COVID Testing Kit Market Size to Reach USD 122,820 Million by 2030 at CAGR of 7.20% - Report by Market Research Future (MRFR)
COVID Testing Kit Market Trends and Insights by Type (Rapid Test Kit, RT-PCR and others), Application (Hospitals, Clinics and others) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa), Competitive Market Growth, Size, Share and Forecast to 2030
New York, US, May 11, 2022 (GLOBE NEWSWIRE) -- COVID Testing Kit Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “COVID Testing Kit Market Information by Type, Application, and Region - Forecast till 2030”, the market will obtain a growth rate of 7.20% from 2020 to 2030, and touch USD 122,820.67 Million by 2030.
The healthcare infrastructure’s surging focus on fighting the COVID effects paired with the heightened awareness level with regard to diagnostic procedures in countries like Brazil and India will ensure a sustained market growth in the coming years. These countries are experiencing a higher administration of these tests due to the sharp rise in the number of new cases.
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COVID Testing Kit Market Competitive Landscape:
The important firms in the COVID testing kit industry are
- Abbott (US)
- BioMérieux SA (France)
- Bio-Rad Laboratories Inc. (US)
- Chembio Diagnostic Systems Inc. (US)
- Danaher Corporation (US)
- F. Hoffmann-La Roche Ltd (Switzerland)
- GenMark (US)
- Henry Schein Inc. (US)
- Thermo Fisher Scientific Inc. (US)
- Qiagen (Germany)
- Siemens AG (Germany)
- Guangzhou Wondfo Biotech (China)
- Robert Bosch GmbH (Germany)
- Cellex (US)
- Mayo Clinic Laboratories (US)
- Mount Sinai Laboratory (US)
- Zhejiang Orient Gene Biotech Co. Ltd. (China)
- Dynamiker Biotechnology (Tianjin) Co. Ltd (China)
- Biomedomics Inc. (US)
- Safecare Biotech (Hangzhou) Co. Ltd (China)
- Ortho Clinical Diagnostics (US)
- Innovita Biological Technology Co. Ltd (China)
- Guangdong Hecin Scientific Inc. (China)
- Advaite Inc. (US)
- Mylab Discovery Solutions Pvt. Ltd (India)
- BGI Group (China)
Market USP Covered:
COVID Testing Kit Market Drivers:
The worldwide surge in the COVID-19 infection cases has been the top reason for the bolstered growth of the COVID-19 detection kit market. There has been an exponential rise in the number of people affected by the COVID-19 infection. The need for COVID-19 detection kits will continue to rise with the surging number of patients owing to the ease of strict lockdowns worldwide. The World Health Organization (WHO) reveals that there were 435,830,080 cases of COVID-19 in February 2022. Such a rise in the number of cases demands a higher number of COVID-19 detection kits, thereby fostering the market growth rate.
Despite the escalating vaccination rate, infected people are still spreading the disease, which fuels the transmission. Moreover, the virus’s surging mutation causes variation in the viral structure, however, the vaccines are ineffective. These scenarios are fostering the need for COVID-19 testing kits, thereby elevating the COVID testing kit market expansion.
Most of the industry participants are incorporating innovative technologies in their Nucleic Acid Amplification Tests (NAAT) devices like RT-PCR. These advanced devices generate test results in just 3 to 4 hours. Also, the Centers for Disease Control and Prevention along with the U.S. Food and Drug Administration have stated these advanced devices as the standard for COVID-19 testing owing to their high sensitivity and specificity in diagnosing SARS-COV-2.
COVID Testing Kit Market Restraints:
With the surging number of vaccination across most countries, new COVID-19 cases have declined in number. This factor will be limiting the COVID testing kit market expansion rate in the years ahead.
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The COVID-19 outbreak has brought on a slew of major public health problems worldwide. Diagnostic testing kits remain a significant pillar during the deconfinement stage along with societal transformations, and more. The diagnostic sector working on joining hands with the governments as well as stakeholders to protect people's lives as well as health, as the fight is on to contain the spread of the pandemic. The demand for COVID-19 testing kits has risen considerably in line with the rapidly surging cases of coronavirus infection, especially in light of the lifting up of the worldwide lockdown. Given that the COVID virus is continuously evolving along with the emergence of new diseases, there is a substantial need for advanced COVID testing kits.
COVID Testing Kit Market Segmentation
The COVID Testing Kit Market, with respect to type, has been considered for RT-PCR, rapid test kit, and more. The rapid test kit segment can expect to attain the maximum share in the worldwide market owing to the low turnaround time as well as the surge in product launches and approvals.
The COVID testing kits have applications in clinics, hospitals, and more. The hospital segment forms the highest share in the global industry as healthcare professionals are increasingly adopting highly advanced diagnostic technologies.
COVID Testing Kit Market Regional Insights
Europe is the most successful market for COVID testing kits, led by countries like Germany, Russia, Italy, Spain, France, and the UK. With the highest COVID-19 mortality and morbidity rates in the long-term care facilities in the majority of the EU/EEA countries, Europe has become the global market leader. The surging cases in the region pose a significant challenge for disease control and prevention in the medical settings, raising the demand for a wide range of diagnostic tests for the detection of COVID-19 infection.
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The American COVID testing kits market can be considered for North America as well as Latin America. The North American industry has been further segregated into Canada and the US, while the Latin American market can be sub-segmented into Argentina, Brazil, Colombia, and Mexico. The American market growth has been in response to the rapid surge in cases of highly infectious acute respiratory disease, and the presence of highly reputed manufacturers in the region. High awareness level regarding advanced healthcare technologies and the rise in the number of product launches by the players bolsters the market value. Moreover, the surge in efforts given by the public and private organizations in curbing the spread of the virus further adds to the market worth.
Asia Pacific is one of the most important COVID testing kit market and is headed by Taiwan, Australia, South Korea, Malaysia, China, India, Japan, Thailand, Philippines, Vietnam, and Indonesia. With the heightened number of infection cases, governments across these nations are permitting private laboratories to focus more on testing, which should favor the regional market.
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