The COVID-19 Detection Kits Market is estimated to be valued at US$ 4.4 Bn in 2023 and is expected to exhibit a CAGR of 2.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
COVID-19 detection kits are used for the qualitative detection of SARS-CoV-2 antigens or transcripts in human specimens like nasal swab, oropharyngeal swab, nasopharyngeal swab, sputum, lower respiratory specimen, bronchioalveolar lavage, tracheal aspirate and bronchoalveolar lavage) specimens. These kits help in rapid diagnosis of COVID-19 infection which is crucial in pandemic situations to curb the spread of the disease.
Market key trends:
The COVID-19 detection kits market is expected to witness significant growth during the forecast period, owing to rising demand for rapid and accurate testing. Rising cases of COVID-19 globally has increased the demand for testing kits. Development of innovative RT-PCR and rapid antigen testing methods with high sensitivity and specificity have aided early detection and increased testing capacity. Furthermore, home testing kits are gaining popularity as they enable self-testing and decentralized testing to cope with periodic surge in cases. Large-scale production and deployment of testing infrastructure along with increasing government funding is also expected to support the market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: Low, as large capital investment is required to enter the market and established players have considerable brand loyalty.
Bargaining power of buyers: Moderate, as buyers have several options available from different manufacturers.
Bargaining power of suppliers: Low, as raw materials used in test kits manufacturing are available from numerous suppliers.
Threat of new substitutes: Low, as there are limited substitutes available for COVID-19 detection.
Competitive rivalry: High, as key players competing on the basis of test accuracy, affordability, and availability.
SWOT Analysis
Strength: Established distribution channel and brand loyalty gives advantage to large players. Rapid tech advancement leading to development of reliable and affordable kits.
Weakness: Require skilled professionals for test administration and result interpretation. Complex regulatory landscape and requirements.
Opportunity: Growing demand for frequent mass testing due to ongoing pandemic and new variants. Penetration in developing markets offers scope.
Threats: Supply chain disruptions affecting production. Lower profit margins pressure companies to cut prices.
Key Takeaways
The global COVID-19 Detection Kits Market is expected to witness high growth at a CAGR of 2.4% over the forecast period due to growing need for frequent mass testing amid ongoing pandemic. The market size is estimated to reach US$ 4.4 Bn by 2023.
North America dominates the market currently due to rapid spread of infection and advanced healthcare facilities for mass testing. Asia Pacific is expected to witness fastest growth over coming years led by India, China and Japan on back of rising cases, governments' focus on improving diagnostic infrastructure and presence of prominent players.
Key players operating in the COVID-19 Detection Kits market share are Co-Diagnostics, Inc., F. Hoffmann-La Roche AG, Siemens Healthineers AG, Thermo Fisher Scientific, Abbott Laboratories, BGI, Cepheid Inc., BioFire Diagnostics, GenMark Diagnostics, Qiagen, Quidel Corporation, Randox Laboratories Ltd., SD Biosensor, INC., Shenzhen Bioeasy Biotechnology Co., Ltd., Seegene Inc., JOYSBIO Biotechnology, Cipla Limited, Bione, Virax Biolabs Group Limited, SD BioSensor, Inc., NanoSpot.ai, J. Mitra & Co. Pvt. Ltd., Genes2Me, Ubio Biotechnology Systems Pvt Ltd, Bharat Biotech, Gennova Biopharmaceuticals, QRX Pharma, Angstrom Biotech Pvt. Ltd., and Detect, Inc.
COVID-19 Antibody Detection Kits Market:WiseGuyReports.com adds “Global COVID-19 Antibody Detection Kits Market Size study, Product Type, End-User and Regional Forecasts 2020-2026” reports to its database.Executive SummaryThe antibody detection kits are experiencing a substantial rise in demand due to increasing COVID-19 crisis throughout the world.
Antibody detection kits are predictive for prognosis and detection of COVID-19 infections to assist the diseases.
Since, these kits helps to examine whether a person has developed antibodies in their blood stream to fight the SARS-CoV-2, which indicates whether a person has been exposed to or has COVID-19.
For instance, on March 2020, two South Korean firms, SD Biosensor and Seegene have received government approval to deliver RT-PCR (Reverse transcription polymerase chain reaction) based Novel Coronavirus (COVID-19) diagnostic kits in India.
However, limited availability of kits and dearth of skilled professionals are the few factors expected to hamper the growth of the market over the forecast period of 2020-2026.
The regional analysis of global COVID-19 Antibody Detection Kits market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World.Request Free Sample Report @ https://www.wiseguyreports.com/sample-request/5278167-global-covid-19-antibody-detection-kits-market-sizeMajor market player included in this report are:INNOVITAGuangzhou Wonton BiotechBioscience (Chongqing) BiotechXiamen InnoDxGuangdong Hecin-ScientificSD BiosensorThe objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years.
Latest Report Published on Covid 19 Testing Kits Market - Industry Segment by growth, Applications, by Type, Regional Outlook, Demand, Share & Revenue by Manufacturers, Company Profiles, Growth Forecasts – 2027.” This Covid 19 Testing Kits Market is Segmented in two kinds based on the sort of materials and end-clients.
It has worldwide market canvassed in every one of the areas, running to that crucial market, key patterns and division investigation are covered all through Covid 19 Testing Kits market report.Free PDF Brochure @ https://www.crystalmarketresearch.com/report-sample/HC0410279As far as the competitive scale is concerned, the report also enlists the information regarding the Covid 19 Testing Kits market growth tactics undertaken by the industry players, such as expansion strategies and mergers and acquisitions.
This report discusses the key drivers influencing Covid 19 Testing Kits market growth, opportunities, the challenges and the risks faced by key players and the market.Report Scope:The study includes the profiles of key players in the Covid 19 Testing Kits market with a significant global and regional presence.
The Covid 19 Testing Kits market competition by Top Manufacturers Covers:Beijing Genomics InstituteZhijiang biologySansureShanghai Huirui BiotechnologyGeneodxShanghai BioGerm Medical BiotechnologyDa An GeneWondfoINNOVITACOVID-19 Testing Kits MarketContinue...Key Businesses Segmentation:COVID-19 Testing Kits Market, By Product Type, Estimates and Forecast 2016-2027 ($Million)igMOthersCOVID-19 Testing Kits Market, By Application, Estimates and Forecast 2016-2027 ($Million)HospitalScientific ResearchDiagnostic CenterCOVID-19 Testing Kits MarketThe market study by Region:North America Region (U.S, Canada, Mexico);Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe);Asia-Pacific Region (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific);South America Region (Brazil, Argentina, Columbia, Rest of South America);The Middle East and Africa Region (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA);For better understanding - Feel Free to inquire more about 'Covid 19 Testing Kits market' @ https://www.crystalmarketresearch.com/send-an-enquiry/HC0410279Following are Chapters to display the Global Covid 19 Testing Kits market:-Section 1: Represents Definition, Specifications, and Classification, Applications of Covid 19 Testing Kits, Market Segment by RegionsSection 2: To break down the Suppliers and Raw Material, Covid 19 Testing Kits Manufacturing Process, Industry Chain Structure, Manufacturing Cost StructureDelivery Timeline 24-48 hoursContacts Us:Sherry | APAC Marketing Division: Level 23-1, Premier Suite, Mont Kiara, 50480 Kuala Lumpur, MalaysiaE-mail: [email protected] | Ph: +1-888-213-4282
