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.
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Attribute
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Details
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Market size value in 2021
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USD 68129.19 Million
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Revenue Forecast in 2027
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USD 6956.34
Million
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United States Market Size Value in 2021
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USD 16300.29 Million
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Base Year
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2021
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Historical Years
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2017 – 2020
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Estimated Year
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2022
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Forecast Period
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2023 – 2027
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Quantitative Units
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Revenue
in USD Million, Volume (Million Units) and
CAGR for 2017-2021 and 2022E-2027F
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Report Coverage
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Revenue forecast, company share, competitive landscape, growth
factors, and trends
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Segments Covered
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·
Type of test
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Use
·
Full Test Time
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Technology
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Specimen
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Mobility
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End Use
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Regional Scope
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North America; Europe; Asia Pacific; South America; Middle
East & Africa
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Country Scope
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United
Kingdom; France; Italy; Spain; India; China; Australia; Japan; Hong Kong; Thailand;
South Korea; Malaysia; United States; Mexico; Canada; Turkey; UAE; Iran; Saudi
Arabia; South Africa; Brazil;
Argentina; Colombia
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Key Companies Profiled
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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
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Customization Scope
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10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
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Pricing and Purchase Options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and Excel through Email (We can also
provide the editable version of the report in PPT/pdf format on special
request)
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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: