According to GlobalData, there is still a steady demand for COVID-19 tests despite the decrease in confirmed cases. In fact, the COVID-19 test market revenue for January 2023 is estimated to be 70% of the market revenue for December 2020, when testing was in high demand.
Medical Analyst at GlobalData, Aidan Robertson, explains that while many people may consider COVID-19 to be a thing of the past due to vaccine rollouts and health and safety policies, there is still a percentage of the population who take these tests for monitoring potential infections or in preparation for international travel. Additionally, some companies require employees to provide a negative test to return to work.
Robertson notes that since COVID-19 remains in an endemic status and long-term immunity is difficult, the need for testing is expected to continue, although not at the same levels seen during the height of the pandemic.
Overall, it appears that the COVID-19 test market will remain resilient and in demand for the foreseeable future.
