Europe to Dominate Coronavirus Testing Kits Market During the Forecast Period
Growing cases of COVID-19 disease across the globe to
drive the growth of global coronavirus testing kits market.
According to TechSci Research report, “Coronavirus Testing Kits
Market
- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast,
2017-2027”, the global coronavirus
testing kit market stood at USD68129.19 million in 2021 and is expected to grow
at a steady CAGR during the forecast period on account of growing cases of
COVID-19 disease across the globe.
Increasing R&D activities connected to the manufacturing of
coronavirus testing kits by key firms and research institutions throughout the
world are likely to propel the global coronavirus testing kits market forward
during the forecast period. Additionally, the market is predicted to grow in
the coming years as various governments around the world increase funding and
grants for the development of testing kits so that they can identify each case
and take essential preventive actions.
Furthermore, the widespread use of test kits to test covid is expected
to boost the industry. In addition, rising healthcare spending and the growing
need to protect the population from an outbreak are boosting market growth. Apart
of that, due to the increase in the number of Omicron variant of COVID-19 cases
has also turned out to be a boon for coronavirus testing kit makers, as people are
buying self-test kits to test at home.
This has, however, also lead to enhance the growth of Coronavirus
testing kit market. However, the high cost of testing kits may stifle market
expansion, particularly in underdeveloped countries. In addition, a lack of
testing kits and a scarcity of them could stymie industry expansion.
Furthermore, it has been shown that some testing kits are ineffective, which
has a negative impact on market growth.
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The global coronavirus testing kits market is segmented based on type of
test, use, full test time, technology, specimen, mobility, end use, company,
and region.
Based on type of test, the market can be bifurcated into molecular and
serological tests. Because it looks for symptoms of an active infection or
symptom, the molecular type of test segment is likely to dominate the market
over the projection period. Furthermore, these tests are useful in identifying
existing COVID-19 illness cases. Because these tests are done using blood
samples and detect the antibodies produced by the body against the virus, the
serological tests segment is predicted to increase significantly throughout the
forecast years.
Furthermore, these tests are useful in identifying people who have just
minor or no symptoms. Based on use, the market can be divided into Multiple
test and single test. Because they are based on antibody tests and give early
disease detection, the Multiple Testing Kits category is predicted to increase
significantly in the market over the next five years. They also give quicker
diagnosis, are accurate, and are simple and convenient to use. They are also
accessible at reasonable costs with prompt delivery of the kits.
Based on specimen, the market can be segregated into Nasopharyngeal
specimen, Oropharyngeal specimen, Blood, Sputum, others. The Nasopharyngeal specimen
type is expected to dominate the market since it is 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
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 is expected to dominate the market owing to the presence of sophisticated
diagnostic and treatment facilities in them.
Key market players in the global coronavirus testing kits market
include:
·
Thermo Fisher Scientific Inc.
·
Abbott Laboratories
·
Roche Holdings AG
·
Quest Diagnostics Inc.
·
Quidel Corporation
·
PerkinElmer Inc.
·
QIAGEN NV
·
Becton Dickinson and Company
·
BioMedomics
·
Getein Biotech
·
Sensing Self Ltd
·
Hangzhou Biotest Biotech
·
Beijing Tigsun Diagnostics Co Ltd
·
Biomaxima
·
CTK Biotech
·
Hunan Lituo Biotechnology Co
·
Vivacheck Lab
·
MD Solutions
·
Siemens
·
Seegene Technologies
·
FastSense Diagnostics
There are a lot of
well-established players in the Global Coronavirus test kits market, who have
presence in several countries and there are several domestic players possessing
leadership in certain regions and countries, among others. Thermo Fisher
Scientific Inc. is among the top five market players globally and holds the
highest market share.
Abbott Laboratories, Inc.,
ranks second in terms of market share in the global coronavirus testing kits
market. The company has a strong presence globally and a huge brand value.
People in emerging countries are aware of the presence, product portfolio and
business of the company and are preferring it over other competitor brands.
Additionally, there are other
prominent players such as Roche Holdings AG, Quest Diagnostics Inc., Quidel
Corporation, PerkinElmer Inc., QIAGEN NV, Becton Dickinson and Company, among
others, holding a significant position in the global coronavirus testing kit
market.
The Companies are adopting
innovative technique to compete in the market. For instance, in April 2020,
Hememics Biotechnologies Inc., collaborated with Biomedical Research and
Development Authority (BARDA) to develop a rapid COVD-19 antigen and antibody
diagnostic tool which is Bluetooth-enabled and screens people within 60 seconds
with a single drop of blood or mucus.
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“Europe is expected to dominate the global coronavirus testing
kits market during the forecast period. This can be attributed to the growing
investments in research developments of rapid Covid-19 testing kits (antigen
kits) and presence of key players and merger of various companies &
government for development of coronavirus testing kits in this region.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
Global management consulting firm.
“Coronavirus Testing Kits Market - Global Industry
Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027 Segmented By Type of
Test (Molecular v/s Serological), By Use (Multiple Test vs Single Test), By Full
Test Time (5 Hours- 12 Hours, 1 Hour- 5 Hours, 15-60 minutes, Less than 15
minutes, 12 Hours - 24 Hours, More than 1 day), By Technology (RT-PCR, Rapid
Diagnostic Test, ELISA Test, Others), By Specimen (Nasopharyngeal Specimen,
Oropharyngeal Specimen, Blood, Sputum, Others), By Mobility (Stationary and
Mobile), By End Use (Public Health Labs, Hospitals, Private or Commercial Labs,
Physician Labs, Others), By Region”,” has evaluated the future growth
potential of global coronavirus 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 coronavirus testing kits market.
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