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Global COVID-19 Diagnostic Market to Reach USD 65.75 Billion by 2028

By LabMedica International staff writers
Posted on 13 Jul 2021
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The global COVID-19 diagnostics market is predicted to grow from USD 49 billion in 2020 and register a stable CAGR of 3.5% from 2021-2028 to reach USD 65.75 billion in 2028, driven by the extensive use of coronavirus diagnostic kit to detect any traces of the virus quickly.

These are the latest findings of Research Dive (Pune, India), a market research firm.

The widespread effect of COVID-19 was felt all over the world which led to a drastic increase in the requirement for effective and efficient diagnostics solutions. The lockdown rules were implemented to further curb the rise of the virus among people. Though entire countries were shut down, several hospitals, medical labs, and clinics witnesses a surge in people coming in to get themselves tested for the virus. If people need to travel for essential reasons, they need to be in possession of a negative rt-PCR test. This constant need for the virus detection and initiatives to free the world from the virus have contributed to the growth of the COVID-19 diagnostics market.

In the past couple of years, the world has experiences multiple surges and drops in the coronavirus cases around the world. Several healthcare experts have been constantly working on finding new and quicker ways to provide a diagnosis. These efforts by professionals to conduct maximum number of antibody as well as RT-PCR tests in a day are expected to boost the growth of the market. The rural population isn't well aware of the risks of not getting testing. To add further, the risk of being isolated from society due to the fear of contracting the virus has been a hindrance in the growth of the market. Multiple initiatives by the government and efforts by medical professionals to test people frequently and initiate advanced testing technologies are further expected to provide growth opportunities for the market.

By product and services, the services sub-segment is expected to record revenue of USD 31.67 billion. Due to people being exposed to the coronavirus, many service providers have been ensuring that everyone is tested with the use of the latest methods. This is set to further enhance market growth. By samples type, the nasopharyngeal sub-segment is set to garner hold the highest market share with revenue of USD 26.48 billion in the analysis period. The rtPCR tests require nasal swabs which provide the most accurate results post testing. This factor is set to add to the market growth.

By test type, the antibody (serology) sub-segment is set to gain revenue of USD 15.12 billion by 2028. This growth is a result of the ability of serology tests to accurately detect the presence of the COVID-19 virus within the collected samples. By mode, the point-of-care sub-segment is expected to gain revenue of USD 38.50 billion in the analysis period due to the increase in manufacture of testing kits. These tests are known to provide accurate results, thereby adding to the market growth. Based on end user, the laboratories sub-segment is set to contribute to the steady growth of the market with revenue of USD 25.74 billion in the forecast period. Most of the COVID-19 cases were confirmed in labs, especially due to the large number of people opting to get it done with the help of professionals.

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