Coronavirus Testing Kits Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027 Segmented By Type of Test (Molecular v/s Serological), By Use (Multiple Test vs Single Test), By Full Test Time (5 Hours- 12 Hours, 1 Hour- 5 Hours, 15-60 minutes, Less than 15 minutes, 12 Hours - 24 Hours, More than 1 day), By Technology (RT-PCR, Rapid Diagnostic Test, ELISA Test, Others), By Specimen (Nasopharyngeal Specimen, Oropharyngeal Specimen, Blood, Sputum, Others), By Mobility (Stationary and Mobile), By End Use (Public Health Labs, Hospitals, Private or Commercial Labs, Physician Labs, Others), By Region

Global Coronavirus Testing Kits Market stood at USD68.12 billion in 2021 and is expected to grow at a steady CAGR during the forecast period. This is expected to grow at a robust rate during the forecast years. The market is driven by the increasing prevalence of infectious disease across the globe. Moreover, governments across the globe are trying to avail testing kits in shortest time so that they can aggressively test for the disease and take necessary precautions and provide treatment to combat diseases. Furthermore, various pharmaceutical and biotechnology companies are collaborating together to increase their production of coronavirus testing kits. This in turn is expected to positively influence the market growth.

Furthermore, increasing healthcare spending and rising need to protect the population from the outbreak are positively impacting the growth of market. Apart from that, due to the increase in the number cases of Omicron variant of COVID-19 cases has turned out to be a boon for coronavirus testing Kit makers, as people are buying self-test kits to test at home. This has, however, also lead to enhanced growth of coronavirus testing kits market.

Sudden Outbreak & Spread of COVID-19 Driving Market Growth

The rising number of people infected with the virus had a substantial impact on medical care around the world. COVID-19 Coronavirus Testing Kits have been released by several healthcare firms, universities, and governments. For example, Cipla Limited partnered with Premier Medical Corporation in December 2020 to commercialize quick antigen test Kits that can identify COVID-19 in 15-20 minutes. Many governments throughout the world, including the United Kingdom's government, have established nationwide COVID-19 testing programs using Coronavirus Testing Kits.

Growing Preference for Home Healthcare Supporting Market Growth

Due to the global spread of COVID-19 pandemic and the dread of the virus spreading and infecting people, governments around the world imposed harsh lockdowns and limits on movement, forcing people to turn to home-based healthcare. People avoided going to healthcare institutions such as hospitals and clinics, diagnostic centers, and instead opted to use Coronavirus Testing Kits at home. They began using quick antigen and antibody kits for COVID-19 testing at home, positively impacting market growth.

Increasing Healthcare Expenditure to support Market Growth

The existing healthcare and medical device industry is predicted to benefit from rising healthcare expenditures in various countries throughout the world. This, in turn, is predicted to have a positive impact on market growth through 2027. According to the World Health Organization, worldwide healthcare spending was over USD8.3 trillion in 2018, accounting for nearly 10% of global GDP, and it is likely to rise dramatically in the future years.

The quick emergence and spread of the COVID-19 pandemic, on the other hand, raised demand for coronavirus testing kits, but the expenditure on lifestyle and other diseases across countries reduced. Many companies are investing in manufacturing innovative testing Kits for COVID-19. For instance, in October 2022, the Department of Health and Human Services (HHS) invested more than USD560 million to Bolster Product Manufacturing to increase the supply and availability of COVID-19 Tests.

Innovations in Technologies Support Market Growth for Coronavirus Testing Kits

As per the demand, many companies are adopting innovative technological solutions to conduct coronavirus tests, fueling the growth of the Coronavirus Testing Kits Market. For instance, in April 2020, Hememics Biotechnologies Inc. collaborated with Biomedical Research and Development Authority (BARDA) to develop a rapid COVD-19 antigen and antibody diagnostic tool, which is Bluetooth-enabled and screens people within 60 seconds with a single drop of blood or mucus. BARDA will contribute USD638,000 to Hememics to manufacture and scale up the Bluetooth-enabled coronavirus diagnostic Kit.

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Market Segmentation

The Global Coronavirus Testing Kits Market is segmented based on type of test, use, full test time, technology, specimen, mobility, end use, company, and regional distribution. Based on type of test, the market can be split into Molecular and Serological. Based on use, the market can be divided into Multiple Test and Single Test. In terms of full-time test, the market is divided into 5 Hours-12Hours, 1 Hours- 5 Hours, 15-60 Minutes, less than 15 minutes, 12 Hours-24Hours, and More than 1 Day.

In terms of technology, the market can be categorized into RT-PCR, Rapid Diagnostic Test, ELISA test, and others. Based on specimen, the market can be fragmented into Nasopharyngeal specimen, Oropharyngeal specimen, Blood, sputum, and others. Based on Mobility, the market is divided into Stationary and Mobile. Based on end use, the market can be segmented into public health labs, Hospitals, Private or commercial labs, Physician labs, and others.

Company Profiles

Thermo Fisher Scientific Inc., Abbott Laboratories, Roche Holdings AG, Quest Diagnostics Inc., Quidel Corporation, PerkinElmer Inc., QIAGEN NV, Becton Dickinson and Company, BioMedomics, Getein Biotech, Sensing Self Ltd, Hangzhou Biotest Biotech, Beijing Tigsun Diagnostics Co Ltd, Biomaxima, CTK Biotech, Hunan Lituo Biotechnology Co, Vivacheck Lab, MD Solutions, Siemens, Seegene Technologies, FastSense Diagnostics, are among the major market players in Global Coronavirus Testing Kits market.

Report Scope:

In this report, Global Coronavirus Testing Kits Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Coronavirus Testing Kits Market, By Type of Test:
• Molecular
• Serological
• Coronavirus Testing Kit Market, By Use:
• Multiple Test