PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1103559
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1103559
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Global COVID-19 Testing Market to Shrink to $8.0 Billion by 2027
In the changed post COVID-19 business landscape, global market for COVID-19 Testing estimated at US$19 Billion in the year 2020, is projected to decline to US$8.0 Billion by 2027, declining at a CAGR of -11.8% over the analysis period 2020-2027.
COVID-19 testing has emerged as a large market in a span of few months owing to the large-scale testing across the world. However, with vaccines being launched across the world, the COVID-19 testing market is expected to slowdown in 2021, and decline rapidly in the near future as the global population starts getting vaccinated. The major testing types include RT-PCR tests, rapid antigen tests, and rapid antibody tests. Growth in the global market is primarily being driven by rising incidence of COVID-19 infection and the pressing need for effective and fast testing. Announced as pandemic by the WHO, the rapid spread of the virus across countries has prompted governments to rely on massive testing, which created strong demand for COVID-19 test kits. The market for these tests is further bolstered by unavailability of an effective treatment hitherto, driving people to consider diagnostic testing as a solution to curtail the pandemic. Increase caseloads of COVID-19 owing to non-compliance to specific measures like social distancing has resulted in significant demand for testing. In addition, the requirement of effective detection kits for vulnerable population, including aging people and individuals with the compromised immune system, is propelling the market. On the other hand, short supply of test kits and other components, such as RT-PCR instruments, virus control samples, and swabs, are expected to limit the market growth.
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