Albany, USA, Fast.MR /- According to a new report published by FastMR titled, “COVID-19 Kits Market by Product, Specimen, and End-Use: Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global COVID-19 kits market is estimated to reach around USD 1.7 billion in 2020 and is expected to grow with the CAGR of 12.9% during the forecast period 2020-2027. Growing corona infected cases around the globe is projected to fuel the market growth
An outbreak of coronavirus disease around the globe is expected to drive the market growth over the forecast period. The number of corona related infected personnel has crossed more than 2 million individuals as of April 2020. The sheer growth in a number of infected cases around the globe has caused an alarming situation. The U.S. is the worst affected country and has witnessed more than 52,000 deaths since 4th March 2020. The rising number of deaths around the globe is likely to fuel the demand for more testing which in-turn is expected positively influence the market growth over the coming years.
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The industry is facing a real challenge, as the demand for testing kits around the globe is rapidly increasing, so are the cases related to faulty kits supplied by China. Many countries around the globe have rejected the testing kits provided by Chinese suppliers. Recently, the UK has rejected nearly 3.5 million COVID-19 kits supplied by China. Similarly, countries like Spain and Netherlands have also rejected Chinese kits as it showed flawed results.
Geriatric population is the most prone age group which is suffering heavy losses due to coronavirus. Total number of deaths have touched nearly 196 thousand personnel as of April 2020. Out of this nearly 90% belong to the old age group. This is a significant challenge for governments around the globe.
Key vendors of the industry are Thermo Fischer Scientific, Mylab Discovery Solution, SD Biosensors, Seegene, Randox Laboratories, Quidel Corporation, Qiagen, Abbott Laboratories, GenMark Diagnostic, and BGI. Industry participants are focusing towards the expansion of production capacities to cater to growing demand from around the globe.
On the basis of product, the market is bifurcated into immunoassay test kits and real-time PCR test kits. The demand for real-time PCR test kits is projected to dominate the market share over the predicted timeline. This specific product segment offers a greater advantage over its counterparts in terms of accuracy. Thereby, driving its demand across the globe.
Immunoassay test kits offer ease in terms of testing and operation. Although, a higher level of errors in terms of specificity post a serious challenge for the growth of this segment over the coming years.
On the basis of the specimen, the market is bifurcated into oropharyngeal swab and nasopharyngeal swab. Among this category, an oropharyngeal swab is projected to dominate the market share over the coming years.
The efficiency of results while doing oropharyngeal swab is greater in compared to its counterpart. In addition, this category is already known for detecting other virus-related diseases such as influenza, adenovirus, and parainfluenza. Thus, accurate results offred by this segment is likely to propel its market growth over the forecast period.
Global COVID-19 kits Market Segmentation
-Real-Time PCR Kits
– Immunoassay Test Kits
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