Global COVID-19 Testing Strategic Business Report 2023: Market to Reach $5.8 Billion by 2030, Declining by 16.3% - US and Europe Dominate, Asia-Pacific to Witness Fastest Growth

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Sep 22, 2023, 14:45 ET

DUBLIN, Sept. 22, 2023 /PRNewswire/ -- The "COVID-19 Testing - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

Global COVID-19 Testing Market to Reach $5.8 Billion by 2030

The global market for COVID-19 Testing estimated at US$24.2 Billion in the year 2022, is projected to reach a revised size of US$5.8 Billion by 2030, growing at a CAGR of -16.3% over the analysis period 2022-2030.

The global COVID-19 Testing market is poised for growth, with anticipated annual revenue increases projected from 2022 to 2030. This upswing follows a period of steady expansion experienced between 2020 and 2022.

Diverse segments, including RT-PCR Assay Kits, Immunoassay Test Strips/Cassettes, Nasopharyngeal Swabs, Oropharyngeal Swabs, Nasal Swabs, and Other Specimen Types, contribute to the market's development.

In the report, RT-PCR Assay Kits, one of the segments, is expected to exhibit a -17.1% CAGR and achieve a market value of US$3.9 Billion by the conclusion of the analysis period. Similarly, the Immunoassay Test Strips/Cassettes segment is anticipated to witness growth with a -14.4% CAGR over the next eight years.

Geographically, pivotal regions like the USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, the Middle East, and Africa significantly influence the market's dynamics. End-users such as hospitals, diagnostic centers, and other applications are key drivers of market demand. This underscores the vital role of COVID-19 testing in healthcare and diagnostic industries.

The U.S. COVID-19 Testing market is estimated at US$5.9 Billion in 2022, while China, the world's second-largest economy, is projected to reach US$56.9 Million by 2030, albeit with a -30.7% CAGR from 2022 to 2030.

Noteworthy geographic markets also include Japan and Canada, both anticipated to decline by -15.2% and -14.6%, respectively, during the 2022-2030 period. Germany, within Europe, is forecasted to decline at an approximate -13.9% CAGR.

Distinguished healthcare players like Abbott Laboratories, Hologic Inc., and Thermo Fisher Scientific, amongst others, feature in the comprehensive competitor analysis.

GLOBAL MARKET OVERVIEW

Types of COVID-19 Testing
Different Types of Coronavirus Tests
Performance Analysis of COVID-19 Tests
Rapid Tests Help in Controlling the Virus
How Will COVID-19 Testing Change in 2021
Massive Testing to Become a Way of Life
COVID-19 to Drive Hospital and Diagnostic Lab Revenues in 2021
COVID-19 Testing Witnesses Staggering Growth Due to Rising Incidence of Corona Virus
Total Number of COVID-19 Tests Conducted in the Most Impacted Countries: As of September 1st, 2021
Total Number of COVID-19 Tests Worldwide in Select Countries: As of September 1st, 2021
Molecular Tests (RT-PCR) Occupy a Predominant Share of the COVID-19 Testing Market
Select Approved COVID-19 Molecular Assay Tests
Immunoassays to Witness Fastest Growth
Increasing Demand for Antibody Tests
How Antibody (Serology) Tests Were Approved and Developed
Select COVID-19 Immunoassay Kits
List of US FDA Approved Antigen Tests
Nasopharyngeal/Oropharyngeal Swabs Remain Primary Sample Type
Diagnostic Laboratories Constitute the Largest End-use Segment
RECENT MARKET ACTIVITY
Recent Launches

MARKET TRENDS AND ISSUES

Rising Incidence of Coronavirus Cases Drive the Need for Testing
COVID-19 Most Impacted 18 Countries Worldwide: As on September 1st, 2021
Pandemic Gives Rise to Innovative Partnership Models
Broader Adoption of Reverse-Transcription Polymerase Chain Reaction-based Diagnostics
Increasing Point-of-Care Molecular Testing
Accelerated Development and Faster Adoption of New Technologies
Expansion of Manufacturing Capacity in Asia and Shift of Supply
Positioning for the Future
Some Innovative Testing Methods for COVID-19:
CRISPR
Bioluminescence Testing
Lab-on-chip Testing
LAMpore Kits
Covid-19 NudgeBox Test by DNANudge
High Risk of Infection in Geriatric Population Drives COVID-19 Testing Market
Expanding Elderly Population Worldwide: Breakdown of Number of People Aged 65+ Years in Million by Geographic Region for the Years 2019 and 2030
Rapid Test Kits Market for COVID-19 to Exhibit Exponential Growth
Select Approved COVID-19 Rapid Tests
Point-of-Care Tests Witness Rapid Growth
High-Speed NanoPCR Technology Developed for Point-of-Care Diagnosis of COVID-19
Mass Community Testing Holds the Key for Effective COVID-19 Management
The Need for Rapid Mass Testing Pushes for Production of Novel Testing Platforms
CRISPR Emerges as Cutting-Edge Biotechnology in COVID-19 Diagnostic Market
Innovations and Approvals
Portable PoC Test with a Smartphone Reader
Saliva Test
FDA Approves First Molecular Test for Asymptomatic Patients
New Molecular Test N1-STOP-LAMP
LumiraDx SARS-CoV-2 Antigen Test
Integration of Sophisticated Technology to Drive Market Growth
Isothermal Amplification: An Effective Alternative to RT-PCR for COVID-19 Testing
In-home Testing for Covid-19
FDA Authorizes Home Collection Option for LabCorp's COVID-19 Diagnostic Test
A Rapid Genomics Strategy to Trace Coronavirus
The pioneering of Rapid Genomics
Digital Healthcare Gains Spotlight Amid COVID-19 Pandemic
Digital Technologies Gaining Adoption Amid COVID-19
List of COVID-19 Contact Tracing Apps
Amazon Offers FDA-Approved COVID-19 Test
Alliance of BMGF and Life Science Companies Pledge to Improve Access
Ensuring the Perfect Mix of COVID-19 Testing
Testing Rate & Average Turnaround Time to Results as Key Metrics
Growing Significance of Pooled Testing
Participation of Public & Private Sector
Avoiding Supply Mismatch
Recent Launches
New Test Detects SARS-CoV-2 in Less Than Five Minutes
New COVID-19 Test Provides Faster Results and Eliminates False Negatives
New Rapid Lateral Flow Immunoassay Developed
University of California Develops Rapid, Accurate Testing for SARS-CoV-2 Antibodies
Abbott Plans Shipment of Tens of Millions of At-Home Coronavirus Tests Costing $25 in Early 2021
Quidel Gains FDA Approval for Sofia 2 Antigen Test
Improving Medicine with Innovation and Technology and Massachusetts Institute of Technology Develop COVID-19 Testing Impact Calculator (U.S.)
Nanomix Offers eLab COVID-19 Rapid Antigen Test
Abbott Receives FDA Approval for BinaxNow
Roche Introduces Elecsys SARS-CoV-2 Antigen test
DnaNudge Offers CovidNudge Test
Open-Source Toolkit Helps Developing Countries Meet Demand for COVID-19 Diagnostics
3M Joins Hands with MIT's Sikes Lab to Create Rapid & Affordable COVID-19 Test
ZTA Biotech Announces "Breakthrough" Development with Antibody Test
Molecular Diagnostics Firm QuantuMDx Group Set to Scale up Production of Rapid PCR COVID-19 Device
Mologic Granted CE Mark for Rapid Antigen Test
FDA Approves Abbott's COVID-19 Antigen Test
AptameXTM
COVID-19 Testing - Global Key Competitors Percentage Market Share in 2022 (E)
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
Global Market Prospects and Outlook
US and Europe Dominate, Asia-Pacific to Witness Fastest Growth

FOCUS ON SELECT PLAYERS (Total 547 Featured)

Adaltis Srl
Alfa Scientific Designs, Inc.
A*STAR Experimental Therapeutics Centre
AITbiotech Pte., Ltd.
Altimmune, Inc.
ADS Biotec, Inc.
Accelerate Diagnostics, Inc.
AccuBioTech Co., Ltd.
Access Bio, Inc.
Abwiz Bio Inc.
AB Diagnostic Systems GmbH
1drop, Inc.
3B BlackBio Biotech India Ltd.
Abacus Diagnostica Oy
Aldatu Biosciences

REGIONAL MARKET ANALYSIS

UNITED STATES

US Emerges as a Major Market for COVID-19 Tests
Covid-19 Test Supply Chain Issues in the US
Challenges Associated with COVID-19 Testing
Impact of Surveillance Testing on COVID-19 Test Supply Chain
CDC Funding for Covid-19 Vaccination & Testing-Related Activities
Escalating Cases of COVID-19 Lead to Spurt in Diagnostic Test Innovations
Uptake of At-Home Tests Remains Modest
FDA Approves 2 Rapid, At-Home Coronavirus Tests
Select Point Of Care Home Tests in the US
Pharmacies Now Offering Over-The-Counter Same-day COVID Tests
HHS Introduces Pilot Program for Cartridge-based Covid-19 Molecular Test Kits
Oura Develops New Smart Ring to Detect Covid-19 Symptoms at Early Stage (Finland)
Issues with Existing Testing Options
Issues with At-Home and Point-of-Care Rapid Tests
Disparate Costs Continue to Plague US Covid-19 Testing
With Spike in COVID-19 Cases Roiling Testing Efforts, NIH Eyes on Rapid Tests to Push Capacity
Promising Technologies under RADx Program
Rapid COVID Tests: Important Tool for Recovery
California University Installs Vending Machines to Dispense COVID-19 Testing Kits to Students
FDA Assumes Lukewarm Stance to Home Tests despite COVID-19 Testing Lag in US
CMS Prioritizes Covid-19 Testing: Announces New Reimbursement Rules
CMS Decreases Price for High-Throughput Technology-Based Covid-19 Testing
Aging Demographics: A Major Driving Factor
NIH Funding
US FDA Approved COVID-19 Tests

CANADA

Market Analysis
New Cheaper and Faster COVID-19 Rapid Test Kit Obtains Approval
Canada Approves First Antigen-Based Rapid COVID-19 Test
Government of Ontario Introduces Covid-19 Screening Tests at Toronto Pearson International Airport
New Federal Rule in Canada for Air Passengers' COVID-19 Tests

JAPAN

Japan Moves to Low-Cost PCR Testing
Rapid Testing Still Costs a Bomb
Medical Clinics Edge

CHINA

China's Qingdao Embarks on Ambitious Mission to Test Entire Population of City for COVID-19 in Five Days

UNITED KINGDOM

Pandemic Exposes Deficiencies in the UK Healthcare System
UK Opens New Vaccine Centers to Expand Asymptomatic Covid-19 Testing
Mandatory COVID-19 Tests for UK-Bound Travellers
Mass Testing Program for COVID-19
Mass Testing in Schools
Mass Testing in Cities and Towns
New `Mega Labs` to Speed Up COVID-19 Testing in Early 2021

INDIA

India Hastens Strides toward COVID-19 Testing & Significantly Exceeds Testing Criteria Set by WTO
Increase in Daily Tests for COVID-19 in India
Indian Researchers Develop Foremost Paper-based Test to Get Handle over COVID-19
Researchers in India Successfully Develop Saliva-based Test for COVID-19
Home Kits for COVID-19 Testing in India
The Rockefeller Foundation Injects New Grants to Boost Covid-19 Testing & Surveillance in India

SOUTH KOREA

Authorities Succeed In Successfully Evading the Virus Impact
Widespread Roll Out of Testing Laboratories Yields Results

AFRICA

WHO Pushes for Rapid Testing to Boost Africa's Response to COVID-19 Pandemic
COVID-19 Testing Benefits from Existing TB and HIV Laboratory Systems
RDTs Arrive in African Countries

For more information about this report visit https://www.researchandmarkets.com/r/nelbiv

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