Global Corona Test Kit Market all Set to Grow Exponentially during the Forecast Period 2020 to 2027
As per the report published by Fior Markets, the global corona test kit market is expected to grow from USD xx billion in 2019 and to reach USD xx billion by 2027, growing at a CAGR of xx% during the forecast period 2020-2027.
The corona test kit market is growing at the skyrocketing growth rate with the recent outbreak of global pandemic Covid-19. As the coronavirus cases expanding rapidly all over the world, public health agencies, government, and hospitals are demanding more and more corona testing kits. As of March 2020, total coronavirus infected cases top 500,000 and death toll at 23,004, across the globe. Thus, to detect the infected people and to avoid further infections to a healthy person, the demand for corona test kits increasing rapidly. However, shortage of corona test kits is making the hurdle to detect the infected people, which is a crucial step for slowing the spread of coronavirus. The World Health Organization (WHO) has requested every country to conduct aggressive coronavirus testing. In February 2020, The World Health Organization (WHO) supplies corona testing kits to 57 countries. However, with the rapid increasing outbreak, every country is focusing on developing their own test kits for Covid-19.
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The 2019 Novel Coronavirus (COVID-19) is a single-stranded RNA coronavirus, which have shown similarities to SARS-CoV and other bat coronaviruses. In humans, coronaviruses cause respiratory infections and primarily occur through close contacts with an infected person via respiratory droplets generated by sneezing and coughing. The World Health Organization (WHO) has declared Covid-19 as a global pandemic, and it has spread in more than 199 countries and territories around the world. Therefore, effective detection of coronavirus has become extremely critical to slow down the spread. Currently, the corona test kits available in the market based on the two types–molecular test and serology tests and conducted through only specialized labs that are certified to do so. For the testing, the sample is taken from nose and throat swab, blood sample, sputum test, and nasal aspirate. Currently, the corona test kits are based on techniques such as real-time polymerase chain reaction (RT-PCR) test, IgG and IgM ELISA test, and microneutralization assays.
The global corona test kits market is growing at a rapid growth rate, owing to the worldwide outbreak of coronavirus. The number of patients in the hospitals is increasing rapidly, and due to these countries are trying to get access to the test kit to inspect each and every suspected person to slow the spread of the virus. In addition to this, increasing demand for corona test kits in hospitals to diagnose the patients with symptoms, further driving the growth of the market. Thus, with the growing cases of Covid-19, the corona testing kits are projected to sell rapidly in the coming years. However, the time required for results is more than 24 hours, which is a bit long, may limit the growth of the market. In addition to this, the current shortage of corona test kits also limits the growth of the market.
Key players operating in the global corona test kit market include Qiagen, Roche, Seegene, Solgent, Curetis, Kurabo, Mologic, Thermo Fischer, Mylab, Abbot, Getein Biotech, Biomaxima, CTK Biotech, and Epitope Diagnostics, Inc. among others. The rapid outbreak of coronavirus has led to the immediate development of corona test kits. Thus, many pharmaceutical companies and research organizations are working on the production of testing kits at a larger scale to meet the world demand. In addition to this, companies are also working on the overall test duration.
- For instance, March 2020, Abbott Laboratories announced the launch of small and portable corona test kit which can tell if someone is infected in just 5 minutes, and can be used in almost any health-care setting. The company is planning to supply 50,000 tests a day starting 1 April 2020, to detect the coronavirus.
- In March 2020, Roche Diagnostics announce that it has begun deploying its newly authorized cobas coronavirus diagnostic to hospitals and reference laboratories. The company plans to ship an additional 400,000 test kits per week to U.S. test sites, including from its global distribution centre in Indianapolis, Indiana.
- In March 2020, Seegene, the South Korean company, announced that Los Angeles government of U.S. has purchases 20,000 corona test kits from Seegene Technologies.
- In March 2020, Mylab, the Indian Scientific company announced that had become the first company in the country to receive approval for its coronavirus (Covid-19) diagnostic test kits, called reverse transcription-polymerase chain reaction (RT-PCR) tests.
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Molecular testing segment currently holds the largest market share in the global corona test kit market
Based on test type, the global corona test kit market is classified into molecular testing and serological testing. Serological testing further classified into microneutralization assay and ELISA testing. Molecular testing segment currently holds the largest market share in the global corona test kit market. Real-time reverse-transcription polymerase chain reaction (rRT-PCR) assays are molecular tests that are used to detect the RNA in the samples. The test works by amplifying the specific genetic sequence in the virus. Many labs are customizing their existing PCR tests for the detection of coronavirus. In addition to this, many pharmaceutical companies are working on the developing of new PCR test kits for the coronavirus.
The swab test segment currently accounted for the major market share in the global corona test kit market
Sample type segment divided into swab test, nasal aspirate, tracheal aspirate, blood test, and sputum test. The swab test segment currently accounted for the major market share in the global corona test kit market. For the corona testing, the swab from nose or throat is used for the detection. The nose and throat are the two places where coronavirus replicates. Thus, physician mostly prefers the swab sample for the coronavirus testing.
The reference laboratories segment is anticipated to grow at the highest CAGR over the forecast period
The end-user segment is classified into hospitals, point of care testing, reference laboratories, and home care. The reference laboratories segment is anticipated to grow at the highest CAGR over the forecast period. Many countries have given approvals for the labs to conduct the corona testing, is likely to drive the market growth over the forecast period.
Regional Segment Analysis of the Corona Test Kit Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global Corona test kit market classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. Currently, the Asia Pacific region is holding the largest market share in the global corona test kit market. The first outbreak of coronavirus in China in November 2019 is one of the key factors for the increased demand for test kits in China. In addition to this, many pharmaceutical and scientific companies in China have developed a large number of corona test kits in the response of global pandemic. In addition to this, massive testing campaign, coupled with intensive contact tracing helped South Korea to slow down the further spreading the coronavirus. South Korea has been on average testing 12,000 patients a day — which allows them to flatten the curve of coronavirus spreading. Furthermore, companies such as Beijing Tigsun Diagnostics Co Ltd, Qiagen, Seegene, Solgent, and Mylabs are currently developing more and more kits for the testing. In addition to this, the Indian government has allowed German company, Altona Diagnostics and Indian company to supply Covid-19 kits to both government as well as privates labs across India. Along with this, two South Korean companies S.D. Biosensor and Seegene, have also received the approval from the Indian government to supply RT-PCR based Covid-19 kits in India. On the other hand, the European region is anticipated to grow at the highest CAGR in the global corona test kit market over the forecast period. European countries such as Italy, Spain, France, and the U.K. have been majorly affected by the coronavirus. Many European countries are facing corona testing shortage, due to lack of testing kits. However, countries such as Germany and Spain, are deploying drive-through testing sites and taking majors on acquiring more testing kits for coronavirus. Therefore, the demand is anticipated to increase in the European region over the forecast period.
About the report:
The global corona test kit market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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- CDN Newswire