What This Report Will Provide?
This study involved four major activities in estimating the current size of the infectious disease diagnostics market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
Expected Revenue Growth:
[263 Pages Report] The global infectious disease diagnostics market size is projected to reach USD 39.8 billion by 2026 from USD 28.1 billion in 2021, at a CAGR of 7.2%.
Major Growth Boosters:
Market growth is driven by the global prevalence of infectious diseases & onset of COVID-19 and the growing awareness for early disease diagnosis, shift in focus from centralized laboratories to decentralized POC testing and rising technological advancements.
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COVID-19 Impact on Global Infectious Disease Diagnostics Market
COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. Largely unknown before the outbreak began in Wuhan (CHINA) in December 2019, COVID-19 moved from a regional crisis to a global pandemic in just a matter of a few weeks. The COVID-19 pandemic negatively affected the overall sales of most of the companies but had an positive impact on the infectious disease diagnostics market because of the use of infectious disease diagnostic methods for COVID-19 testing. Lockdowns resulting from the COVID-19 pandemic caused people to delay undergoing health checkups, thus affecting the number of tests being performed and sales of reagents.
- In March 2021, Roche Diagnostics Launched cobas SARS-CoV-2 Variant Set 1 Test to help monitor emerging coronavirus mutations.
- In February 2021, Thermo Fisher Scientific acquired Mesa Biotech (US) to expand the benefits of molecular diagnostics at the point of care.
- In March 2020, Abbott Laboratories launched the ID NOW COVID-19 Test.
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Driver: Global prevalence of infectious diseases and onset of COVID-19
The prevalence of infectious diseases in developed and developing regions will positively influence the growth of the infectious disease diagnostics market. The diagnosis and management of such diseases are responsible for the increasing number of prescriptions for infectious disease diagnostic tests. These factors, alongside the growing trend for preventive medicine, is expected to drive the demand for infectious disease diagnostics during the forecast period. The broad-scale population-based testing is required to improve prevention and control efforts for COVID-19. These tests are performed by infectious disease diagnostics; hence, it is expected to have a positive impact on this market.
Regional Growth Analysis:
The global infectious disease diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the global infectious disease diagnostics market. The North American infectious disease diagnostics market’s growth can be attributed to the highly developed healthcare system in the US and Canada, the presence of many leading national clinical laboratories, and the easy accessibility to technologically advanced instruments.