Overview

COVID-19 Diagnostic Kits Market Introduction:

Viral infections are diagnosed by testing the blood, an infected body specimen or body fluids and these samples are examined with an electron microscope. Based on the symptoms, infections like zika and measles are diagnosed and treated accordingly. There has been a rise in the prevalence rate of infectious diseases over the last decade and with the current COVID-19 outbreak, the demand for diagnostic kits has skyrocketed, thereby contributing to the growth of the market. Furthermore, increasing geriatric population is one primary reason for the rise in the number of COVID-19 patients worldwide. As per the WHO, over 90% of the deaths are of patients aged 55 and older and countries like Germany and Italy have a major share of population that is aged 55 or older which has increased the spread of the virus.

Many diagnostic kit manufacturers are taking substantial steps in fulfilling the demand for diagnostic test kits, especially in countries where the patient numbers are rising with a remarkable rate. SD Biosensor, a South Korean diagnostic kit manufacturer, have initiated to manufacture rapid antibody test kits in India for detecting COVID-19 as early as possible. SD Biosensor received its license for manufacturing the diagnostic kits from ICMR on April 14 and then Drug Controller general of India sanctioned their license on April 16. They started manufacturing kits in their Manesar and they plan to produce over 500,000 kits per week.

Furthermore, Siemens has planned to produce over 100,000 kits in India, and they donated over 40,000 test kits to ICMR under their Siemens Fight COVID-19 initiative. Moreover, South Korean manufacturer Seegene is expected to initiate the supply of over 1 million test kits to India in April. Similarly, Mologic has received a grant from the British government to develop COVID-19 testing kits that can diagnose the virus in ten minutes. They have partnered with Institut Pasteur de Dakar manufacture the kits in the custom-built epidemic innovation facility located in Dakar, Senegal.

The North America region is expected to hold the largest COVID-19 diagnostic kits market share, and this is primarily owing to the rising number of COVID-19 patients where over 40,000 deaths are currently registered. Furthermore, many key market players in the region are planning of ramping up the production of testing kits. Thermo Fisher Scientific has declared to increase the production of COVID-19 detection kits based on RT-PCR method in March 2020 to meet UK’s demand of over 100,000 test every day.

Some of the key market players are Abbott Laboratories, Seegene, Mylab Discovery Solutions, BGI, SD Biosensor, BioFire Diagnostics, Cepheid, Co-Diagnostics GenMark Diagnostics, Guangzhou Wondfo Biotech, , F. Hoffmann-La Roche, Qiagen, Quidel Corporation, Randox Laboratories, Shenzhen Bioeasy Biotechnology and Thermo Fisher Scientific.

COVID-19 Diagnostic Kits Market Segmentation:

By Product

RT-PCR Assay Kits
Immunoassay test Strips

By Specimen

Nasopharyngeal Swab
Oropharyngeal Swab
Nasal Swab
Others

By End User

Hospitals
Diagnostic Centres
Others

By Region

North America
Europe
Asia Pacific
Latin America
Middle East And Africa

FutureWise Key Takeaways:

Growth prospects
SWOT analysis
Key market trends
Key data-points affecting market growth

Objectives of the Study:

To provide with an exhaustive analysis on the global COVID-19 diagnostic kits market by product, by specimen, by end user and by region
To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
To evaluate and forecast micro-markets and the overall market
To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and Middle East and Africa
To record, evaluate and analyze competitive landscape mapping- product launches, technological advancements, mergers and expansions

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