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COVID-19 Detection Kits Market 2020 by industry trends, statistics, key companies growth and regional forecast

Author : Ronak Bora | Published Date : 2020-09-03 

COVID-19 Detection Kits Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

Dynamically increasing cases of COVID-19 have enunciated the need for more and more test kits, leading to an upsurge in the global COVID-19 detection kits market size over 2020-2026. The expanding industry share is also driven by the technological developments and consequent development of advanced coronavirus diagnostic kits. 

COVID-19 is a respiratory infection and its transmission basically occurs through direct contact with infected person and can also spread via an indirect contact with surfaces in the immediate environment. This has, in fact, provided an impetus to the adoption of COVID-19 detection kits on a large scale. The need for these devices is felt strongly in the economies with skyrocketing cases.

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In this regard, governments of various countries have been amending regulations to ease the regulatory process for COVID-19 detection kits. For instance, the U.S FDA reportedly announced easing off the regulatory process for these devices under the Emergency Use Authorization. This has, in consequence, urged manufacturing companies to introduce their test kits in the global market on a fast-track basis.

Surging demand for COVID-19 detection kits has prompted various manufacturing companies like Abbott Laboratories, Co-Diagnostics, BioFire Diagnostic, and several others to potentially ramp up their test kit production, along with investing in R&D for offering test kits with higher specificity and sensitivity. A vital testament for the aforementioned statement can be provided by Hologic’s recent announcement of receiving hefty funds from the Biomedical Advanced Research and Development Authority. This fund is expected to support the company in scaling up their COVID-19 detection kits production.

According to a research report put forth by Global Market Insights, Inc., COVID-19 detection kits market size is poised to reach USD 8 billion by the end of 2026, in terms of revenue.

Rising incidence of COVID-19 around the world could play a crucial role in driving the demand for RT-PCR assay kits. The segment is expected to be more profitable and might achieve 96% of the overall market share within 2020.

As per the Centers for Disease Control and Prevention (CDC), nearly 0.6 million positive COVID-19 cases have been reported up to this date in the U.S. Rising cases in the region may support the demand for RT-PCR assay kits. Other alternative for RT-PCR assay kits include immunoassay test strips/cassettes.

The outbreak of COVID-19 in densely populated areas like India and China could augment Asia Pacific COVID-19 detection kits industry over the years. Estimates claim that the region market is likely to observe nearly 21% CAGR by 2026.

Facilities in APAC have recorded some recurrence cases of COVID-19 after the successful containment of the virus. This could develop the need for COVID-19 detection kits in the future. 

Companies operating in the COVID-19 detection kits market are implementing multiple growth strategies to expand their product portfolio and geographical presence by taking part in novel R&D initiatives.

Taking March 2020 for instance, Hologic revealed that it will be receiving grant funding from the U.S. government’s Biomedical Advanced Research and Development Authority (BARDA) to scale the production of COVID-19 detection kits. This collaboration would allow the firm to cater to the proliferating demand for detection kits.

Apart from Hologic, Co-Diagnostics, Cepheid, Abbott Laboratories, BGI, F. Hoffmann-La Roche, BioFire Diagnostics, Guangzhou Wondfo Biotech, GenMark Diagnostics, Qiagen, Quidel Corporation, and Mylab Discovery Solutions are some other leading firms in the COVID-19 detection kits industry. 

Browse full table of contents (TOC) of this report @ https://www.gminsights.com/toc/detail/covid-19-detection-kits-market

Partial Chapter of the Table of Content 

Chapter 4.    COVID-19 detection kits Market, By Product

4.1. Key segment trends

4.2. RT-PCR assay kits

4.2.1.    RT-PCR assay kits market, by region, 2020 - 2026 (USD Million)

4.2.2.    RT-PCR assay kits market, by region, 2020 - 2026 (Units)

4.3. Immunoassay test strips/cassettes

4.3.1.    Immunoassay test strips/cassettes market, by region, 2020 - 2026 (USD Million)

4.3.2.    Immunoassay test strips/cassettes market, by region, 2020 - 2026 (Units)

Chapter 5.    COVID-19 detection kits Market, By Specimen Type

5.1. Key segment trends

5.2. Nasopharyngeal swab

5.2.1.    Nasopharyngeal swab market, by region, 2020 - 2026 (USD Million)

5.3. Oropharyngeal swab

5.3.1.    Oropharyngeal swab market, by region, 2020 - 2026 (USD Million)

5.4. Nasal swab

5.4.1.    Nasal swab market, by region, 2020 - 2026 (USD Million)

5.5. Others

5.5.1.    Others market, by region, 2020 - 2026 (USD Million)

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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