The global COVID-19 diagnostics market size was USD 16.05 billion in 2020. The market is projected to drop from USD 20.05 billion in 2021 to USD 9.20 billion in 2028 at a CAGR of -10.5% in the 2021-2028 period. This information is published by Fortune Business Insights™ in its report titled, “COVID-19 Diagnostics Market, 2021-2028.”
According to our expert analysts, the coronavirus outbreak was stated as a public health emergency in January 2020 by the World Health Organization (WHO). Since then, the amount of COVID-19 positive cases in several nations has elevated drastically. As per statistical data presented by Worldometer, in May 2021, the U.S. registered the maximum COVID-19 cases across the globe, staying responsible for approximately 96.2% in the North American region.
The abrupt advent of the crisis has noted augmented COVID-19 diagnostic happenings, treatment processes, and an upsurge in R&D events for the development of diagnostics, such as molecular assessments and point-of-care tests, among others.
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| North America | United States, Canada and Mexico |
| Europe | Germany, UK, France, Italy, Russia and Turkey etc. |
| Asia-Pacific | China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam etc. |
| South America | Brazil, Argentina, Columbia etc. |
| Middle East & Africa | Saudi Arabia, UAE, Egypt, Nigeria and South Africa |
Demand for COVID-19 Diagnostics Experienced Healthy Growth during the Pandemic
Diagnostic technologies, such as Point of Care tests and molecular tests, experienced robust demand amid the COVID-19 pandemic, with many countries witnessing an exponential surge in coronavirus cases. Companies offering diagnostic solutions witnessed tremendous opportunities during the pandemic. Major companies, such as Abbott, Bio-Rad, Roche, and Thermo Fisher Scientific, increased their R&D capacity to develop novel technologies to fight against the pandemic. However, strict restrictions due to COVID-19 caused slight disturbance in the supply chains of this market.
Industry Development
March 2021: Roche Diagnostics declared the permission for Emergency Use Authorization (EUA), received from the U.S. Food and Drug Administration (FDA) meant for COVID-19 rapid antigen test that is intended for usage by healthcare experts in point-of-care situations with patients suffering through symptoms of COVID-19.
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