The global COVID-19 diagnostic market size was valued at USD 97.4 billion in 2021 and is expected to decline at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2030. The market is driven by rising government initiatives targeted toward the implementation of mass testing. On 1st September 2020, Hong Kong began voluntary mass testing with the help of healthcare personnel from mainland China. Around 1.78 million Hong Kong citizens were tested as of 15th September 2020. The considerable increase in patient population around the world, the enormous need for speedy diagnostics, and the lack of specific drug or vaccination are the primary factors driving the market for Covid-19 diagnostics.