Europe to Dominate Coronavirus Testing Kits Market until 2026
Growing cases of
COVID-19 disease across the globe to drive the growth of global coronavirus
testing kits market.
According to TechSci Research report, “Global Coronavirus
Testing Kits Market By Type of Test (Molecular v/s Serological), By Use (Multiple
Test v/s Single Test), By Full Test Time (5 Hours-12 Hours, 1 Hours-5 Hours, 15-60
Minutes, Less than 15 Minutes, 12 Hours-24Hours, More Than 1 Day), By
Technology (RT-PCR, Rapid Diagnostic Test, ELISA Tests, Others), By Specimen
Type (Nasopharyngeal specimen, Oropharyngeal specimen, Blood, Sputum, Others), By
Mobility (Stationary v/s Mobile), By End Use (Public Health Labs, Hospitals,
Private or Commercial Labs, Physician Labs, Others), By Region, Forecast &
Opportunities, 2026”, the global coronavirus
testing kits market was valued at USD50697.36 million in 2020 on account of the
increasing R&D activities related to the production of coronavirus testing
kits by major companies and research laboratories around the globe.
Additionally, increasing funding and grants by various governments around the globe
for the development of testing kits, so that they can identify each case and
take necessary preventive measures, is expected to foster the market over the
next few years. Moreover, the deployment of test kits at a massive scale for
testing people is anticipated to spur the market. Furthermore, increasing
healthcare spending and rising need to protect the population from the outbreak
are propelling the growth of the market. However, the high cost of testing kits
might hamper the growth of the market, especially in developing economies.
Additionally, the non-availability and shortage of testing kits might hinder
the growth of the market. Besides, it has been found that some testing kits are
not that efficient, which is negatively impacting market growth.
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Coronavirus Testing Kits Market"
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The global coronavirus testing kits market is
segmented based on type of
test, use, full test time, technology, specimen type, mobility, end use,
company and region. Based on type, the market can be bifurcated into molecular and
serological tests. The molecular type of test segment is expected to dominate
the market during the forecast period since it looks for the signs of an active
infection or symptom. The specimen collected from the nasopharyngeal route is
taken and sent for testing. Additionally, the sample undergoes a PCR test to
find out the presence of the virus’ genetic material. The PCR confirms the
diagnosis of COVID-19 if it finds two genes of the SARS-COV-2 virus. Moreover, these
tests are helpful in identifying the current cases of the COVID-19 disease. The
serological tests segment is expected to witness significant growth during the
forecast years since these tests are done using blood samples and detect the
antibodies produced by the body against the virus. Such antibodies are present
in an individual who has just recovered from COVID-19. Further, these tests are
helpful in determining patients with mild or no symptoms. Based on use, the
market can be divided into single test and multiple test. The multiple testing
kits segment is expected to witness significant growth in the market during the
next five years since they are based on community testing and are a faster and
reliable method of getting results within groups of people. Additionally, they
provide faster diagnosis, are accurate, and simple & convenient to use.
Based on full test time, the market can be fragmented into 5 Hours-12 Hours, 1
Hours-5 Hours,15-60 Minutes, Less than 15 Minutes,12 Hours-24 Hours, More Than
1 Day. The 5-12 hours segment is expected to dominate the market since the most
preferred mode for testing, RT-PCR, generally takes this much time for the
diagnosis of COVID-19. The RT-PCR test is followed by gene fingerprinting which
usually takes time. The 15-60 minutes segment is also expected to witness
significant growth during the forecast years because California-based molecular
diagnostics company, Cepheid, has developed a rapid coronavirus diagnostic test
with a detection time of about 45 minutes and has got approval from the FDA. Also,
Abbott Laboratories has developed a rapid test that will take around 5 minutes
to diagnose the disease. Based on specimen type, the market can be segregated
into nasopharyngeal specimen, oropharyngeal specimen, blood, sputum, and others.
The nasopharyngeal specimen type is expected to dominate the market since these
are the two prominent regions where the coronavirus replicates and hence are
preferred for taking the patient’s specimen or sample. Also, the blood specimen
type segment is expected to grow rapidly during the forecast period on account
of the availability and growing preference for antibody-based testing kits,
since they provide faster diagnostics of the disease. Based on end use, the
market can be grouped into public health labs, hospitals, private or commercial
labs, physician labs, others. The public health labs segment is expected to
dominate the market owing to the presence of sophisticated diagnostic and
treatment facilities they provide.
Abbott Laboratories, Altona Diagnostics GmbH, Roche
Holding AG, BioMedomics Inc., Getein Biotech Inc, Hangzhou Biotest Biotech
Company Ltd., AmonMed Biotechnology Co. Ltd., Beijing Tigsun Diagnostics Co Ltd.,
CTK Biotech Inc., Hunan Lituo Biotechnology Co. Ltd., Vivacheck Labaratories
Inc., Thermo Fisher Scientific Inc., Siemens AG, Seegene Technologies Inc.,
FastSense Diagnostics Pvt. Ltd., Quest Diagnostics Inc., Quidel Corporation, Becton
Dickinson and Company, QIAGEN N.V., PerkinElmer Inc. and others are some of the
leading players operating in the global coronavirus testing kits market. The companies operating in the market are using organic
strategies such as product launches, mergers and collaborations to boost their
share. For instance, in March 2020, Pune (India) based molecular diagnostic
company, Mylab, became the first Indian company to have received the validation
for its COVID-19 diagnostic test kits also known as the Reverse Transcription
Polymerase Chain Reaction (RT-PCR) tests by the Drug Controller of India, after
the National Institute of Virology validated its test. Today, the company along
with companies like Altona Diagnostics and Siemens is supplying diagnostic kits
to the world.
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“Asia-Pacific
is expected to grow at a faster rate during forecast years since China was the
epicenter of this novel coronavirus disease, hence witnessing a great demand
for the testing kits. Additionally, many other
countries in the region along with China have already developed their testing
kits and are supplying them to the world. For instance, in March 2020, Seegene,
a South Korean company, announced that Los Angeles, Government of U.S., has
purchased 20,000 corona test kits from Seegene Technologies. Mylab (India) is
also supplying kits to the world. Also, Japan Kurabo Industries Ltd., has
apparently launched a new range of testing kits which are expected to give
results within 15 minutes.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global
Coronavirus Testing Kits Market By Type of Test (Molecular v/s Serological), By
Use (Multiple Test v/s Single Test), By Full Test Time (5 Hours-12Hours, 1
Hours-5 Hours,15-60Minutes, Less than 15 Minutes,12 Hours-24Hours, More Than 1
Day), By Technology (RT-PCR, Rapid Diagnostic Test, ELISA Tests, Others), By
Specimen Type (Nasopharyngeal specimen, Oropharyngeal specimen, Blood, Sputum,
Others), By Mobility (Stationary v/s Mobile), By End Use (Public Health Labs,
Hospitals, Private or Commercial Labs, Physician Labs, Others), By Region,
Forecast & Opportunities, 2026”,
has evaluated the future growth potential of the global coronavirus testing
kits market and provides statistics and 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 the global coronavirus testing
kits market.
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