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.
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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
- Getein Biotech
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.
“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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