Virus Testing Kits Market to Grow with a CAGR of 5.55% Through 2028
Growing
prevalence of infectious diseases and rising awareness regarding early
diagnosis is expected to drive the Global Virus Testing Kits Market growth in
the forecast period, 2024-2028.
According
to TechSci Research report, “Virus Testing Kits Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018–2028F”, Global Virus Testing Kits Market stood at USD 14.84 Billion
in 2022 and is anticipated to project robust growth in the forecast period with
a CAGR of 5.55% through 2028. The increasing prevalence of infectious diseases
and the growing number of outbreaks are key drivers for the global virus test
kits sales market. Moreover, the rising demand for point-of-care (POC) testing
and home-based self-testing is fueling market growth. Furthermore, government
initiatives to promote awareness about early disease detection and treatment
are expected to generate lucrative opportunities for market players in the
forecast period.
Due
to the constant evolution of viruses and the ongoing detection of new
illnesses, there is a significant demand for diagnostic tests for viruses. For
instance, the recently identified coronavirus causes a respiratory illness with
symptoms appearing between 2 to 14 days after infection. Moreover, these
symptoms resemble those of a common cold, making early detection challenging.
As per the data from the Centers for Disease Control and Prevention, there were
330,891 cases of COVID-19 in the US as of April 6, 2021, resulting in 8,910
fatalities. Research facilities worldwide are currently developing novel viral
testing diagnostic kits capable of detecting the new coronavirus. This is
anticipated to drive substantial growth in the market for viral testing
diagnostic kits. Furthermore, the increasing prevalence of viral infections,
advancements in molecular diagnostics, and clinical research are among the key
factors propelling the global viral illness diagnosis market. The development
of precise rapid screening tests with improved detection time, along with the
availability of effective therapies, is driving market progress. Additionally,
the introduction of new quick diagnostic test kits, facilitated by innovative
approaches and recent breakthroughs in viral testing procedures, is expected to
further boost the growth of the global viral diagnostic test kits market during
the forecast period.
Robust
testing strategies are widely recognized as a crucial element in preparedness
and response to the COVID-19 pandemic. They facilitate early detection of
infection rates and transmission, among other factors. Many countries have
implemented mass testing strategies to mitigate the spread of infections.
Airports have conducted tests on individuals arriving from other countries,
while domestic travel has required COVID-19 certificates. Rapid test kits have
also been deployed to test individuals on-site, aiming to curb the transmission
of infections. Notably, numerous NGOs, regulatory bodies, and companies have
capitalized on the market opportunity by manufacturing COVID-19 test kits. This
increased investment has led to a significant boost in production volume,
thereby expanding the availability of rapid testing for COVID-19 and other
viral diseases in the market.
However,
the high cost of test kits and the shortage of skilled personnel present
significant challenges to market growth. Additionally, false-positive results
associated with these tests can also impede market expansion.
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"Global Virus Testing Kits Market.”
The
Global Virus Testing Kits Market is segmented into test type, application, end
user, regional distribution, and company.
Based on end user, the market is segmented into hospitals
& clinics, diagnostic centers & laboratories, academic & research
institutions, and others. The market share of the Diagnostic Centers &
Laboratories segment is witnessing fastest growth due to the rising prevalence
of disorders necessitating blood testing. Despite significant advancements in
cleanliness and treatment, infectious diseases continue to pose a high
prevalence. It is estimated that infectious diseases will result in the loss of
more than 14 million lives annually worldwide which is expected to increase the
demand for diagnosis of disease for early intervention.
Based on region, North America segment is expected
to grow during the forecast period. Because
of the region's rising population, the Asia-Pacific region is a fast-growing
market for test diagnostic kits. According to the World Health Organisation,
China has 81093 coronavirus-infected persons, and 3,242 people have died from
the disease since the pandemic began in December. Furthermore, North America
dominates the viral test diagnostic kits market due to increasing investment in
research and development kit manufacturing businesses, as well as expanded
testing laboratories and hospitals. In addition, as a result of zika virus
infections, the need for viral test diagnostic kits is increasing in this
region. The growth of COVID cases in countries such as the United States may be
attributed to the market's expansion in the North American subcontinent
throughout the forecast period. Aside from that, the introduction of innovative
test kits, as well as favourable government policies governing product
production, are likely to provide a stable growth platform for the
subcontinent's viral diagnostic test kits market throughout the forecast
period.
Major
companies operating in Global Virus Testing Kits Market
are:
- Qiagen N.V.
- Abbott Laboratories Inc
- Thermo Fisher Scientific Inc
- Becton, Dickinson and Company
- BioMérieux SA
- Quidel Corporation
- .Rapikit
- Zoetis Inc
- Luminex Corporation
- F. Hoffmann-La Roche Ltd
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“The virus testing kit is a diagnostic
tool used to detect antibodies in infected individuals. Various testing
methods, such as DFA, agglutinating testing, PCR, and solid-stage testing, are
employed. The technology platform, including enzyme-assisted nano complexes for
visual identification of nucleic acids, can be designed to detect a wide range
of diseases. Additionally, it aids in controlling emerging infectious diseases
and high-prevalence infections. These kits are based on techniques commonly
used in virology laboratories for detecting virus antibodies through tests like
rapid antigen testing, serology, or molecular diagnostics. The market growth is
driven by the rise in rapid and point-of-care testing, increasing prevalence of
virus-based diseases, and a higher rate of early diagnosis. Companies are
investing significantly in research and development activities for novel viral
testing kits. Furthermore, the COVID-19 pandemic has substantially contributed
to the exponential boost in the market. These factors collectively contribute
to the global development of virus test kits and drive market growth.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Virus Testing Kits
Market Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028 Segmented By Test Type (DFA Tests,
Lateral Flow Tests, RT-PCR, Agglutination Assays, Solid-Phase Assays, Others), By
Application (Influenza, Hepatitis, HIV, Measles/Rubella, Rotavirus, Others), By
End User (Hospitals & Clinics, Diagnostic Centers & Laboratories,
Academic & Research Institutions, Others), By Region and Competition”,
has evaluated the future growth potential of Global Virus Testing Kits Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Virus Testing Kits Market.
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