PUBLISHER: The Business Research Company | PRODUCT CODE: 1210138
PUBLISHER: The Business Research Company | PRODUCT CODE: 1210138
“COVID-19 Detection Test Kits and Consumables Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on COVID-19 detection test kits and consumables market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for COVID-19 detection test kits and consumables ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The COVID-19 detection test kits and consumables market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Companies Mentioned: Cepheid; BGI; Abbott Laboratories; BioFire Diagnostics; F. Hoffmann-La Roche
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.
Major players in the COVID-19 detection test kits and consumables market are: Cepheid, BGI, Abbott Laboratories, BioFire Diagnostics, F. Hoffmann-La Roche, GenMark Diagnostics, Mylab Discovery Solutions, Qiagen, Quidel Corporation, and Randox Laboratories.
The global COVID-19 detection test kits and consumables market is expected to grow from $6.21 billion in 2021 to $6.70 billion in 2022 at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The COVID-19 detection test kits and consumables market is expected to grow to $8.94 billion in 2026 at a CAGR of 7.5%.
The COVID-19 detection test kits & consumables market consists of sales of nucleic acid amplification tests (NAATs) and antigen tests. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The COVID-19 detection test kits & consumables are used for the identification of novel coronavirus (SARS-CoV-2). This COVID-19 test kits & consumable uses a laboratory procedure called reverse transcription polymerase chain reaction to find the virus' genetic material (RT-PCR).
The COVID-19 detection test kits and 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, and others. It is also segmented by consumables into swabs, tubes, viral transfer media, reagents, and other consumables and by specimen type into nose and throat swab, blood, sputum, and nasal aspirate. The various end-uses of COVID-19 detection test kits and consumables are hospitals, clinics, public health labs, private and commercial labs, physicians labs, research institutes, and others.
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 the COVID-19 detection kits and consumables market. With the increasing incidence of COVID-19 (SARS-CoV-2) worldwide, the outbreak was declared as a 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 the 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.
Huge demand to increase the capacity combined with a shortage of raw materials used in equipment and a reduced supply of particular reagents and consumables is expected to limit the growth of the COVID-19 detection test kits and consumables market. The pandemic outbreak resulted in lockdown all over the world which has brought shortages of raw materials and halted the supply chain of the particular reagents and consumables for the manufacturing companies as the countries depend on each other for it. For instance, Mpilo lab, the COVID-19 testing laboratory in Bulawayo has stopped conducting tests due to a critical shortage of consumables. Shortages of raw materials due to the disruption in the supply chain coupled with the high pressure to increase the production capacity to meet the demand is likely to harm the profit margins of the COVID-19 detection test kits and consumables market.
CRISPR, a new diagnostic test for COVID-19 is based on CRISPR technology and can run on nasal swabs. CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats) based technologies are genomic editing technologies used for the exact detection of COVID-19 cases in an hour. The US FDA has granted Sherlock Biosciences an emergency use authorization (EUA) for the CRISPR test. The Sherlock Biosciences' CRISPR, therefore becomes the first FDA-authorized CRISPR technology on the market. Mammoth Biosciences is another company that is extensively working on this technology.
In April 2020, Co-Diagnostics, a molecular diagnostics company has signed an agreement with Promega for additional manufacturing capacity for the urgent production of its Logix Smart COVID-19 test. Promega will support Co-Diagnostics with its innovative solutions and technical support by providing test kits of its new Logix Smart COVID-19 test to meet the demand during the pandemic. Logix Smart COVID-19 test uses the Co-Primer technology of Co-Diagnostics to target the RdRp gene of the SARS-CoV-2 virus that causes the disease. The test is currently available to all clinical laboratories certified under Clinical Laboratory Improvement Amendments. Promega Corporation will begin supplying complete test kits for further distribution by Co-Diagnostics. The enhanced partnership enables Co-Diagnostics to reach additional testing facilities while leaning on Promega Corporation's extensive manufacturing capabilities and increased capacity.
The regions covered in the COVID-19 detection test kits and consumables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the COVID-19 detection test kits and consumables market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The COVID-19 detection test kits and consumables market research report is one of a series of new reports from The Business Research Company that provides COVID-19 detection test kits and consumables market statistics, including COVID-19 detection test kits and consumables industry global market size, regional shares, competitors with a COVID-19 detection test kits and consumables market share, detailed COVID-19 detection test kits and consumables market segments, market trends and opportunities, and any further data you may need to thrive in the COVID-19 detection test kits and consumables industry. This COVID-19 detection test kits and consumables market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.