New Research Shows the Largest Companies in Diagnostics Earned the Most From Covid-19 Testing in 2021

- Abbott Diagnostics, Thermo Fisher Scientific, Roche and a handful of other large companies took the lions share of revenue related to COVID -19 testing. The wholesale market alone reached nearly $40 Billion in 2021

- Testing activity surged in the 4th Quarter driven by an Omicron Variant that defied measures to halt its spread

- Nearly 4 billion tests were performed globally in 2021 creating the largest testing program the world has seen. The largest companies were able to scale up quickly to meet demand, earning billions in additional revenues

YORK, England, March 4, 2022 /PRNewswire/ -- Large companies that were able to scale up quickly to meet unprecedented demand for COVID-19 diagnostics reaped windfall profits in 2021. The less dangerous Omicron variant proved to be highly communicable, causing rapid widespread infection across the globe that was not held back by any measures to restrain it, creating unprecedented demand for COVID-19 testing in the final quarter of the year.

"Over the counter (OTC) and home-based testing was another area where demand surged as affordable tests disappeared from shelves as soon as they were available, with some stores implementing rationing systems," said Greg Powell, President of Howe Sound Research, and chief author of the new report: COVID-19 Diagnostics: Global Market Forecasts by Technology, Product, Channel and Country - Assay Volumes & Market Size Outlook to 2026 (Includes 2021 Market Share).

"We are expecting a 'back to normal' zeitgeist to sweep the globe in 2022 however demand for all types of respiratory diagnostics has changed forever which is creating a new industry around quick and convenient cold and flu testing. The technology gold rush is just beginning," added Greg.

The report examines the post-pandemic future of COVID-19 testing and the wider implications for respiratory diagnostics which is available from Biopharma Research Ltd.

Contact: Claire Nicholson [email protected], Tel: +44(0)1904 868857.

SOURCE Biopharma Research Ltd