Report Overview

Global COVID-19 Test Kit Market Forecast and Trends

The global covid-19 test kit market is expected to grow with a significant CAGR during the forecast period due to rapid increase in the number of patients effected by corona virus across the globe. According to World Health Organization(WHO) as of 25th March 2020, 375,498 confirmed cases of corona virus were recorded, and 16,362 people died due to it across the globe. People throughout the globe continue to face the shortage of testing kits for the novel coronavirus (COVID-19) amid the rising number of those infected is the major growth factor for the global COVID-19 kit during the forecast period. With only a few locations to perform tests for the whole country, there is limited capacity.

Regulations meant to maintain the integrity of the samples, and to protect those who are handling the transportation and packaging may also delay transport. There are terms on how the samples must be packed within the container. Specimens should remain within a narrow temperature range at 2-8 degrees Celsius when shipped. These factor is driving the market to develop a cost and time efficient COVID-19 kit.

And furthermore shortage of corona virus test related supplies like virus control samples, swabs, and RT-PCR instruments for controlling the corona virus projected to influence the global COVID-19 test kit industry.

Global COVID-19 Test Kit Market: Overview

COVID-19 refers to the coronavirus disease, which is a virus strain, first identified in Wuhan, Hubei Province, China, and has only spread across the world since December 2019. Coronavirus disease (COVID-19) causes respiratory illness that can spread from person to person. The virus that causes COVID-19 probably originated from an animal source, but it is now spreading from person to person. The virus is considered to spread primarily between people who are in close contact with one another (within the range of 6 feet) through respiratory droplets produced when a corona infected person coughs or sneezes. It is also likely that a person can get COVID-19 by touching a surface or object that has the virus on it and then touching their nose, mouth, or possibly their eyes. And to detect these virus COVID-19 kits plays an important role. Patients with COVID-19 may have moderate to severe respiratory illness with symptoms of cough, fever, and shortness of breath.

Growth drivers

Surge in corona virus infected patients

Rise in the number of infected patients and increasing death ratio due to COVID-19 is the major growth driver for the global COVID-19 kit market across the globe. With countries announcing complete shutdown despite economic losses to stop the spread of corona virus. With scientist around the world working hard to develop advanced COVID-19 kit to detect corona virus easily is expected to propel the market growth.

Due to corona virus it has been advised by health authorities to wash regularly. While using COVID-19 Test Kit is a quick way to slow and prevent the spread of viruses. Warning over coronavirus has created a shortage of COVID-19 Test Kits. It is the major growth driver for the global COVID-19 Test Kit market.

Lack of COVID-19 kit

As the corona virus is newly discovered illness, due to which there is lack of kits across the globe. Different companies are trying to develop cost-effective and time efficient COVID-19 across the globe as the number of corona virus infected illness continues to grow. These factor is expected to drive the global COVID-19 market during the forecast period.

Restraint

Counterfeit kits

Increase in demand for the COVID-19 Test Kit due to recent outbreak of corona virus the availability of counterfeit products has also increased. COVID-19 Test Kit is used to detect whether a person is infected with corona virus or not. As number of corona patients are increasing, small scale companies in developing and under developed companies are using counterfeit kits detect corona patients to get financial gains.

Global COVID-19 Test Kit Market: Type

Based on type, the global COVID-19 Testing Kit market segmented into Equipment and Extraction Kits, rRT-PCR Test Kits, and Reagents9. The rRT-PCR Test Kits segment expected to gain a major share in the market during the forecast period, due to the growing demand for a test kit that can detects the virus that causes COVID-19 in respiratory specimens.

Global COVID-19 Test Kit Market: Application

Based on the application, the global COVID-19 Testing Kit market segmented into Detecting Virus, Monitoring, and Others. The Detection segment expected to dominate due to benefits such as it detects the early stage of the disease with a viral load. It recognizes main respiratory symptoms, including the patient’s nose and throat.

Global COVID-19 Test Kit Market: End-User

Based on end-user, the global COVID-19 Testing Kit market segmented into Hospitals, Clinics, Pharmacy stores, Pathology centers, and Others. Hospitals segment expected to gain maximum revenue due to the massive demand for COVID-19 Testing Kit in hospitals.  for early detection of patients and requirements for daily basis monitoring for quarantine patients in hospital. The pharmacy store segment is also expected to grow due to rise in demand for the COVID-19 testing kit by people for testing.

Global COVID-19 Test Kit Market: Regional Insights

Based on region, the global COVID-19 Testing Kit market segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region is expected generate high revenue in the global COVID-19 Kit market during the forecast period. As leading health companies are working together to develop COVID-19 kit, with increase in number of infected patient.

Asia-Pacific is estimated to grow at high CAGR during the forecast period due to high number of COVID-19 infected patients in china, and also to check and monitor to people in India and other Asia-Pacific countries.

Competitive Landscape

The leading companies of COVID-19 Test Kit Market are Cepheid Inc., AlphaBiolabs Ltd, Thermo Fisher Scientific, Cosara Diagnostics Pvt Ltd, Abbott Laboratories, Primerdesign Ltd, Hologic, Inc., Roche Holding AG, Quidel Corporation, and QIAGEN are the key players in the Global COVID-19 Testing Kit Market. and other prominent players.

Recent Development

March, 2020: Cepheid announced it has received Emergency Use Authorization (EUA) from the U.S. Food & Drug Administration (FDA) for Xpert® Xpress SARS-CoV-2, a rapid molecular diagnostic test for qualitative detection of SARS-CoV-2, the virus causing COVID-19. The test has been designed to operate on any of Cepheid's more than 23,000 automated GeneXpert® Systems worldwide, with a detection time of approximately 45 minutes.

March, 2020: Abbott announced that the U.S. Food and Drug Administration has issued Emergency Use Authorization (EUA) for the company's molecular test for novel coronavirus (COVID-19). Abbott is immediately shipping 150,000 Abbott RealTime SARS-CoV-2 EUA tests to existing customers in the U.S. The tests are used on the company's m2000™ RealTime System. Abbott will be working with health systems and government authorities to deploy additional m2000 systems where they are needed.

Scope of the Report

By Type

·        Equipment and Extraction Kits

·        rRT-PCR Test Kits

·        Reagents9

By Application

·        Detecting Virus

·        Monitoring

·        Others

By End-Use

·        Hospitals

·        Clinics

·        Pharmacy Store

·        Pathology Centre

·        Others

By Region: 

·        North America

·        Europe

·        Asia Pacific

·        Latin America

·        Middle East & Africa

The objective of the Study:

To analyze and forecast the global COVID-19 Test Kit Market size of the market in terms of value.

To examine the careful market segmentation and forecast the market size, in terms of value, based on the region by segmenting.

The Global COVID-19 Test Kit Market segmented into five regions, namely, North America, Europe, Asia Pacific, Latin America, Middle East & Africa and their leading countries.

To outline, categorized, and forecast the global COVID-19 Test Kit Market based on the type, application, and end-use.

To examine competitive developments like technological advancement, services, and regulative framework within the global COVID-19 Test Kit Market.

To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.