COVID-19 Testing Global Strategic Business Report 2023-2030: U.S. Market is Estimated at $5 Billion, While China is Forecast to Decline at 27.7% CAGR - ResearchAndMarkets.com
Global COVID-19 Testing Market to Reach $5.8 Billion by 2030
The global market for COVID-19 Testing estimated at US$19.9 Billion in the year 2023, is projected to reach a revised size of US$5.8 Billion by 2030, growing at a CAGR of -14.2% over the analysis period 2023-2030.
COVID-19 testing has become integral in controlling the spread of the virus, witnessing significant growth due to the rising incidence of the coronavirus. Various types of tests are employed, including molecular tests such as RT-PCR, which currently dominate the market. Rapid tests have also emerged as crucial tools in containing the virus due to their quick turnaround times.
RT-PCR Assay Kits, one of the segments analyzed in the report, is projected to record -14.9% CAGR and reach US$3.9 Billion by the end of the analysis period. Growth in the Immunoassay Test Strips/cassettes segment is estimated at -12.5% CAGR for the next 8-year period.
Immunoassays, particularly antibody tests, are experiencing rapid growth, driven by increasing demand for serology testing. Diagnostic laboratories constitute the largest end-use segment for COVID-19 testing, utilizing nasopharyngeal/oropharyngeal swabs as the primary sample type. Approved COVID-19 tests span molecular assays, immunoassay kits, and antigen tests, providing a diverse range of options for detecting the virus.
The U.S. Market is Estimated at $5 Billion, While China is Forecast to Grow at -27.7% CAGR
The COVID-19 Testing market in the U.S. is estimated at US$5 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$56.9 Million by the year 2030 trailing a CAGR of -27.7% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at -13.3% and -12.8% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately -12.1% CAGR.
GLOBAL MARKET OVERVIEW
Influencer Market Insights
World Market Trajectories
Types of COVID-19 Testing
Different Types of Coronavirus Tests
Performance Analysis of COVID-19 Tests
Rapid Tests Help in Controlling the Virus
Massive Testing to Become a Way of Life
COVID-19 Testing Witnesses Staggering Growth Due to Rising Incidence of Corona Virus
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
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
Point-of-Care Tests Witness Rapid Growth
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
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 2023 (E)
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
Global Market Prospects and Outlook
US and Europe Dominate, Asia-Pacific to Witness Fastest Growth
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