GlobalData, a data and analytics company, on Friday estimated that the COVID-19 test market revenue for January 2023 is still equivalent to 70 percent of the market revenue for December 2020 right when testing was in dire need.
“While for many people COVID-19 has become a thing of the past due to vaccine rollouts and health and safety policies, a certain percentage of the population still take these tests to monitor potential infections or in preparation for international travel or in some cases with companies that require employees to provide a negative test to return to work. All of which has resulted in a more resilient market than previously expected,” Aidan Robertson, Medical Analyst at GlobalData, said in a statement.
Cepheid continues to be the clear market leader in COVID-19 testing and has retained this status for the last 18 months while other competitors such as F. Hoffmann-La Roche and Abbott have gradually decreased their market share.
According to GlobalData, Cepheid’s rolling out of products such as Xpert Xpress CoV-2/Flu/RSV plus and Xpert Xpress CoV-2plus has allowed it to capitalize on the concern of multiple variants of COVID-19 and has been a key mechanism to its success.
Not only do these products enhance gene coverage but in the case of Xpert Xpress CoV-2/Flu/RSV plus, it can test for multiple influenza-like illnesses as well. The adaptability of these rapid testing devices will likely benefit them not only in COVID-19 tests but in the overall in vitro diagnostics (IVD) market.
“Since COVID-19 remains in an endemic status and the behavior of the virus makes long-term immunity difficult, the need for testing is expected to be continue, though not at the same levels shown at the height of the pandemic. Companies such as Cepheid, which can adapt products to address the changing nature of the virus and potentially future variants, will make notable gains in this market,” Robertson added.