Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global COVID-19 Detection Kits Market, by Product Type (RT-PCR Assay Kits and Immunoassay Test Strips/Cassettes), by Specimen Type (Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab, Sputum, and Others), by End User (Hospitals, Diagnostic Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is expected to be valued at US$ 3.30 billion in 2020, and is expected to exhibit a CAGR of 17.3% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
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Approvals of new and advanced COVID-19 detection tests by regulatory authorities are expected to drive the growth of the COVID-19 detection kits market during the forecast period. For instance, on April 3, 2020, Becton, Dickinson and Company received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) for a new diagnostic test developed to screen the COVID-19 (coronavirus) on site and gives results in under three hours. Furthermore, on April 13, 2020, Becton, Dickinson and Company received the Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) approval for an additional molecular diagnostic test for COVID-19 which provides additional testing capacity COVID-19 detection tests.
Similarly, on April 21, 2020, Laboratory Corporation of America Holdings, a clinical laboratory service, received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) for COVID-19 at-home test kit. With this authorization nasal swab specimens of the suspected patient can be collected at home using the Pixel by LabCorp. The COVID-19 at-home test kit enables individuals to self-administer sample collection which prevent the risk of transmitting the virus to others as the tests do not require a clinician to perform the test collection.
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Key players are focusing on various growth strategies such as collaborations and partnerships to ramp up the production of COVID-19 detection kits which is expected to drive the market growth during the forecast period. For instance, on 08 Apr 2020, Avacta Group plc, a developer of biotherapeutics and reagents, collaborated with Cytiva, formerly known as GE Healthcare Life Sciences to develop rapid tests intended to diagnose the COVID-19 infection in large populations.
Browse 27 Market Data Tables and 26 Figures spread through 201 Pages and in-depth TOC on “COVID-19 Detection Kits Market”- Global Forecast to 2027, by Product Type (RT-PCR Assay Kits and Immunoassay Test Strips/Cassettes), by Specimen Type (Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab, Sputum, and Others), by End User (Hospitals, Diagnostic Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in the global COVID-19 detection kits market, click the link below: https://www.coherentmarketinsights.com/press-release/covid-19-detection-kits-market-3105
Key Takeaways of the Global COVID-19 Detection Kits Market:
- The global COVID-19 detection kits market is expected to exhibit a CAGR of 17.3% during the forecast period owing to the viral disease outbreak. According to the Coronavirus Disease (COVID-19) Situation Report- 106 by the World Health Organization, around 163,860 cases of coronavirus disease were reported in Germany on May 05, 2020.
- Among product type, the RT-PCR Assay Kits segment is expected to hold a high market share in 2020 owing to an increase in product approvals. For instance, March 18, 2020, Abbott Laboratories received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) for the molecular test for COVID-19 used in the m 2000 RealTi m e System which uses the polymerase chain reaction (PCR) technology.
- Among specimen type, the nasopharyngeal swab segment is expected to hold a higher market share in 2020 owing to the growing prevalence of COVID-19. For instance, the Coronavirus Disease (COVID-19) Situation Report- 106 by the World Health Organization, estimated around 46,433 new cases of COVID-19 in India on May 05, 2020.
- Companies operating in the global COVID-19 detection kits market 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., and Seegene Inc.
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