Based on the Product & Service Insights, the market is segmented into Instruments, Reagents & Kits and Services.

• The services segment is estimated to dominate the market for Covid-19 diagnostics and accounted for revenue share of 47.8% in 2021.
• Collaborations between governments, test developers, public health organizations, and private laboratories accelerate the expansion of testing capacities.
• The reduction in the number of active COVID-19 cases is responsible for the declining market growth of this segment.

Based on the Sample Type Insights, the market is segmented into Nasopharyngeal (NP) swabs, Oropharyngeal (OP) swabs, Nasal Swabs, Blood and Others

• The nasopharyngeal swabs segment accounted for the largest revenue share of 43.9% in 2021.
• Nasopharyngeal swabs have been observed to exhibit a significantly higher SARS-CoV-2 sensitivity, detection rate, and viral load than other swab types.
• The demand for blood-based serology tests/antibody detection tests for the detection of SARS-CoV-2 infection is likely to drop further during the forecast period.

Based on the Test Type Insights, the market is segmented into Molecular (PCR) Testing, Antigen-based Testing, Antibody (Serology) Testing and Others.

• In May 2020, more than 100 PCR-based diagnostic tests were either approved or in the development phase for clinical use.
• The Molecular (PCR) testing dominated the market and accounted for a revenue share of 67.1% in 2021.
• Antigen- and antibody-based tests are observed to be considerably more stable than RNA samples, which makes them less hazard-vulnerable during storage and transportation, thus minimizing the chances of false-negative results.

Based on the Mode Insights, the market is segmented into Point-of-Care (PoC) and Non Point-of-Care (Non-PoC).

• The non-POC (centralized) testing segment dominated the market and accounted for revenue share of 64.5% in 2021.
• Incorporation of automated high throughput systems facilitates efficient processing of a high number of samples at a given point of time without hampering the quality and integrity of the result.
• The development of point-of-care technology for the detection of COVID-19 infection is aimed at reducing the assay duration and scaling up the testing capacity to prevent further transmission of the disease.

Based on the End-Use Insights, the market is segmented into Laboratories, Hospitals, Diagnostic Centers and Clinics and Others.

• The laboratories segment dominated the market and accounted for the largest revenue share of 39.6% in 2021.
• This is driven by the effective implementation of favorable reimbursement policies in developed economies.
• The diagnostic centers and clinics segment is expected to register a growth rate of 6.9% from 2022 to 2030. According to NHS England, up to 20% of patients have hospital-acquired COVID-19 infection.

COVID-19 Diagnostics Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

Key industry participants constantly accelerated the supply and production of diagnostic tests to address the rising need for the effective containment of the COVID-19 pandemic. For instance, in September 2020, LabCorp launched a combined test for RSV, flu, and COVID-19. The company has applied for U.S. FDA approval to use this test with its Pixel by LabCorp at-home test collection kit. Companies such as Quest Diagnostics and Labcorpwere focused on the aggressive expansion of capacity and are also working toward the return-to-work testing market through employer-focused COVID testing offerings.

Some prominent players in the Global COVID-19 Diagnostics market include:

• F. Hoffman-La Roche Ltd.
• Thermo Fisher Scientific, Inc.
• Perkin Elmer, Inc.
• Neuberg Diagnostics
• 1drop Inc.
• Veredus Laboratories
• ADT Biotech Sdn Bhd
• altona Diagnostics GmbH
• bioMérieux SA
• Danaher
• Mylab Discovery Solutions Pvt. Ltd.
• ALDATU BIOSCIENCES
• Quidel Corporation
• Quest Diagnostics
• Hologic Inc.
• Laboratory Corporation of America Holdings
• Luminex Corporation
• Abbott

Order a free sample PDF of the in COVID-19 Diagnostics Market Intelligence Study, published by Grand View Research.