COVID 19 Test kit Market size shall reach a value of $3,300. Million in 2020 to $10,468.5 Million in 2027, growing with a CAGR of 17.93% during the forecast period of 2020 to 2027.
The recent global outbreak of the Corona virus disease (Covid-19) that originated back in Wuhan, China in December 2019 has generated a dangerous feeling of fear and insecurity in the global population as a whole. Governments have imposed national lockdowns and the majority of the world is under strict confinement whilst health workers and institutions are working hard on diagnosing the new cases and taking care of the patients already attained by this infectious disease. In the light of this exponential ever-growth in the numbers of cases, the most important elements that keep track of the evolution of the virus and help control and examine its reach are the Covid-19 test kits.
Testing is one of the key factors in apprehending the spread of the virus on multiple levels and keeping it trackable statistically, be it in terms of the new cases or the recovering ones, which are both very important data pieces that could lead to a better understanding of the danger and specificity of this virus. Covid-19 test kits are available in various forms and are subjected to different imitation and fraud operations that make most of them unreliable with the certified ones used strictly in medical settings.
The key factors behind the growth of the Covid-19 test kits market:
The rapid outbreak of the SARS-COV-2 disease commonly known as Covid-19 and the growing numbers of attained cases all over the world exceeding the one and a half million patients by April 2020 are more than enough factors of boosting the Covid-19 test kits market all over the world and leading to the request for an insanely consolidated supply. The relevance of these kits in understanding the dynamics of the disease and its indicators will only make their production skyrocket. The current efforts regarding the optimization of the performance of these kits in terms of their accuracy and duration are promising high quality products expected to hit the global market soon. This innovation is an important factor in the growth of this market and promises an even more thriving usage of these test kits. The market is also unexpectedly rising because of the faulty test kits sold in different ways and that people continue to acquire out of despair. The newly established safety guidelines and regulations in this regard by a large number of governments suggest collaborations between research centers, healthcare institutions and Covid-19 test kits manufacturers to come up with the most innovative ideas and meet the requirements and demands of the global market.
The study of the market:
The market size:
With the increasing numbers of cases attained with Covid-19 and exceeding one and a half million cases worldwide, the world knows a tremendous shortage in the Corona virus testing kits and supplies such as swabs and sampling instruments. However, this huge demand is applying too much pressure on the industry of test kits as they are mobilizing all their resources and their workers into an acute production cycle which is expected to make the market rise in revenue, market value and production volume and grow significantly in terms of CAGR in just the span of the few upcoming months.
The market share:
The key players supplying the market with Covid-19 test kits are very limited and well-known; they produce certified and reliable test kits along with different testing and sampling instruments. These key players monopolize the market and influence the innovation and dynamics it has to offer, among them are names like QIAGEN, Roche Holding AG, Hologic Inc., Quidel Corporation, Abbott Laboratories, Cosara Diagnostics Pvt. Ltd., AlphaBiolabs Ltd., Cepheid Inc. and Thermo Fisher Scientific. These major players constitute a competitive landscape as well as an environment for guidelines approved products and cost-efficient innovations such as the molecular tests supplied by Abbott as to make rapid results testing more accessible and available in the market.
The market of Covid-19 test kits is segmented on the basis of many criteria namely the specimen type, the type of the test kit itself, the application and usage, the end-user and the geographical distribution.
i. Segmentation based on the specimen type:
We can distinguish between four types of specimens related to the Covid-19 test kits:
• Nasopharyngeal swab.
• Oropharyngeal swab.
• Nasal swab.
The segment of nasopharyngeal swab retains the largest market share in the market of Covid-19 test kits as it manifests a better performance and a higher rate of detection when in contact with the virus along with the very nature of the disease being a respiratory disorder that favors the nasopharyngeal usage. In light with the current situation, even oropharyngeal and nasal swabs are heavily used and requested in the market.
ii. Segmentation based on the product type
The Covid-19 test kits market is divided into various subtypes such as:
• rT-PCR test kits.
• Equipment and extraction kits and samplers.
The rT-PCR test kits are the first segment in terms of revenue, production and market value as they are the most accurate testing material, also the fastest and most reliable out of the lot. They faced the shortage and over-demand first thing in the market. However, it is anticipated that they grow in an even higher CAGR in the few upcoming months due to the extreme efforts in terms of production and supply. On the other hand, equipment and extraction samplers are also very vital and are used heavily in the extraction and the verification of samples to diagnose Covid-19.
iii. Segmentation based on application and usage
The Covid-19 test kits are used for two possible applications:
• Detecting the disease.
• Tracking the state of the patient and his recovery.
The segment regarding the detection of the disease comes in the first position in terms of the market value which is highly understandable due to the urgent need of detecting and isolating any potential cases, the ever-growing numbers of cases is leading to the increase of the need for detection and consequentially for testing kits. The tracking segment is also expected to rise significantly and even dethrone the first segment when the numbers of cases begin to decrease and the attention goes towards the recovery of pre-existing cases.
iv. Segmentation based on end-users:
The potential end-users of the Covid-19 test kits are:
• Pathology control and prevention centers.
• Hospitals and healthcare institutions.
• Central pharmacies.
• A selection of online stores.
Pathology centers and hospitals scored the largest share of this market due to their increasing demand and their constant needs for testing and isolating new cases as well as monitoring the existing patients’ state, this rate is also justified by the bulk orders these institutions place from their manufacturers that makes them the first target customers’ bases for the market of Covid-19 test kits. On the other hand, some online stores started advertising for some rapid real-time test kits that people started buying heavily off the internet only to find out that these kits are unauthentic, faulty and most likely fake. However, these purchases have contributed in the rise of revenue in terms of this segment.
v. Segmentation based on the geographical distribution:
The North American market is the one that generated the most revenue in terms of the Covid-19 test kits which is due to being the most infected country in the world by the Covid-19 pandemic; this position is expected to keep being retained by the North American market as it is nowhere near containing the spread of the disease. The regions of the APAC and Europe are also expected to make the highest and fastest CAGR in terms of revenue of the Covid-19 kits due to their high population rates (especially the APAC region) and their huge mortality rates ( especially in Europe) as a way to understand and control the spread of the virus in these regions.
The market forecast:
With the rising numbers in terms of the Covid-19 outbreak, the demand on the testing kits is huge and unprecedented. Each country is requesting for unimaginable numbers of backup to cover its shortage only to find that the whole global market is suffering from the same market issues. However, the key players and manufacturers of this industry are subjected to a lot of pressure to augment and multiply their production in order to avail to the current situation. This pressure is accompanied by a global assistance and aid system that finances and contributes in the manufacturing of these test kits following the required guidelines. In the light of these predispositions, the German lead player QIAGEN has raised its production by a considerable rate of 70%. As well as so many other manufacturers that innovate immensely and dispatch their newly developed devices in various volumes towards a global consumption, the main manufactures are based in China, Korea, Singapore, Germany and the USA. With the endorsement of elite scientists, some advanced trends and dynamics are penetrating the market and making it more competitive such as the new RNA extraction kit that QIAGEN has come up with and that can identify any form of virus or pathogen existing in the body of a patient, it is expected that they produce 10 million models out of this prototype and put it out there in the market. The only challenge and restraint that faces the thriving market of Covid-19 test kits is the rising cost of these instruments and the fluctuating prices that never stay steady, it is expected that these prices become more regulated by official commissions to make their acquisition easier and more controlled.
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