Global COVID-19 Testing Strategic Business Report 2023: Market to Lose $18.4 Billion in Value to 2030
Global Market for COVID-19 Testing
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
No. of Pages
2022 - 2030
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2030
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
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:
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
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
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
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
BGI Genomics Co. Ltd.
BioFire Diagnostics LLC
Bioscience (Tianjin) Diagnostic Technology Co., LTD
Chembio Diagnostic Systems, Inc.
Dynamiker Biotechnology (Tianjin) Co., Ltd.
GenMark Diagnostics, Inc.
Innovita Biological Technology Co., Ltd
Mayo Clinic Laboratories
Mylab Discovery Solutions Pvt. Ltd.
Ortho Clinical Diagnostics
Randox Laboratories Ltd.
F. Hoffmann-La Roche AG
Safecare Biotech(Hangzhou) Co., Ltd.
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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