Global COVID-19 Testing Market to Shrink to $10.4 Billion by 2026

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Sep 15, 2021, 11:45 ET

SAN FRANCISCO, Sept. 15, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "COVID-19 Testing - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 2; Released: September 2021
Executive Pool: 802
Companies: 547 - Players covered include QIAGEN GmbH; Quidel Corporation; F. Hoffmann-La Roche Ltd.; BGI; Primerdesign Ltd.; Abbott Laboratories; Co-Diagnostics, Inc.(USA); Thermo Fisher Scientific, Inc.; AlphaBiolabs Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Product (RT-PCR Assay Kits, Immunoassay Test Strips/Cassettes, Other Products); Specimen Type (Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab, Other Specimen Types); End-Use (Hospitals, Diagnostic Centers, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Global COVID-19 Testing Market to Shrink to US$10.4 Billion by the Year 2026
COVID-19 testing has emerged as a large market in a span of few months owing to the large-scale testing across the world. However, with vaccines being launched across the world, the COVID-19 testing market is expected to slowdown in 2021, and decline rapidly in the near future as the global population starts getting vaccinated. The major testing types include RT-PCR tests, rapid antigen tests, and rapid antibody tests. Growth in the global is primarily being driven by rising incidence of COVID-19 infection and the pressing need for effective and fast testing. Announced as pandemic by the WHO, the rapid spread of the virus across countries has prompted governments to rely on massive testing, which created strong demand for COVID-19 test kits. The market for these tests is further bolstered by unavailability of an effective treatment hitherto, driving people to consider diagnostic testing as a solution to curtail the pandemic. In addition, the requirement of effective detection kits for vulnerable population, including aging people and individuals with the compromised immune system, is propelling the market. On the other hand, short supply of test kits and other components, such as RT-PCR instruments, virus control samples, and swabs, are expected to limit the market growth.

Amid the COVID-19 crisis, the global market for COVID-19 Testing estimated at US$19.3 Billion in the year 2020, is projected to decline to revised size of US$10.4 Billion by 2026, declining at a CAGR of -11.8% over the analysis period. RT-PCR Assay Kits, one of the segments analyzed in the report, is projected to record a -12.4% CAGR and shrink to US$5.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Immunoassay Test Strips/Cassettes segment is readjusted to a revised -10.3% CAGR for the next 7-year period. RT-PCR is the most popular diagnostic technique in the market as it is reliable, sensitive and relatively quick, offering results within 3-4 hours. It is designed to detect the presence of viral RNA in patient samples by capturing as well as amplifying specific segments of the generic material of the virus, mainly the Spike protein, envelop or N protein. The immunoassay segment is growing rapidly, due to rising acceptance of rapid immunoassay tests. The market is likely to receive a notable contribution from the point-of-care (POC) segment. These tests are easy to access and eliminate the requirement of skilled professionals.

The U.S. Market is Estimated at $5.2 Billion in 2021, While China is Forecast to Dwindle to $246.2 Million by 2026
The COVID-19 Testing market in the U.S. is estimated at US$5.2 Billion in the year 2021. China, the world`s second largest economy, is forecast to shrink to US$246.2 Million by the year 2026 trailing a negative CAGR of -30.1% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to record negative CAGR of -10.7% and -9.8% respectively over the analysis period. Within Europe, Germany is forecast to decline at approximately -9.4% CAGR. The US is a key market and growth is driven by increasing cases of DELTA variant cases, technological advances, rising healthcare spending and presence of leading providers of COVID-19 testing kits. The US has emerged as the worst-hit nation globally, holding the highest number of confirmed cases of COVID-19. The crisis has prompted the US government to allocate huge funding to medical research units for expediting the development of new diagnostic tests and pushing up the testing capacity. Growth in the European market is attributable to continuous spread of the virus across several countries, which is poised to create strong demand for kits.

Nasopharyngeal Swab Segment to Contract to $4.1 Billion by 2026
Nasopharyngeal swabs are the preferred specimen option, with clinicians considering oropharyngeal swabs in case of unavailability of nasal swabs. The use of nasopharyngeal along with oropharyngeal swabs for testing maximizes test sensitivity while limiting resource usage. In the global Nasopharyngeal Swab (Specimen Type) segment, USA, Canada, Japan, China and Europe accounting for a combined market size of US$5.9 Billion in the year 2020 will shrink to US$2.2 Billion by the close of the analysis period. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$752.7 Million by the year 2026. More

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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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