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The global COVID-19 diagnostics market size is predicted to reach USD 50.1 billion by 2030, exhibiting a CAGR of 7.7% from 2022 to 2030. People across the globe have been affected by the novel coronavirus epidemic which was first identified in the year 2019 in China. In order to control the spread of the lethal infection, an early, effective, and accurate diagnosis mechanism is crucial. A majority of patients affected with coronavirus have shown symptoms like shortness of breath, fever, cough, and fatigue. In some cases, people may also experience- throat ache, muscle pain, loss of smell or taste, chills, and diarrhea. It has also been noted that in the earlier stages of infection, some patients showed little or no systems, but were capable of spreading the disease to others. However, some situations called for complex medical procedures. Hence, controlling the spread of coronavirus became fundamentally dependent on identifying and isolating infected persons, mainly because the infection showed little or no symptoms in certain people.
The aforementioned factors have highlighted the need for thorough COVID-19 diagnostics solutions, that help identify possible cases of infection, positively influencing the industry growth. Although the number of cases is gradually declining, there is still a risk of a surge in infection rate and thus the need for a robust diagnostic solution will continue for many years. Additionally, these testing systems are intended to pave the way for the tourism sector, offering a favorable climate for market players. During this pandemic, the travel industry was largely affected, leading to an increase in COVID-19 testing initiatives, primarily in tourism-led countries and regions. Since these tests are able to transcend the limitations linked with traditional testing systems, this is also likely to propel the market penetration of Point of Care Testing (PoC).
To revive the economy, governments in many countries have undertaken strict measures to control the spread of infection to ensure smooth operations. This has supplemented COVID-19 diagnostics market growth over time further leading to advancements in testing solutions.
Based on product and service insights, the service segment is projected to lead the market growth in the coming times. This is mainly because there is a rapid increase in the number of service providers who offer reliable testing solutions around the clock. Moreover, the growing establishment of technologically advanced testing labs that provide quick test results is driving the segment growth. Furthermore, realizing the need to make tests available to remote and rural parts of the country such as in India, the government is joining hands with private COVID-19 testing service providers to accelerate reach.
On the basis of testing type, Antigen based testing has gained considerable momentum as they are considered to be slightly more stable than RNA samples, making them relatively less hazard-vulnerable during transport and storage, thus reducing the risk of false-negative outcomes. Additionally, in blood samples, antigens and antibodies are more uniformly present, thus improving testing accuracy.
In addition to the above, molecular (PCR) testing dominated the segment and will continue to witness notable demand due to its wide adoption in hospitals, medical centers, diagnostic labs, and even airports. Many companies have come forward that offer this form of testing making it easier for testing to take place. With the government recognizing molecular PCR testing companies and giving them a trust certificate, many people will turn to this testing form owing to its reliability and accuracy.
With respect to end-user, laboratories led the segment and will continue to do so mainly because PCR testing procedures require further analysis in laboratories along with different types of instruments and reagents that are easily found there. Moreover, the possibility of acquiring COVID-19 from hospitals will encourage people to resort to diagnostic laboratories for testing.
Geographically speaking, North America COVID-19 diagnostics market has showcased positive growth owing to the presence of a strong healthcare sector in the region. People in the U.S., and Canada heavily invest in advanced healthcare services owing to a high purchasing power among people and the easy availability of reliable diagnostic services. Many COVID-19 diagnostics providers are present in the region that are approved by regulatory bodies such as FDA. Such factors will continue to drive regional market growth.
Research Support Specialist, USA