Global COVID-19 Test Kits Market is valued at USD 4.04 Billion in 2022 and expected to reach USD 6.53 Billion by 2029 with the CAGR of 7.1% over the forecast period.
Rising highly infectious acute respiratory disease COVID-19 worldwide is driving the growth of Global COVID-19 Test Kits Market.
Laboratory testing for SARS-CoV-2 (severe acute respiratory syndrome coronavirus 2) includes methods that detect the presence of virus and those that detect antibodies produced in response to infection. As of 21st March 2020, the CDC recommends RT-PCR for initial screening. The presence of viruses is generally confirmed by RT-PCR, which detects the coronavirus’ RNA. This test detects only the RNA of the SARS-CoV-2 and is used to confirm very recent or active infections. Detection of antibodies (serology) can be used both for diagnosis and population surveillance. Antibody tests show how many people have had the disease, including those whose symptoms were minor or who were asymptomatic. An accurate mortality rate of the disease and the level of herd immunity in the population can be determined from the results of this test. Due to limited testing, as of March 2020 no countries had reliable data on the prevalence of the virus in their population. So, due to rising prevalence of patient against testing of viral disease the demand for Covid-19 test kits will increases over the period of time.
Covid-19 Test Kits market report is segmented based on kit type, specimen type, end-users and by regional & country level. Based upon kit type, Covid-19 test kits market is classified into equipment and extraction kits, rRT-PCR test kits and Reagents9. Based upon specimen type, Covid-19 test kits market is classified into nasopharyngeal swab, oropharyngeal swab, nasal swab and others. Based upon end-user, Covid-19 test kits market is classified into pathology centers, pharmacy stores, clinics, hospitals and others.
The regions covered in this Covid-19 Test Kits market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Covid-19 Test Kits is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Covid-19 Test Kits Market Players like,
Rapid outbreak of highly infectious acute respiratory disease COVID-19 at global level and continuous growth in number of patients suffering from COVID-19 boost the growth of market. As per the World Health Organization (WHO), as of 26th March 2020; 462, 684 confirmed coronavirus cases were recorded with 20,834 deaths globally. The outbreak of coronavirus pandemic has brought a revolution in the medical industry. Companies across the globe have been engaged in developing instruments and kits that carry the potential of detecting coronavirus in an individual, contributing towards a prolific rise in the growth of the COVID-19 detection kits market. For instance; Bione has developed India’s first ever home detection kit for coronavirus. The Bengaluru-based genetic and microbes testing services have gained traction globally owing to its novel innovation of home-based detection test which has received approval from the Indian Council of Medical Research. Moreover, shortage of coronavirus test related supplies such as RT-PCR instruments, swabs and virus control samples to control the coronavirus are projected to impact the global COVID-19 test kit market.
North America is dominating the Covid-19 Test Kits market with the potential rate in terms of revenue due to the high number of infected patients from novel coronavirus. As per the current data i.e. on March 31st, 2020; the U.S. recorded 180,789 of infected cases. According to world economic forum, the U.S. now has the highest coronavirus-related death toll in the world, passing Italy. The country has recorded more than 20,000 deaths since the start of the outbreak.
Asia-pacific is anticipated to grow at a highest CAGR over forecast period due to huge population base of China and India which require rapid and large-scale testing to contain the spread of coronavirus and favorable government policies boost the market growth. For instance; Australian Regulators have approved rapid Covid-19 testing kits manufactured by Melbourne bases company and are expected to export 50,000 kits in its initial shipment.
|Historical data||2016 - 2021|
|Forecast Period||2022 - 2029|
|Market Size in 2022:||USD 4.04 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2029:||USD 6.53 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||QIAGEN, Quidel Corporation, Roche Holding AG, Hologic, Inc., Primerdesign Ltd., Abbott Laboratories, Cosara Diagnostics Pvt. Ltd., Thermo Fisher Scientific, AlphaBiolabs Ltd., Cepheid Inc., others.|
|Segments Covered||By Kit Type, By Specimen Type, By End-User|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|