The global COVID-19 diagnostics market was valued at USD 33.03 billion in 2023 and is projected to reach USD 6.25 billion by 2030, reflecting a decline at a CAGR of -21.2% from 2024 to 2030. Despite the anticipated decline, the market continues to be influenced by several factors, including the growing number of government initiatives for COVID-19 testing and the continuous launch of innovative diagnostic products, both of which have supported market activity during and after the pandemic period.

For instance, in September 2023, the U.S. government allocated USD 600 million to accelerate the research, development, and large-scale manufacturing of COVID-19 diagnostic tests. These funds were distributed among multiple diagnostic companies and research institutions to enhance testing capacity and improve public health readiness.

Point-of-care (POC) testing continues to play a crucial role in market expansion as it delivers accurate, lab-quality diagnostic results in real time across various care settings such as hospitals, clinics, urgent care centers, and emergency rooms. In response to the pandemic, diagnostic test developers have increasingly focused on creating rapid and user-friendly POC tests suitable for use outside traditional laboratories.

For example, in March 2023, Lucira Health, Inc. launched the innovative Lucira COVID-19 & Flu Home Test across the U.S., offering a dual diagnostic solution for both COVID-19 and influenza. The test was also added to the Australian Register of Therapeutic Goods (ARTG), permitting its use in point-of-care settings by healthcare professionals. Additionally, global health authorities continue to emphasize the development and availability of COVID-19 diagnostic tests. A notable instance includes the FDA’s amendment of Emergency Use Authorizations (EUAs) in April 2021, which expanded both point-of-care (POC) and over-the-counter (OTC) testing options.

Key Market Trends & Insights:

• The North America region dominated the global COVID-19 diagnostics market, accounting for a share of over 33.3% in 2023. This strong regional presence can be attributed to the high testing volumes, well-established healthcare infrastructure, and proactive government initiatives aimed at expanding diagnostic capabilities. The continuous introduction of advanced testing technologies and strong collaboration between public health agencies and private diagnostic companies further supported market growth in the region.

• By product and service, the services segment led the market, contributing 47.7% of the total revenue in 2023. This dominance is primarily due to the significant demand for testing services in hospitals, diagnostic laboratories, and public health facilities. Increased outsourcing of testing services to specialized labs and the growing need for continuous screening during outbreaks have also played a vital role in driving this segment.

• In terms of test type, the molecular testing segment held the largest market share in 2023. Molecular diagnostic tests, particularly RT-PCR, remained the gold standard for COVID-19 detection due to their high accuracy and reliability. Their widespread adoption in both clinical and public health settings has reinforced their market leadership.

• By sample type, nasopharyngeal (NP) swab samples accounted for the largest share of the market in 2023. This sampling method continues to be preferred globally because of its high diagnostic accuracy and its ability to detect the virus during early stages of infection. Despite the development of alternative sampling methods, NP swabs remain the most widely used across laboratory and point-of-care testing facilities.

• Based on mode of testing, the non-POC (centralized) testing segment dominated the market in 2023. Centralized testing facilities offer higher throughput and greater accuracy, making them essential for large-scale testing operations. The availability of advanced laboratory infrastructure and automation technologies further supported the demand for centralized testing during peak testing periods of the pandemic.

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Market Size & Forecast:

• 2023 Market Size: USD 33.03 Billion

• 2030 Projected Market Size: USD 6.25 Billion

• CAGR (2024-2030): -21.2%

• North America: Largest market in 2023

• Asia Pacific: Fastest growing market

Key Companies & Market Share Insights:

Some of the key players operating in the COVID-19 diagnostics market include Hologic Inc., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche Ltd., PerkinElmer, Inc., and Abbott Laboratories. These established companies are actively focusing on expanding their product and service portfolios, developing advanced diagnostic technologies, and forming strategic partnerships to enhance their global market presence. Their efforts are aimed at improving diagnostic accuracy, reducing turnaround times, and meeting the growing global demand for reliable COVID-19 testing solutions.

In addition to the established leaders, several emerging players in the COVID-19 testing market are undertaking strategic initiatives to strengthen their positions. These initiatives primarily include intensive research and development activities aimed at creating innovative, rapid, and cost-effective testing solutions. Moreover, these companies are entering into collaborations and partnerships with healthcare institutions, laboratories, and government organizations to expand their market reach and accelerate product deployment.

Furthermore, the diversification of testing capabilities—such as combining molecular, antigen, and antibody-based testing—has enabled these players to cater to a broader range of diagnostic needs. By continuously adapting to evolving market demands, advancing technologies, and changing healthcare priorities, these emerging companies are contributing significantly to global efforts aimed at managing and mitigating the impact of the COVID-19 pandemic.

Key Players

• Hologic Inc.

• Thermo Fisher Scientific, Inc.

• F. Hoffman-La Roche Ltd.

• Perkin Elmer, Inc.

• Veredus Laboratories

• 1drop Inc.

• ADT Biotech Sdn Bhd

• Laboratory Corporation of America Holdings

• bioMérieux SA

• Danaher

• Mylab Discovery Solutions Pvt. Ltd.

• Neuberg Diagnostics

• ALDATU BIOSCIENCES

• Quidel Corporation

• Quest Diagnostics

• altona Diagnostics GmbH

• Luminex Corporation

• Abbott

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Conclusion:

The COVID-19 diagnostics market is set to undergo a substantial decline in size through the forecast period, reflecting a shift from mass testing during peak pandemic conditions toward more targeted and routine diagnostic strategies. Despite this contraction, ongoing government efforts, new test launches (especially for point-of-care settings), and emphasis on rapid, accessible testing continue to shape its evolution.