The Business Research Company’s COVID-19 Detection Test Kits and Consumables Global Market Report 2021: COVID-19 Implications And Growth To 2030
LONDON, GREATER LONDON, UK, May 12, 2021 /EINPresswire.com/ — The escalating demand for cost-effective and quick COVID-19 detection kits coupled with the easing of regulatory processes for COVID-19 detection kits contributed to the growth of COVID-19 rapid test kits market. With the increasing incidence of COVID-19 (SARS-CoV-2) worldwide, the outbreak was declared as Public Health Emergency of International Concern (PHEIC) by WHO. The WHO called for research on point of care diagnostics such as Rapid Diagnostic Tests (RTDs), which are small, simple stand-alone tests for use at the community level, and that can be carried out at the site of triage and outside the hospital, by minimally trained staff, round the clock and on single samples, providing test results within 15 minutes. In the support of the research, regulatory bodies such as US FDA have eased COVID-19 detection kits regulatory approval process allowing manufacturers to introduce COVID-19 detection kits in the market on a fast- track basis. Therefore, with the growing number of cases globally and the immense need for rapid diagnosis, the demand for cost-effective and quick COVID-19 detection kits is growing. This factor, coupled with ease of the regulatory process for COVID-19 detection kits, is driving the market.
As per TBRC’s COVID-19 testing market analysis report, the market for COVID-19 detection test kits & consumables consists of sales of detection test kits and consumables used for the identification of novel coronavirus (SARS-CoV-2). The market consists of revenue generated by the companies that are manufacturing detection test kits and consumables by the sales of these products.
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The global COVID-19 detection test kits and consumables market is expected to grow from $5.2 billion in 2020 to $6.1 billion in 2021 at a compound annual growth rate (CAGR) of 17.3%. The change in the coronavirus test kits market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the pandemic in 2020. The COVID-19 diagnostic market size is expected to reach $8.02 billion in 2025 at a CAGR of 7%.
Major players in the COVID-19 test kit market are Cepheid, BGI, Abbott Laboratories, BioFire Diagnostics, F. Hoffmann-La Roche, GenMark Diagnostics, Mylab Discovery Solutions, Qiagen, Quidel Corporation, and Randox Laboratories.
The market for COVID-19 detection test kits & consumables market covered in this report is segmented by kits into viral load testing kits (qPCR and rt-PCR), virus-neutralizing assay kits, antibody detection kits (ELISA), viral antigen detection test kits, others. The COVID-19 detection test kits & consumables market is also segmented by consumables into swabs, tubes, viral transfer media, reagents, other consumables; by specimen type into nose & throat swab, blood, sputum, nasal aspirate; by end-use into hospitals, clinics, public health labs, private and commercial labs, physicians’ labs, research institutes, others.
COVID-19 Detection Test Kits and Consumables Global Market Report 2021: COVID-19 Implications And Growth To 2030 is one of a series of new reports from The Business Research Company that provides COVID-19 detection test kits and consumables market overview, forecast COVID-19 detection test kits and consumables market size and growth for the whole market, COVID-19 detection test kits and consumables market segments, and geographies, COVID-19 detection test kits and consumables market trends, COVID-19 detection test kits and consumables market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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