COVID-19 Diagnostics Market Size Estimated to Reach USD 283.93 Billion By 2029, With 3.0% CAGR Growth: Polaris Market Research

According to the resrearch report, the global COVID-19 diagnostics market was valued at USD 116.07 Billion in 2021 and is expected to reach USD USD 283.93 billion by 2029, growing at a CAGR of 3.0% during the forecast period.

The COVID 19 pandemic has compelled the research establishment to quickly create extremely accurate diagnostic procedures to efficiently and properly detect this virus in order to restrict infectious transmission.

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Furthermore, the advent of novel and innovative diagnostic tests, such as immunoenzymatic serological tests, rapid antigen tests, and molecular tests based on RT PCR, are expected to drive the industry's demand.

Asia Pacific is expected to hold the largest market share in the global market over the forecast period due to increasing cases of coronavirus along with the presence of several industry players. However, North America is expected to grow at a considerable pace over the forecast period due to increasing virus testing rates, as this region is one of the most affected regions by the virus.

Top Market Players

Some of the players operating in the market include Abbott, 1drop Inc., ADT Biotech, Altona Diagnostics GmbH, ALDATU BIOSCIENCES, bioMérieux SA, F. Hoffman-La Roche Ltd., Cepheid, Danaher, Hologic Inc., Luminex Corporation, Laboratory Corporation of America Holdings, Thermo Fisher Scientific, Inc.Mylab Discovery Solutions Pvt Ltd., Perkin Elmer, Inc., Quidel, and Veredus Laboratories.

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These companies are investing in research & development and are introducing new products to compete in the global market. For instance, in July 2021, Abbott introduced the PanbioTM COVID-19 antigen self-test in India to expand quick diagnostics offering to meet screening requirements at home, work, and clinics.

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Polaris Market Research has segmented the COVID-19 diagnostics market report on the basis of product & service, sample type, test type, mode, end-use, and region:

COVID-19 Diagnostics, Product & Service Outlook (Revenue - USD Billion, 2017 - 2029)

Instruments
Reagents & Kits
Services
COVID-19 Diagnostics, Sample Type Outlook (Revenue - USD Billion, 2017 - 2029)

Nasopharyngeal (NP) Swab
Oropharyngeal (OP) Swab
Nasal Swab
Blood
Others

COVID-19 Diagnostics, Test Type Outlook (Revenue - USD Billion, 2017 - 2029)

Molecular (PCR) Testing
Antigen-based Testing
Antibody (Serology) Testing
Others

COVID-19 Diagnostics, Mode Outlook (Revenue - USD Billion, 2017 - 2029)

Point-of-Care (POC)
Non-Point-of-Care (Non-PoC)

COVID-19 Diagnostics, End-Use Outlook (Revenue - USD Billion, 2017 - 2029)

Laboratories
Hospitals
Diagnostic Centers and Clinics
Research Institutes

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