The Global Covid-19 Test Kit Market is estimated to grow at a significant CAGR during the forecast period 2016-2026. Rapid outbreak of highly infectious acute respiratory disease COVID-19 at global level and continuous growth in number of patients suffering from COVID-19 boost the market growth. As per the World Health Organization (WHO), as of 26th March 2020, 462,684 confirmed coronavirus cases were recorded with 20,834 deaths globally.
Globally, people across the globe are increasingly witnessing the lack of testing kits to test COVID-19 amid rapid growth in infection worldwide. Moreover, shortage of coronavirus test related supplies such as RT-PCR instruments, swabs and virus control samples to control the coronavirus projected to impact the global COVID-19 test kit industry.
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Segmentation Overview of the Global COVID-19 Test Kit Market
The Global COVID-19 Test Kit Market is segmented on the basis of Type Segment, Application Segment and End Use Segment. These market segments are further categorized into various sub-segments to study the market in detail.
The Type Segment of the Global COVID-19 Test Kit Market is Sub-Segmented into:
- Equipment and Extraction Kits
- rRT-PCR Test Kits
The Application Segment of the Global COVID-19 Test Kit Market is Sub-Segmented into:
- Detecting Virus
The End-Use Segment of the Global COVID-19 Test Kit Market is Sub-Segmented into:
- Pathology Centre
- Pharmacy Store
Regional Insights of the Global COVID-19 Test Kit Market
On the basis of geographical segmentation, the global COVID-19 Testing Kit market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. As per the analysis, the North American market is estimated to generate highest revenue in the global market during the forecast period, owing to high number of infected patients from COVID-19 (as per the current data i.e. on 31st March 2020, the U.S. recorded 180,789 of infected cases with 3,580 deaths). On the other hand, the Asia-Pacific is anticipated to grow at fastest CAGR during the forecast period, owing to huge population base of China and India which require rapid and large-scale testing to contain the spread of disease.
Key Players Insights
QIAGEN, Quidel Corporation, Roche Holding AG, Hologic, Inc., Primerdesign Ltd., Abbott Laboratories, Cosara Diagnostics Pvt. Ltd., Thermo Fisher Scientific, AlphaBiolabs Ltd. and Cepheid Inc., are some key players included in the research study of the Global COVID-19 Testing Kit Market by Report Ocean. The market players are adopting strategical developments that include regulatory approvals and novel product launches with cost efficient strategy. For instance:
On March 2020, Cepheid announced that it has received an Emergency Use Authorization (EUA) from the United States Food & Drug Administration (FDA) for Xpert® Xpress SARS-CoV-2 which is a molecular diagnostic test for qualitative detection of SARS-CoV-2—the virus responsible for causing COVID-19.
On March 2020, Abbott announced that it has received an Emergency Use Authorization (EUA) from the United States Food & Drug Administration (FDA) for molecular test for novel coronavirus (COVID-19). The tests are used on m2000™ RealTime System developed by Abbott and the company is aggressively working to produce and deploy more m2000™ RealTime Systems at numerous locations for rapid results.
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