Global Coronavirus Test Kits Market – Industry Trends and Forecast to 2030

Coronavirus Test Kits Market Analysis and Size

SARS-CoV-2 sampling is the essential step in the effective diagnosis of active infection. The Centers for Disease Control and Prevention (CDC) and several other healthcare organizations have launched standard procedures and guidance for effective specimen collection and streamlining COVID-19 sample collection solutions, thus enhancing the market. Furthermore, serological tests are used for population surveillance, diagnosis, and the identification of antibodies.

Data Bridge Market Research analyses that the coronavirus test kits market, which was USD 10.59 billion in 2022, would rocket up to USD 46.49 billion by 2030 and is expected to undergo a CAGR of 20.3% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Coronavirus Test Kits Market Scope and Segmentation

Market Definition

Coronavirus test kits are the sampling techniques used to detect the coronavirus. These are of varied types and are hugely used in hospitals and research institutes. These test kits detect the novel coronavirus that spreads by close contact with an infected individual and is mainly spread via respiratory droplets produced by coughing and sneezing.

Global Coronavirus Test Kits Market Dynamics

Drivers

• Technological Advancements Associated with COVID-19 Test Kits

Different manufacturers created several innovative rapid testing kits, which include cards, cups, and smart test kits. Saliva samples were used in painless, quick testing kits. Moreover, test kits with quicker findings were launched on the market. Rapid testing is favored over other COVID-19 testing kits due to these developments. For instance, Meril Diagnostics, an international medical firm with operations in India, manufactures the non-prescription CoviFind COVID-19 Rapid Antigen Self-Test, which is widely available and has received approval from the Indian Council of Medical Research (ICMR) for routine usage in India. Therefore, as a result, this factor drives market growth.

• Increasing Initiatives by Authorised Organizations  

There have been increasing developments by organizations that are leading the market growth. For instance, the FDA granted LabCorp an Emergency Use Authorization (EUA) for a combination home collection kit in 2021 that may detect COVID-19 and influenza A/B in children as young as 2. Those who match clinical standards, such as having symptoms caused by coming in contact with someone having COVID-19, or being requested to be diagnosed by a healthcare physician, will receive the kit free of charge. Thus, these types of initiatives are helping in boosting the growth of the market.

Opportunities

• Wide Availability Of Swabs In Numerous Configurations

The increasing availability of swabs in several configurations for advanced infection detection is one of the major factors boosting the market growth. For instance, researchers at the University of South Florida (USF) Health launched a 3D-printed nasal swab prototype for commercial usage in 2020. As of 25th November 2020, the organization has launched 100,000+ products, and hospitals globally have implemented their 3D files to launch tens of millions more swabs for use in a point-of-care setting. Thus, this factor enhances the growth size.

• Increasing Need for Test Kits In Hospitals

The need for coronavirus test kits has extended along with the spread of coronavirus. With the help of test kits, coronavirus identification has become more essential than ever to control the infection's spread and increase market expansion. As the kits are based on techniques that include real-time IgM ELISA tests, polymerase chain reactions, and microneutralization assays, samples are taken from the different areas for testing. Thus, this factor boosts the market growth.

Restraints/Challenges

• Inaccuracy Associated with Fast Testing

The time required for the result takes more than 24 hours, which is a bit longer and will act as a restraint. The increased number of false-positive and false-negative results is one of the primary drawbacks of fast testing. COVID-19 test kits contain findings that were both falsely positive and falsely negative. When verified with other COVID-19 testing, people with COVID-19 symptoms both tested negative and positive simultaneously. These incidents reduced the use of COVID-19 fast test kits. Thus, this factor restricts the market growth.

This coronavirus test kits market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the coronavirus test kits market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In 2020, Hememics Biotechnologies Inc., which is a research and development business with headquarters in the U.S., created cooperation with the Biomedical Research and Development Authority (BARDA) to establish a rapid antigen and antibody detection instrument that is Bluetooth-enabled.

Global Coronavirus Test Kits Market Scope

The coronavirus test kits market is segmented on the basis of test type, sample type and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Test Type

• Molecular Testing
• Serological Testing

Sample Type

• Swab Test
• Nasal Aspirate
• Tracheal Aspirate
• Blood Test
• Sputum Test

End User

• Hospitals
• Point of Care Testing
• Reference Laboratories
• Home Care

Coronavirus Test Kits Market Regional Analysis/Insights

The coronavirus test kits market is analyzed and market size insights and trends are provided by test type, sample type and end-user as referenced above.

The countries covered in the coronavirus test kits market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the coronavirus test kits market due to faster product approvals, launches, and better distribution of home test kits. Also, government bodies are actively engaged in disease management in the region, boosting the market growth.

Asia-Pacific is expected to witness significant growth as it holds the largest market share in the global coronavirus test kits. The first outbreak in China in 2019 is one of the primary factors for increased market demand for the test kit. This increasing pandemic led to a higher demand of test kits in this region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The coronavirus test kits market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for coronavirus test kits market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the coronavirus test kits market. The data is available for historic period 2011-2021.

Competitive Landscape and Coronavirus Test Kits Market Share Analysis

The coronavirus test kits market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to coronavirus test kits market.

Some of the major players operating in the coronavirus test kits market are:

• QIAGEN (Germany)
• F.Hoffmann-La Roche Ltd (Switzerland)
• Seegene Inc (South Korea)
• SolGent Co. Ltd (South Korea)
• Curetis (Germany)
• KURBO INDUSTRIES LTD. (Japan)
•  Devex (U.S.)
• Thermo Fisher Scientific (U.S.)
• Mylab Discovery Solutions Pvt. Ltd (India)
• Abbott (U.S.)
• Getein Biotech, Inc (China)
• Biomaxima SA (Poland)
• CTK Biotech, Inc (U.S.)
• CDC (U.S.)
• BGI (China)
• Luminex Corporation (U.S.)
• PerkinElmer Inc (U.S.)

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