Growing cases of COVID-19 disease across the globe to drive the growth of global coronavirus testing kits market
According to TechSci Research report, “Global Coronavirus Testing Kits Market By Type of Test (Molecular v/s Serology), By Use (Disposable v/s Reusable), By Full Test Time (5 Minutes, 5- 15 Minutes, 15-60Minutes, 1 Hours- 5 Hours, 5 Hours-12Hours, 12 Hours-24Hours, More Than 1 Days), By Technology (RT-PCR, IgG, IgM ELISA Test, Microneutralization Assays), By Specimen Type (Nose & Throat Swab, Blood, Sputum, Nasal Aspirate), By Mobility (Portable v/s Stationary), By End Use (Hospitals, Clinics, Public Health Labs, Private or Commercial Labs, Physician Labs, Research Institutes, Others), By Region, Forecast & Opportunities, 2025”, the global coronavirus testing kits market is expected to grow at a robust rate during the forecast period on account of increasing R&D activities related to production of coronavirus testing kits by major companies and research laboratories around the globe.
Additionally, increasing funding & grants by various governments around the globe for development of testing kits, so that they can identify each case and take necessary preventive measures, is expected to foster the market over the next few years. Moreover, deployment of test kits at massive scale for testing suspects is anticipated to spur the market.
Furthermore, increasing healthcare spending and rising need to protect the population from the outbreak are positively impacting the growth of market. However, high cost of testing kits might hamper the growth of market especially in the developing economies. Additionally, non-availability and shortage of testing kits might hinder the growth of market. Besides, it has been found that some testing kits are not that efficient also, which is negatively impacting market growth.
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The global coronavirus testing kits market is segmented based on type, use, full test time, technology, specimen type, mobility, end user, company and region. Based on type, the market can be bifurcated into molecular and serological tests. The molecular type of test segment is expected to dominate the market during forecast period since it looks for the signs of an active infection or symptom. A sample from the back of the throat is taken and sent for testing.
Additionally, the sample undergoes a PCR test to find out the presence of virus’ genetic material. The PCR confirms the diagnosis of COVID-19 if it finds two genes of SARS-COV-2 virus. Moreover, these tests are helpful in identifying the current cases of COVID-19 disease. The serological tests segment is expected to witness significant growth during the forecast years since these tests are done using blood samples and they detect the antibodies produced by the body against the virus. Such antibodies are present in an individual who has just recovered from COVID-19. Further, these tests are helpful in determining patients with mild or no symptoms.
Based on use, the market can be divided into disposable and reusable. The disposable testing kits segment is expected to witness significant growth in the market during the next five years since they are based on antibody tests and provide early diagnosis of the disease. Additionally, they provide faster diagnosis, are accurate and simple & convenient to use. Furthermore, they can be customized according to the requirements of the patient or doctor. Also, they are available at competitive prices coupled with fast delivery of the kits. Based on full test time, the market can be fragmented into 5 minutes, 5- 15 minutes, 15-60minutes, 1 hours- 5 hours, 5 hours-12hours, 12 hours-24hours and more than 1 day. The 5-12 hours segment is expected to dominate the market since the most preferable mode for testing RT-PCR, generally takes this much time for the diagnosis of COVID. The RT-PCR test is followed by gene fingerprinting which usually takes time. The 15- 60 minutes segment is also expected to witness significant growth during the forecast years because California-based molecular diagnostics company Cepheid has developed a rapid coronavirus diagnostic test with a detection time of about 45 minutes and has got the approval from FDA.
Also, Abbot Laboratories have developed a rapid test that will take around 5 minutes to diagnose the disease. Based on specimen type, the market can be segregated into nose & throat swab, blood, sputum and nasal aspirate. The nose & throat swab specimen type is expected to dominate the market since these are the two prominent regions where the coronavirus replicates and hence are preferred for taking the patient’s specimen or sample. Also, the blood specimen type segment is expected to grow rapidly during forecast period on account of the availability and growing preference for antibody based testing kits, since they provide faster diagnostics of the disease. Based on end user, the market can be grouped into hospitals, public health labs, private or commercial labs, physician labs and others. The hospitals segment is expected to dominate the market owing to the presence of sophisticated diagnostic and treatment facilities in them.
Abbott Laboratories, Altona Diagnostics, MyLab, Roche Diagnostics, Qiagen, BioMednomics, Getein Biotech, Sensing Self Ltd, Hangzhou Biotest Biotech, AmonMed Biotechnology Co, Beijing Tigsun Diagnostics Co Ltd, Biomaxima, CTK Biotech, Hunan Lituo Biotechnology Co, Vivacheck Lab, MD Solutions, Thermo Fisher Scientific, Siemens, Seegene Technologies, FastSense Diagnostics and others are some of the leading players operating in global coronavirus testing kits market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.
For an instance, in March 2020, Pune (India) based molecular diagnostic company Mylab became the first Indian company to have received the validation for its COVID-19 diagnostic test kits also known as the Reverse Transcription Polymerase Chain Reaction (RT-PCR) tests by the Drug Controller of India, after the National Institute of Virology validated its test. Today, the company along with companies like Altona Diagnostics and Siemens is supplying diagnostic kits to the world.
“Asia-Pacific is expected to dominate the global coronavirus testing kits market during forecast years since China was the epicenter of this novel coronavirus disease, hence witnesses a great demand for the testing kits. Additionally, many other countries in the region along with China have already developed their testing kits and are supplying them to the world. For instance, in March 2020, Seegene, a South Korean company, announced that Los Angeles, Government of U.S. has purchased 20,000 corona test kits from Seegene Technologies. Mylab (India) is also supplying kits to the world. Also, Japan Kurabo Industries Ltd., has apparently launched a new range of testing kits which are expected to give results within 15 minutes.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Coronavirus Testing Kits Market By Type of Test (Molecular v/s Serology), By Use (Disposable v/s Reusable), By Full Test Time (5 Minutes, 5- 15 Minutes, 15-60Minutes, 1 Hours- 5 Hours, 5 Hours-12Hours, 12 Hours-24Hours, More Than 1 Days), By Technology (RT-PCR, IgG, IgM ELISA Test, Microneutralization Assays), By Specimen Type (Nose & Throat Swab, Blood, Sputum, Nasal Aspirate), By Mobility (Portable v/s Stationary), By End Use (Hospitals, Clinics, Public Health Labs, Private or Commercial Labs, Physician Labs, Research Institutes, Others), By Region, Forecast & Opportunities, 2025”,” has evaluated the future growth potential of global coronavirus testing kits market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global coronavirus testing kits market.