COVID-19 Diagnostics Market to Witness Steady Expansion During 2021-2025

Posted by aartimurkute on October 1st, 2021

The global COVID-19 diagnostics market has witnessed unprecedented growth in recent times. The US Food and Drug Administration (FDA) and the Centers for Disease Control and Prevention (CDC) have been at the forefront of growth within the global market. Management of disease outbreaks has gained traction across the global healthcare industry. Increased testing and screening have emerged as a pathbreaking method for controlling the spread of the virus. Therefore, COVID-19 diagnostics are set to attract increased demand over the course of the next decade. As mutated variants of the virus emerge across various parts of the world, research in COVID-19 diagnostics shall gain momentum. This is an important factor that shall power the growth of the global COVID-19 diagnostics market from 2021 to 2025.  

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PCR Test and Antigen Test Attract Neck and Neck Demand 

The US Food and Drug Administration (FDA) has approved PCR and antigen tests for diagnosis of COVID-19. For this reason, these tests have attracted robust demand across all prominent regions including Europe, Asia Pacific, and North America. PCR and antigen tests are extensively encouraged by healthcare professionals (HCPs) and doctors across the globe. This is playing a critical role in propelling sales across the global COVID-19 diagnostics market. However, apprehensions related to false-negative results produced by PCR tests could cause minor disruptions in market growth. However, the indispensable need for testing and diagnostics has overcome all the discrepancies and apprehensions associated with COVID tests.

North America to Emerge as Leading Regional Segment 

As of September 20, 2021, the US had conducted a total of 563.3 million tests for COVID-19, superseding all other countries in terms of the testing figures. The US has also been a major contributor to COVID-19 research lines related to diagnosis, treatment, and vaccination. These factors offer key insights about the strong market position of vendor catering to the COVID-19 diagnostics market in the US and North America. Testing numbers in India are only marginally behind the US at 553.62 million as of 20^th September 2021. This shall contribute to the growth of the COVID-19 diagnostics market in Asia Pacific.

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Travel Restrictions to Keep Up Sales Across the COVID-19 Diagnostics 

As countries across the globe open their borders to international flights, travelers are required to show their test reports at airports and other entry points. This requirement has caused travelers to get multiple tests done at various layover locations during their travel. Therefore, the total volume of sales across the global COVID-19 diagnostics market is slated to increase in the years to follow. Establishment of testing units across travel ports is also driving market demand. 

Some of the companies making their mark in the global COVID-19 diagnostics market are BioRAD, Abbott Laboratories, bioMérieux SA, F. Hoffmann-La Roche AG., Cepheid, Hologic, Inc., Quest Diagnostics Incorporated, Becton, Dickinson and Company, Laboratory Corporation of America Holdings, Thermo Fisher Scientific, Cellex, Inc., Mylab Discovery Solutions Pvt. Ltd., Beijing Wantai Biological, Luminex Corporation, Siemens Healthineers AG, and PerkinElmer, Inc. These companies are expected to focus on fast-tracking production of testing kits in order to meet the demand explosion across the world.