Dublin, May 05, 2023 (GLOBE NEWSWIRE) -- The "COVID-19 Testing: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global COVID-19 Testing Market to Reach $5.8 Billion by 2030
In the changed post COVID-19 business landscape, the global market for COVID-19 Testing estimated at US$24.2 Billion in the year 2022, is projected to reach a revised size of US$5.8 Billion by 2030, growing at a CAGR of -16.3% over the analysis period 2022-2030.
RT-PCR Assay Kits, one of the segments analyzed in the report, is projected to record a -17.1% CAGR and reach US$3.9 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Immunoassay Test Strips/cassettes segment is readjusted to a revised -14.4% CAGR for the next 8-year period.
The U.S. Market is Estimated at $5.9 Billion, While China is Forecast to Grow at -30.7% CAGR
The COVID-19 Testing market in the U.S. is estimated at US$5.9 Billion in the year 2022. 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 -30.7% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at -15.2% and -14.6% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately -13.9% CAGR.
Looking Ahead to 2023
Fears of new COVID outbreaks and China's already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year.
Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.
Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
What`s New for 2023?
- Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and Research Platform
- Complimentary updates for one year
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 1417 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $24.2 Billion |
| Forecasted Market Value (USD) by 2030 | $5.8 Billion |
| Regions Covered | Global |
GLOBAL MARKET OVERVIEW
- Types of COVID-19 Testing
- Different Types of Coronavirus Tests
- Performance Analysis of COVID-19 Tests
- Rapid Tests Help in Controlling the Virus
- How Will COVID-19 Testing Change in 2021
- 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 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
- Rapid Test Kits Market for COVID-19 to Exhibit Exponential Growth
- Select Approved COVID-19 Rapid Tests
- Point-of-Care Tests Witness Rapid Growth
- High-Speed NanoPCR Technology Developed for Point-of-Care Diagnosis of COVID-19
- Mass Community Testing Holds the Key for Effective COVID-19 Management
- The Need for Rapid Mass Testing Pushes for Production of Novel Testing Platforms
- CRISPR Emerges as Cutting-Edge Biotechnology in COVID-19 Diagnostic Market
- 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
- In-home Testing for Covid-19
- FDA Authorizes Home Collection Option for LabCorp's COVID-19 Diagnostic Test
- 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
- 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
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Global Market Prospects and Outlook
- US and Europe Dominate, Asia-Pacific to Witness Fastest Growth
FOCUS ON SELECT PLAYERS (Total 547 Featured)
- 3D Biomedicine Science & Technology Co., Limited
- Abbott Laboratories
- Advaite, Inc.
- AlphaBiolabs Ltd
- BGI Genomics Co. Ltd.
- BioFire Diagnostics LLC
- BioMedomics Inc
- Bioscience (Tianjin) Diagnostic Technology Co., LTD
- Cellex
- Cepheid Inc.
- Chembio Diagnostic Systems, Inc.
- Co-Diagnostics Inc.
- Dynamiker Biotechnology (Tianjin) Co., Ltd.
- GenMark Diagnostics, Inc.
- Hologic, Inc
- Innovita Biological Technology Co., Ltd
- Mayo Clinic Laboratories
- Mylab Discovery Solutions Pvt. Ltd.
- Ortho Clinical Diagnostics
- Primerdesign Ltd
- QIAGEN N.V.
- Quidel Corporation
- Randox Laboratories Ltd.
- F. Hoffmann-La Roche AG
- Safecare Biotech(Hangzhou) Co., Ltd.
- SD Biosensor
- Seegene Inc.
- Shenzhen Bioeasy Biotechnology Co., Ltd.
- Siemens Healthineers AG
- Thermo Fisher Scientific
- Zhejiang Orient Gene Biotech Co., LTD
For more information about this report visit https://www.researchandmarkets.com/r/nkqeu2
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