Despite Declines, COVID-19 Still a Large IVD Market

When a market declines in momentum, it’s easy to forget that it still contributes to the overall market. This is the case with COVID-19. Testmakers are separating revenues to be sure investors know the parts of their business growing and declining and what part is related to the now-endemic disease. However, this belies the fact that COVID-19 remains one of the larger testing markets in IVD overall and certainly, in infectious disease.

The global COVID-19 IVD market will reach $24 billion to $25 billion in 2023, including both immunoassay and molecular testing.

The forecast reflects an expected drop of 11% to 13% from the market size in 2022, according to Kalorama Information, a sister brand of LabPulse, in a new report titled COVID-19 Testing Market Update 2023.

Despite the decline, COVID-19 is expected to remain one of the larger single-disease categories in IVD testing, the report said. Rapid testing, mostly antigen-based, will hold up the market while lab-based polymerase chain reaction (PCR) testing declines.