COVID-19 Testing Market Declines, But Holds Value in Endemic Phase: Report
The global COVID-19 IVD market exceeded $29 billion in 2022, a figure consisting of immunoassay and molecular testing. That makes it one of the largest markets in IVD even as it becomes endemic. It is the largest single-disease infectious disease testing market, beating hepatitis and HIV, flu, TB and other categories. But it is declining, and IVD vendors have already made adjustments to deal with that. There will be an expected drop of 11-13 percent of the market this year.
Kalorama notes this in our latest report COVID-19 Testing Market Update 2023. [https://kaloramainformation.com/product/covid-19-testing-market-update-2023/] The story essentially will be lab-based PCR and immunoassay down, rapid testing and home testing up.
The COVID-19 virus has proven to be very persistent and capable of mutating – potential producing variants. This is not expected to change, creating an ongoing need for COVID-19 testing. Secondly, the landscape for COVID-19 is changing. Companies are offering multiplex testing that will provide crucial data as to whether the patient has COVID-19 or influenza from a single source test.
COVID-19 has been a consolidator of revenues rather than a competition expander in the IVD industry – The top 10 companies in 2023 hold just as much market and a little more than they did in 2019, even a little more, per our estimates detailed in the report. While a few new names are in the market, it was the companies that could most efficiently deliver COVID-19 test solutions at outbreak that deliver most of them today. Many companies have branched out offering multiplex tests that are designed to differentiate COVID-19 viruses from influenza A & B viruses.
Not surprisingly, Abbott, Roche and Danaher (inclusive of Cepheid, Beckman and other companies) lead in this market. Based on the manufacture revenues for 2022, the following are the top competitors in the COVID-19 testing market. It is anticipated that Abbott will continue to dominate the COVID-19 testing arena during the forecast period, despite a decline in revenues. The report says Abbott will continue its lead into this year.