The global COVID-19 diagnostics market size is valued at USD 13 billion in 2020 and is expected to reach USD 7.4 billion by 2026. The RT-PCR testing segment constituted over 75% of the global COVID test market share. The market is growing because of the outbreak of the coronavirus (SARS CoV-2) pandemic, which has increased the demand for rapid testing across the world. As the number of people suffering from the viral infection increases, the demand for rapid testing, which allows detecting the virus quickly, is growing. The adoption of a population-wide testing approach, which includes household, individual testing, is one of the trends influencing the demand for covid-19 diagnostics kits. The shift from symptomatic testing to mass testing in developed countries is another major factor affecting the market.
- The consumables segment is expected to reach close to USD 6 billion by 2026 on account of the increased usage of a wide array of reagents and COVID-19 test kits.
- The PCR segment is projected to touch revenue of over USD6 billion by 2026 as PCR tests are considered quick, specific, and accurate, and less prone to contamination.
- In terms of revenue, the diagnostic segment is likely to dominate the COVID-19 diagnostics market. Diagnostic labs have an extremely high capacity to handle many samples and deliver results in a short duration.
- The Asia Pacific COVID-19 test market is expected to observe high revenue during the forecast period because of the high prevalence of the coronavirus infection.
GLOBAL COVID-19 DIAGNOSTICS MARKET SEGMENTATION
This research report includes a detailed segmentation by
INSIGHTS BY PRODUCT
In 2020, the consumables segment constituted over 74% of the global COVID-19 diagnostics market share. The demand for consumables, including biomarkers and reagents, including substrates, enzymes, electrolytes, specific proteins, lipids, and point-of-care (POC) test kits, is growing as they obtain quick and accurate results for diagnosing diseases, including COVID-19. The need to perform rapid testing to detect coronavirus spread across the world is driving the demand for consumables.
The analyzers/instruments COVID-19 test kits segment accounted for over 25% of the global COVID-19 testing market. This segment is growing at a relatively slower pace than consumables as it is capital intensive, and purchasing decisions for the same depends on financial resources and budget allocations. The demand for PCR analyzers is expected to grow at a steady rate, with vendors introducing diverse innovative and next-generation analyzers.
INSIGHTS BY TEST
As RT-PCR testing is considered exceptionally reliable, the segment constituted over 75% of the global COVID diagnostics market share. The market is witnessing an increasing uptake of PCR testing to deliver a reliable diagnosis in quick succession. Currently, the reverse transcription-polymerase chain reaction (RT-PCR Test) is a standard for diagnosing COVID-19. With the WHO recommending PCR testing as one of the reliable methods for COVID-19 test procedures, countries such as the US, Brazil, Russia, India, Germany, Italy, and Spain drive the demand for PCR kits the virus highly infects these regions. Antigen and antibody testing accounted for a small share of the global COVID-19 diagnostics market. These tests are considered an important factor in mass screening. However, due to a lack of specificity and sensitivity, these tests were not initially used in several countries. As the COVID-19 pandemic continues, vendors came up with advanced antibody and antigen tests, driving the COVID-19 testing market growth.
INSIGHTS BY TECHNOLOGY
The failure of several rapid diagnostics testing kits to detect the presence of the COVID-19 virus in several countries has led to the development of molecular-based-PCR COVID testing. The share of molecular diagnostic test makers has increased drastically, with the WHO declaring RT-PCR as the standard test for COVID-19 diagnosis. This trend is followed in several developed, developing, and underdeveloped countries, thereby generating a high demand for molecular diagnostic testing. The immunoassay segment accounted for over 24% of the global market share in 2020. These tests are conducted in real-time on those with maximum exposure to the COVID-19 virus, especially healthcare professionals and medical practitioners.
Immunoassay tests received a setback in most countries due to their limited specificity and sensitivity. They produced several false positive and false negative results, which made people look for alternative tests. However, vendors came up with high sensitivity and specific immunoassay tests with superior results.
INSIGHTS BY END-USERS
In most countries, diagnostic laboratories, which include standard and public health organizations, have played a significant role in detecting COVID-19. The demand for standalone laboratories is growing gradually owing to the prevalence of pandemic, epidemic conditions, or the outbreak of unexpected infectious diseases, requiring immediate diagnosis of the diseases for a large population in a shorter time. The end-user hospitals segment has played a major role in COVID-19 testing since its outbreak. A majority of hospitals have their own in-house laboratories to conduct COVID-19 tests, which help them to admit and monitor COVID-19 patients. Hence the segment is witnessing a high demand for COVID-19 testing kits. The demand for COVID-19 diagnostic kits from ambulatory care settings increased in developed countries as these settings accommodated several asymptomatic patients.
INSIGHTS BY GEOGRAPHY
APAC emerged as the largest COVID-19 diagnostics market and is likely to retain its position during the forecast year due to the widespread COVID-19 infection in the population. Several countries in the region, especially India, where the number of people infected with coronavirus stood at 8.5 million in October 2020, are likely to increase mass COVID-19 testing, thereby increasing the demand. The presence of a large population, poor living standards, and inadequate medical infrastructure are the major factors responsible for the infection's high prevalence. However, increased mass COVID-19 testing initiatives and high investments in public healthcare services are likely to favor the COVID-19 testing market. China, Japan, India, South Korea, and Australia are the major revenue contributors to the APAC COVID-19 diagnostics market. Several countries preferred using PCR-based COVID testing due to their higher accuracy than serological tests. Australia and New Zealand have increased their COVID-19 testing capacities to reduce the impact of the disease.
In 2020, North America accounted for a share of 25% of the global COVID-19 diagnostics market. The US, with developed healthcare infrastructure, is still struggling to contain the spread of the virus. This region has recorded the second-highest tests after APAC. The countries in the region are focusing on the high use of antibody tests and antigen tests. The US government plans to distribute 150 million rapid COVID-19 test kits from Abbott laboratories.
INSIGHTS BY VENDORS
The global coronavirus diagnostics market is highly dynamic with the presence of several global, regional, and local company profiles, offering a diverse range of analyzers, test kits, assays, and reagents to perform COVID-19 tests. Abbott, BD, Danaher, F. Hoffmann-La Roche, Siemens Healthineers, and Thermo Fisher Scientific are the major player in the diagnostics market. Global market players focus on developing innovative products, producing COVID-19 vaccines, and expanding their product portfolio to remain competitive in the market. They are investing extensively in R&D and product development activities to expand their product portfolio.
The COVID-19 diagnostics market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Ambulatory Care Settings
- Research Institutes
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa