COVID-19 Detection Kits Market to cross USD 8 Bn by 2026: Global Market Insights, Inc.

Some of the major participants in COVID-19 detection kits market share includes Cepheid, Co-Diagnostics, BGI, Abbott Laboratories, BioFire Diagnostics, F. Hoffmann-La Roche, GenMark Diagnostics, Guangzhou Wondfo Biotech, Mylab Discovery Solutions, Qiagen, Quidel Corporation, Randox Laboratories, SD Biosensor, Seegene, Shenzhen Bioeasy Biotechnology and Thermo Fisher Scientific.


Selbyville, Delaware, April 20, 2020 (GLOBE NEWSWIRE) --

Global Market Insights, Inc. has recently added a new report on COVID-19 detection kits market which estimates the global market valuation for COVID-19 detection kits will cross US$ 8 billion by 2026. Increasing incidence of COVID-19 worldwide and difficulty in containing the spread will foster these kits demand. Technological progress and consequent development of advance coronavirus diagnostic kits will also trigger the market growth over the forthcoming years.

Transmission of the virus occurs quickly through direct contact with infected person and indirect contact with surfaces in the immediate environment. This has increased the need for COVID-19 detection kits. Countries with skyrocketing cases of COVID-19 are facing grave public health problems. Considering the gravity of the situation, regulatory bodies such as the U.S. FDA announced to ease the regulatory process for COVID-19 detection kits under the Emergency Use Authorization (EUA). This allowed manufacturing companies to introduce their tests in the market on a fast-track basis, thereby bolstering the COVID-19 detection kits market growth.

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The RT-PCR assay kits segment is estimated to be the most profitable and will garner 96% market share in 2020. Its market will experience a tremendous growth over the initial years of the forecast period. Increasing cases of COVID-19, globally, is driving the segmental growth. For instance, according to the Centers for Disease Control and Prevention (CDC), around 0.6 million positive cases of COVID-19 have been reported till date in the U.S. alone.

The nasal swab market is projected to account for around 19% CAGR during the forecast period owing to the easy availability and usability of the product. The diagnostic centers segment is anticipated to account for around USD 1 billion market value in 2020. The growth of this segment is attributed to the ability of diagnostic centers to process a large batch of patient samples efficiently with the available advanced equipment.

Asia Pacific COVID-19 detection kits market is projected to witness around 21% CAGR over through 2026. The COVID-19 outbreak in highly populated countries such as China and India are majorly driving the regional growth. Even after the containment of the infection to some extent, reported recurrence of COVID-19 at some places in restored patients is expected to further drive the COVID-19 detection kits market demand. 

Browse key industry insights spread across 170 pages with 206 market data tables & 10 figures & charts from the report, “COVID-19 Detection Kits Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/covid-19-detection-kits-market

Some major findings of the COVID-19 detection kits market report include:

  • Growing public awareness about the availability of COVID-19 detection kits will act as a major impact factor for COVID-19 detection kits market growth.

  • Factors such as rising number of R&D activities, aging population, and escalating demand for cost-effective and quick COVID-19 detection kits will further propel the demand for COVID-19 detection kits market over the forecast years.

  • Increasing government initiatives and favorable regulatory scenario will flourish the COVID-19 detection kits industry.

  • Europe COVID-19 detection kits market size will expand to a great extent in the coming years attributed to the exploding cases of COVID-19 outbreak in countries such as Italy, Spain and France among others.

Some of the notable market players operating in COVID-19 detection kits market include Cepheid, Co-Diagnostics, BGI, Abbott Laboratories, BioFire Diagnostics, F. Hoffmann-La Roche, GenMark Diagnostics, Guangzhou Wondfo Biotech, Mylab Discovery Solutions, Qiagen, Quidel Corporation, Randox Laboratories, SD Biosensor, Seegene, Shenzhen Bioeasy Biotechnology and Thermo Fisher Scientific. These industry players are implementing various growth strategies to expand their product offerings and harness maximum share in the COVID-19 detection kits market. 

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Partial chapters of report table of contents (TOC):

Chapter 3.    COVID-19 Detection Kits Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2020 - 2026

3.3. Industry impact forces

3.3.1.    Growth drivers

3.3.1.1.    Rising incidence of COVID-19 globally

3.3.1.2.    High risk of infection in geriatric population

3.3.1.3.    Increasing technological advancements in virus detection

3.3.1.4.    Increasing government and industry players initiatives

3.3.2.    Industry pitfalls & challenges

3.3.2.1.    Lower accuracy of immunoassay-based tests

3.4. Growth potential analysis

3.4.1.    By product

3.4.2.    By specimen type

3.4.3.    By end-use

3.5. COVID-19 detection kits – pricing analysis, 2020

3.6. Regulatory landscape

3.6.1.    U.S.

3.6.2.    Europe

3.6.3.    Asia Pacific

3.6.3.1.    India

3.6.3.2.    China

3.6.3.3.    Australia

3.7. Pipeline analysis

3.8. Reimbursement scenario

3.9. Porter’s analysis

3.10.    Competitive landscape

3.10.1.    Company matrix analysis

3.11. PESTEL analysis

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

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.


            

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