The global COVID-19 diagnostics market size is valued at USD 19.8 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.1% from 2021 to 2027. These tests are critical in the management of the ongoing COVID-19 pandemic for accurate diagnosis as well as for tackling the spread of the infection. Over 600 SARS-CoV-2 diagnostic tests are either approved or are in the development phase for clinical use. Therefore, an increase in the need for developing diagnostic tests is anticipated to drive the market growth. The current status of lead COVID tests is toward rising capacity but mixed accuracy. For efficient and accurate COVID-19 diagnosis, clinicians need a portable or an on-site diagnostic test for real-time management of patients in minimal time. This has encouraged the adoption of Point-of-Care (POC) testing for diagnosis, primarily aimed at reducing the assay duration from hours to a few minutes.
The integration of novel technologies and software solutions with COVID-19 testing is expected to open new avenues for market expansion. For instance, the market participants are inclined toward incorporating Artificial Intelligence (AI) algorithms in the COVID-19 tests for rapid and efficient diagnosis.
Robust funding and investments by the public as well as private agencies are expected to propel molecular diagnostic companies to develop COVID-19 diagnostic products, thereby driving the market. For instance, in June 2020, NIH has announced to release four funding opportunities to accelerate research on SARS-COV-2 screening for vulnerable and underserved populations to decipher and address the disparity gap.
CRISPR-based nucleic acid detection serves as a reliable, sensitive, and specific approach. In addition, the method enables testing at a constant temperature eliminating the need for an expensive thermal cycler or PCR platform.
Being critical components in the testing of coronavirus infection, the reagents and kits segment is estimated to account for the revenue share of 34.8% in 2020. The World Health Organization (WHO) has urged nations to ramp up their diagnostics capacities, which is expected to boost the uptake of reagents and kits at a large scale. Several regulatory bodies have issued mass testing; however, laboratories are facing a shortage of reagents required for large batches of testing.
Key Companies & Market Share Insights
F. Hoffman-La Roche Ltd.
Thermo Fisher Scientific, Inc.
Perkin Elmer, Inc.
ADT Biotech Sdn Bhd
altona Diagnostics GmbH
Mylab Discovery Solutions Pvt Ltd.
Laboratory Corporation of America Holdings
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2020 to 2027.
Product & Service Outlook (Revenue, USD Million, 2020 - 2027)
Reagents & Kits
Sample Type Outlook (Revenue, USD Million, 2020 - 2027)
Nasopharyngeal (NP) Swab
Oropharyngeal (OP) Swab
Test Type Outlook (Revenue, USD Million, 2020 - 2027)
Molecular (PCR) Testing
Antibody (Serology) Testing
Mode Outlook (Revenue, USD Million, 2020 - 2027)
End-use Outlook (Revenue, USD Million, 2020 - 2027)
Diagnostic Centers and Clinics
Regional Outlook (Revenue, USD Million, 2020 - 2027)
Middle East & Africa (MEA)