Global COVID-19 Diagnostics Market to Witness a Considerable Growth During 2024-2032, Aided by the Introduction of New and Improved Technology

The global COVID-19 diagnostics industry is anticipated to rise significantly in the forecast period owing to the rising innovation and introduction of new technologies for faster and more efficient testing of SARS-CoV-2. This can be attributed to the rising number of active cases across the continents. The growing focus on at-home testing and integration of advanced software has significantly contributed to the industry growth.

The concept of the switch health mobile rapid testing units is likely to further aid the market as it has a potential to reach on-site factory workers and sport persons. A significant increase in the infected patients has been witnessed post ease of lockdown, owing to the resurgence of building and construction activities, sporting events, and travelling, among others. The travel and tourism industry, which was significantly affected by the pandemic, has propelled the COVID-19 testing initiatives and is likely to further bolster the market growth. The United States is currently leading the market growth as the country has performed more than 390 million tests for COVID-19.

Some of the leading players in the industry are Abbott Laboratories (NYSE: ABT) and Thermo Fisher Scientific Inc (NYSE: TMO). In 2020, companies such as LabCorp (NYSE: LH) have been looking for the U.S FDA approval for their at-home test kits. The testing method developed by LabCorp not only focusses on COVID-19, but can also detect multiple types of infections like flu and RSV. This, coupled with the growing focus of companies towards expanding their capacity and introducing ‘return-to-work’ policies through employer focused COVID-19 testing offerings, is expected to further bolster the market growth.

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Market Breakup by Test Type, Product, Sample Type, Business Model, End-Use, and Region:

• The market is segmented based on test type into PCR test, antigen test, and antibody test, among others.

• On the basis of product, the market can be divided into RT-PCR assay kits, immunoassay test strips, and others. 

• The different sample types in the industry include nasopharyngeal swab, oropharyngeal (OP) swab, nasal swab, and blood test, among others.

• The market, on the basis of business models, can be segmented into point-of-care (PoC) testing and non-point-of-care (PoC) testing.

• The significant end-uses of the product include hospitals, diagnostic centres and clinics, and laboratories, among others.

• Region-wise, the global market for COVID-19 diagnostics can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for COVID-19 diagnostics is being driven by the rising number of cases post ease of lockdown.

• The introduction of new and innovative technologies and upgradation of software, which provides convenient testing methods for factory workers, sportspersons, and desk workers, among others is likely to bolster the market growth in the forecast period.

• The growing focus of key market players on expanding their capacity will further aid the market growth.

• The recovery of the industries such as travel and tourism, and construction and building, among others, is anticipated to bolster the demand for testing in the forecast period.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for COVID-19 diagnostics for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the test types, products, sample types, business models, end-uses, and major regions of COVID-19 diagnostics.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global COVID-19 diagnostics market are F. Hoffmann-La Roche Ltd, Abbott Laboratories, Thermo Fisher Scientific Inc, Guangzhou Wondfo Biotech Co., Ltd., Altona Diagnostics GmbH, and Mylab Discovery Solutions Pvt. Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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