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COVID-19 Saliva Screening Test Market Size & Growth 2024-2033 | Trends & Forecast
COVID-19 Saliva Screening Test Market Size
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According to The Business Research Company's, The COVID-19 saliva screening test potential market size has grown strongly in recent years. It will grow from $3.57 billion in 2023 to $3.90 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to the potential for home testing, unprecedented need for diagnostic testing, rise in public awareness, and research and development investment.
The COVID-19 saliva screening test potential market size is expected to see strong growth in the next few years. It will grow to $5.64 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to integration with screening programs, regulatory support, growing demand for speedy, point-of-care COVID-19 tests, increasing population, and the rise of e-commerce. Major trends in the forecast period include increased adoption in non-healthcare settings, integration with digital health platforms, emergence of next-generation technologies, technological advancements, and strategic partnerships.
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Market Drivers and Trends:
The increasing healthcare expenditure is expected to propel the growth of the COVID-19 saliva screening test potential market going forward. Healthcare expenditure is the entire amount spent on healthcare-related goods and services, including prescription drugs, hospital stays, doctor visits, medical equipment, and public health campaigns. The healthcare expenditure is increasing due to several factors, such as minimally invasive surgeries, cutting-edge diagnostic tools, increase in research and development for new drugs, utilization of healthcare services, and specialty medications. The higher healthcare expenditure can provide the necessary resources and support to leverage the full potential of COVID-19 saliva screening tests, contributing to more effective pandemic management and better public health outcomes. For instance, in May 2023, according to the Office for National Statistics, a UK-based statistics authority, the UK's healthcare expenditure grew by 9.7% in real terms and 9.4% in nominal terms. The overall amount spent on healthcare in the UK in 2021 was $367.25 billion (£280.7 billion), while the total amount spent on pharmaceuticals was $51.84 billion (£39.6 billion). Further, spending on preventative care more than quadrupled to $45.93 billion (£35.1 billion) in 2021 compared to the previous year. Therefore, the increasing healthcare expenditure is driving the growth of the COVID-19 saliva screening test potential market.
Major companies operating in the COVID-19 saliva screening test potential market are focused on developing innovative programs, such as COVID-19 saliva testing programs, to expand their product offerings and reach a broader customer base. A COVID-19 saliva testing program is an initiative or system implemented to test for SARS-CoV-2 (the virus that causes COVID-19) using saliva samples rather than more invasive nasopharyngeal or nasal swab samples. For instance, in April 2021, Mount Sinai Health System, a US-based healthcare network, launched the Mount Sinai COVID-19 PCR Saliva Testing program to provide quick, noninvasive, and precise testing. This testing program is designed to provide quick and accurate results, enabling individuals to return to in-person work settings and leisure activities confidently. The program's scalability is noteworthy, with plans to process up to 100,000 daily tests, ensuring widespread testing availability. Its success is further highlighted by the ability to report results within 24 hours for most tests, demonstrating efficiency and rapid response capabilities. The program aims to facilitate the safe return to in-person learning and activities by offering child-friendly and comfortable testing options. This initiative emphasizes the importance of testing in controlling the spread of COVID-19 and supports the community's well-being during the reopening phase.
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Major Key Players of the Market:
Roche Diagnostics Corporation, Thermo Fisher Scientific Inc., Abbott Laboratories, Becton Dickinson and Company, Danaher Corporation, University of North Carolina at Chapel Hill, Hologic Inc., Beaumont Health, PerkinElmer Inc., Quidel Corporation, University of Illinois at Urbana-Champaign, Cepheid, Seegene Inc., ARUP Laboratories, Vatic Health Limited, Ambry Genetics Corporation, LumiraDx Ltd., Yale School of Public Health, Gravity Diagnostics, Psomagen Inc., Fluidigm Corporation, Phosphorus Diagnostics LLC, DxTerity Diagnostics Inc., University of Notre Dame, MOgene, FLuroTech Ltd.
COVID-19 Saliva Screening Test Potential Market 2024 Key Insights:
• The COVID-19 saliva screening test potential market size is expected to see strong growth in the next few years. It will grow to $5.64 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.
• The Role Of Increasing Healthcare Expenditure In Driving The Growth Of The COVID-19 Saliva Screening Test Market
• Innovative Technologies And Advanced Laboratory Techniques Driving Growth In The COVID-19 Saliva Screening Test Market
• North America was the largest region in the COVID-19 saliva screening test potential market in 2023
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