COVID Testing Kit Market Trends 2020 Industry Strategy, Growth, Size, Share, Demand and Forecast to 2027
Global COVID Testing Kit Market: Information by Type (Rapid Test Kit, RT-PCR and others), Application (Hospitals, Clinics and others) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Forecast till 2027
Market Highlights
Global COVID Testing Kit Market Trends is expected to have a market value of USD 97,903.2 Million by 2027. According to the latest data, there were 86,827 new cases on 16 May 2020 and 7,215,102 new cases on 8 June 2020, globally. Due to such increasing numbers of cases, there is a growing demand for more COVID-19 testing kits and devices, hence driving the market growth.
Segment Analysis
Global COVID Testing Kit is segmented based on type and application. The global COVID testing kit market, by type, has been segmented into rapid test kit, RT-PCR, and others. The global COVID testing kit market, by application, has been segmented into hospitals, clinics, and others. The hospital segment accounted for the largest market share owing to the high adoption of advanced diagnostic technologies among healthcare professionals.
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Regional Analysis
Global COVID Testing Kit Market, based on region, has been divided into Europe, the Americas, Asia-Pacific, and Middle East & Africa.
The European market for the COVID testing kit market, by country, been divided into Russia, Germany, Spain, Italy, the UK, France, and the Rest of Europe. Europe accounted for the largest market share in the global COVID testing kit market
The Americas COVID testing kit market has been divided, by country, into North America and Latin America. The North American COVID testing kit market has been further divided into the US and Canada, whereas the Latin American COVID testing kit market is sub-segmented into Brazil, Argentina, Mexico, Colombia, and the rest of Latin America. Regulatory bodies such as the Food and Drugs Administration (FDA) have given emergency use authorizations (EUA) for various diagnostics kits and devices to manage the shortage of diagnostic devices. For instance, in March 2020, the US FDA issued a EUA for a molecular point of care test kit by Abbott for the rapid detection of COVID-19.
The Asia-Pacific market for the COVID testing kit market has been further divided into India, Australia, South Korea, Japan, China, Malaysia, Thailand, Vietnam, Indonesia, Philippines, Taiwan, and Rest of Asia-Pacific.
The Middle East & Africa COVID testing kit market has been bifurcated into the Middle East and Africa. The Middle Eastern market for the COVID testing kit has been further divided into Turkey, the United Arab Emirates, Saudi Arabia, and the Rest of the Middle East. Rising cases in the UAE, Saudi Arabia, and other countries are set to push the demand for diagnostic kits. For instance, as on 8th June 2020, the total cases in Saudi Arabia were 105,283.
Key Players
MRFR recognizes the following companies as the Key Players in the Global COVID Testing Kit— Abbott (US), BioMérieux SA (France), Bio-Rad Laboratories, Inc. (US), Chembio Diagnostic Systems, Inc. (US), Danaher Corporation (US), F. Hoffmann-La Roche Ltd (Switzerland), GenMark (US), Henry Schein, Inc. (US), Thermo Fisher Scientific Inc. (US), Qiagen (Germany), Siemens AG (Germany), Guangzhou Wondfo Biotech (China), Robert Bosch GmbH (Germany), Cellex (US), Mayo Clinic Laboratories (US), Mount Sinai Laboratory (US), Zhejiang Orient Gene Biotech Co., Ltd. (China), Dynamiker Biotechnology (Tianjin) Co., Ltd (China), Biomedomics Inc. (US), Safecare Biotech (Hangzhou) Co., Ltd (China), Ortho Clinical Diagnostics (US), Innovita Biological Technology Co., Ltd (China), Guangdong Hecin Scientific, Inc. (China), Advaite, Inc. (US), Mylab Discovery Solutions Pvt. Ltd (India), BGI Group (China), and others.
Key Findings of the Study
- Global COVID testing kit is estimated to reach USD 97,903.2 Million by 2027 at a CAGR of 6.58% during the assessment period of 2020 to 2027
- Europe accounted for the largest share of the global COVID testing kit due to the increasing number of COVID-19 cases across the Western European countries. The European countries and their respective governments are focusing on increasing the testing capabilities to curb the COVID-19 pandemic. For instance, Sweden has a test capacity of about 15,000-20,000 tests per week, according to previous data from the Public Health Agency, and the government authorities announced in May 2020 that the country will further expand its testing to 35,000 tests per week.
- Based on the type, the rapid test kit segment was the fastest-growing segment with a CAGR 7.49% from 2021 to 2027
- On the basis of application, the hospitals segment held the largest share of 48.3% in 2020
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