COVID-19 Diagnostics Market To Rise At Modest Growth With CAGR And Revenue Till 2030|Grand View Research, Inc.Posted by Mrudula Karmarkar on September 29th, 2022 The global COVID-19 diagnostics market size is expected to reach USD 50.1 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.7% from 2022 to 2030. Since testing is pivotal for effective management of the rising burden of coronavirus cases, the rate at which testing is performed has witnessed a steep increase. More than 150 million tests have been performed in the U.S. as of November 2020, followed by more than 100 million tests conducted in India, and around 20 million tests performed in Brazil. A paradigm shift towards Point-of-Care (PoC) Covid-19 testing is estimated to offer significant momentum to the market expansion in the near future. Point-of-care (POC) testing enables accurate real-time, lab-quality diagnostic results at patient care settings, such as urgent care centers, hospitals, clinics, and emergency rooms. In response to the pandemic, many diagnostic test manufacturers are focused on the development of rapid and easy-to-use POC COVID-19 diagnostic tests to facilitate testing outside of laboratory settings. High investments by medical technology companies are expected to offer profitable opportunities for the coronavirus testing industry. These companies have witnessed a moderate to high spike in the revenue generated by the diagnostics/testing business segments in 2020, attributed to the pandemic outbreak. Such key industry entities have also witnessed a high influx of orders exceeding their manufacturing capacities, which has compelled these companies to increase their output by reorganizing their test production structures. After many fast diagnostic kits failed to detect the presence of the COVID-19 virus in most patients across countries, molecular-based PCR testing for COVID-19 called Real-Time Reverse Transcription Polymer Chain Reaction was developed. WHO named the RT-PCR the standard test for Covid-19 diagnosis, and the number of molecular diagnostic test manufacturers has increased drastically. This trend is being observed in several established, emerging, and developing countries, resulting in a strong need for molecular diagnostic testing. These tests are carried out on those who have had the most exposure to the covid-19 virus, including healthcare workers and medical practitioners. Expanding scales of COVID-19 testing are expected to be a boon for various medical technology companies operating in the market. Additionally, the government authorities are actively moving forward to scale up COVID-19 testing, further creating a favorable environment for emerging diagnostic companies and new entrants. Both smaller entities and multi-national companies have undertaken unprecedented mobilization to ensure the timely availability of the tests. Companies such as F. Hoffman-La Roche Ltd.; Thermo Fisher Scientific, Inc.; Perkin Elmer, Inc.; Laboratory Corporation of America Holdings; and Abbott have marked their presence in the market with highly efficient FDA-approved tests for coronavirus infection. The companies are implementing commercially viable strategies to gain a competitive advantage in the market. These include new test development, collaborations and partnerships with key stakeholders, and business expansion strategies to fulfill the demand of their customers across the globe. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/covid-19-diagnostics-market/request/rs1 High investments in the development, as well as commercialization of antibody and antigen COVID-19 tests by key industry participants, have been witnessed recently and this trend is expected to gain significant momentum in the coming years. For instance, in October 2020, Roche announced the launch of Elecsys SARS-CoV-2 Antigen test to support high volume COVID-19 testing of suspected patients. The test is anticipated to be available by the end of 2020 in the European market. Similarly, in October 2020, Thermo Fisher Scientific, Inc. launched two antibody tests, namely, OmniPATH COVID-19 Total Antibody ELISA and EliA SARS-CoV-2-Sp1 IgG tests for the screening of antibodies against the virus. This initiative was intended to expand the testing capabilities of the company against COVID-19. COVID-19 Diagnostics Market Report Highlights
The demand for COVID-19 diagnostic products is set to propel further with the increasing number of coronavirus-infected patients, particularly post the ease of lockdown across the globe. According to World meter, the total number of cases witnessed a spike with 33,556,252 patients testing positive as of 28th September 2020 to 55,961,380 patients on 17th November 2020. Despite the gradual decline expected in the number of positive patients in 2021, integration of COVID-19 tests in routine diagnostic protocols is expected to maintain the growth of the market for Covid-19 diagnostics. Key industry participants constantly accelerated the supply and production of diagnostic tests to address the rising need for the effective containment of the COVID-19 pandemic. For instance, in September 2020, LabCorp launched a combined test for RSV, flu, and COVID-19. The company has applied for U.S. FDA approval to use this test with its Pixel by LabCorp at-home test collection kit. Companies such as Quest Diagnostics and Labcorpwere focused on the aggressive expansion of capacity and are also working toward the return-to-work testing market through employer-focused COVID testing offerings. For instance, in October 2020, Quest Diagnostics announced a pilot program for drone delivery of COVID-19 at-home self-collection kits to single-family homes in the Cheektowaga area. The company has collaborated with DroneUp and Walmart for the effective delivery of kits. Some of the prominent players in the COVID-19 diagnostics market include:
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