APAC to Dominate Coronavirus Testing Kits Market up to 2025-TechSci Research
The global demand for coronavirus test kits is expected to expand at a robust rate during the forecast period due to increased R&D activities related to the development of coronavirus test kits by major companies and research laboratories around the globe. In addition, the support and grants from different governments across the globe for the production of test kits, In order to recognise each case and to take the required preventive steps, it is expected that the industry will be stimulated over the next few years. In addition, the introduction of large research kits to screen offenders is expected to stimulate the market. Increasing healthcare spending need to protect the population from the epidemic has a positive effect on business growth. Nevertheless, high cost testing kits may hinder market growth, especially in developing economies. In addition, non-availability and lack of test kits may impede the growth of the market. In addition, it has been found that certain test kits are not as effective as they are, which negatively impact market development.
The global market for coronavirus test kits is segmented by size, use, full test time, technology, specimen size, mobility, end-user, company and country. Based on the form, the market can be forged into molecular and serological tests. The molecular form of test segment is expected to dominate the market during the forecast period as it looks for signs of an active infection or symptom. A sample is taken from the back of the throat and submitted for examination. In addition, the sample undergoes a PCR examination to determine the existence of virus genetic material. The PCR confirms the diagnosis of COVID-19 if it detects two genes of SARS-COV-2 virus.
In addition, these tests are effective in determining the latest cases of COVID-19 disease. Serological tests are expected to see substantial growth in the forecast years as these studies are conducted using blood samples and the antibodies produced by the body against the virus are detected. These antibodies are present in a person who has just recovered from COVID-19. In fact, these tests are effective in assessing patients with mild symptoms or no symptoms. On the basis of use, the market can be divided into disposable and reusable. The category of disposable test kits is expected to see substantial market growth over the next five years as they are focused on antibody testing and provide early diagnosis of the disease. In addition, they provide faster diagnosis, are accurate and simple & convenient to use. They can also be personalized according to the specifications of the patient or the doctor. They are also available at affordable prices coupled with the fast delivery of the kits.
Based on the maximum test time, the market can be divided into 5 minutes, 5-15 minutes, 15-60 minutes, 1 hour-5 hour, 5 hours-12 hours, 12 hours-24 hours and more than 1 day. The 5-12-hour segment is expected to dominate the market as the most popular RT-PCR test mode usually takes this long period to diagnose COVID. The RT-PCR test is accompanied by the fingerprinting of the gene which typically takes time. The 15-60 minute segment is also expected to see significant growth in the forecast years, as Cepheid, a California-based molecular diagnostic company, has developed a rapid coronavirus diagnostic test with a detection time of approximately 45 minutes and has received approval from the FDA. Abbot Laboratories have also developed a quick test that will take about 5 minutes to diagnose the disease. Based on the type of specimen, the market can be segregated into the nose and throat swab, blood, sputum and nasal aspiration. The nose & throat swab specimen type is expected to dominate the market as these are the two prominent regions where coronavirus replicates and are therefore preferred for the patient’s specimen or sample.
In addition, the blood specimen type segment is expected to develop rapidly during the forecast era, given the availability and growing preference of antibody-based test kits, as they provide a faster diagnosis of the disease. On the basis of end-users, the industry can be divided into hospitals, public health laboratories, private or industrial laboratories, scientific laboratories, and others. The hospital segment is expected to dominate the market due to the presence of sophisticated diagnostic and treatment facilities.
Abbott Laboratories, Altona Diagnostics, MyLab, Roche Diagnostics, Qiagen, BioMednomics, Getein Biotech, Sensing Self Ltd., Hangzhou Biotest Biotech, AmonMed Biotechnology Co., Beijing Tigsun Diagnostics Co. Ltd., Biomaxima, CTK Biotech, Hunan Lituo Biotechnology Co., Vivacheck Lab, MD Solutions, Thermo Fisher Scientific, Siemens, Seegene Technologies, FastSense Diagnostics and others are some of the leading players operating in global coronavirus testing kits market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. For instance, in March 2020, Pune (India) based molecular diagnostic company Mylab became the first Indian company to have received the validation for its COVID-19 diagnostic test kits also known as the Reverse Transcription Polymerase Chain Reaction (RT-PCR) tests by the Drug Controller of India, after the National Institute of Virology validated its test. Today, the company along with companies like Altona Diagnostics and Siemens is supplying diagnostic kits to the world.