Press Release

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.

 

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "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

 

Download Free Sample Report

Customers can also request for 10% free customization on this report.

 

“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.

 

Contact

Mr. Ken Mathews

708 Third Avenue,

Manhattan, NY,

New York 10017

Tel: +1-646-360-1656

Email: [email protected]

Website: www.techsciresearch.com

Relevant News