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 USD 50697.36 million in 2020 on account of the increaing 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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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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