Rising Global Demand for COVID-19 Testing Kits

Wed, 20 May 2020 10:28

The coronavirus pandemic has created havoc across the globe, with the number of infected cases and death tolls rising at an alarming rate. Governments are channelizing efforts to develop maximum test kits to control the pandemic in the shortest possible time. The medical devices and diagnostics companies are constantly analyzing the degree to which the coronavirus crisis will affect the business. Rising demand for diagnostics is subsequently bolstering the demand for viral molecular diagnostics. Moreover, the growing demand for testing kits from various end-users such as hospitals, laboratories, and academic institutions provide an impetus to the market growth. Increasing the use of advanced technologies, rising research activities, and increasing government funding to manufacture COVID-19 drugs and vaccines drive market growth

COVID-19-Testing-Kits-Market-Driver

In April 2020, Affinity Health Partners launched a COVID-19 point-of-care test, which is in compliance with the FDA-designed Coronavirus Policy (COVID-19) Virus Testing. Similarly, Randoxhas developed a rapid test for COVID-19 (SARS-CoV-2) using Randox Biochip Technology, reporting 540 results in less than 5 hours.

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Key Highlights

  • The COVID-19 testing kits market was valued at USD 2,810.90 million in 2019 and is expected to grow with a CAGR of 17.4% during the forecast period
  • The immunoassay test strips/cassettes segment leads the market on account of the rising production of COVID-19 detection to cater to the growing market demand
  • The diagnostic laboratories segment holds the second-largest market share as it aids in decelerating the prevalence of several diseases, especially in the underdeveloped and developing countries
  • North America dominates the COVID-19 test kits market on account of the rising demand for test kits to address the growing prevalence of COVID-19 and related deaths. Additionally, the leading manufacturers are actively working to produce advanced test kit providing an impetus to the market growth

Key Players

  • Abbott Laboratories
  • BGI
  • BioFire Diagnostics
  • Cepheid, F
  • Hoffmann-La Roche
  • GenMark Diagnostics
  • Guangzhou Wondfo Biotech
  • Mylab Discovery Solutions
  • Qiagen
  • Quidel Corporation
  • Randox Laboratories
  • SD Biosensor
  • Seegene
  • Shenzhen Bioeasy Biotechnology
  • Thermo Fisher Scientific

Recent Developments

  • In March 2020, Hologic received the U.S. FDA’s Emergency Use Authorization (EUA) certificate for its novel coronavirus SARS-CoV-2 molecular test
  • In March 2020, Cepheid received the U.S. Food & Drug Administration (FDA) Emergency Use Authorization (EUA) for Xpert Xpress SARS-CoV-2, a molecular diagnostic procedure for qualitative identification of SARS-CoV-2

COVID-19 Testing Kits Market Segmentation

By Product

  • RT-PCR assay kits
  • Immunoassay test strips/cassettes

 By Specimen Type

  • Nasopharyngeal swab
  • Oropharyngeal swab
  • Nasal swab

By End User

  • Hospitals
  • Diagnostic centers

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Central and South America and the Caribbean
  • The Middle-East and Africa

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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