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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