LONDON--(BUSINESS WIRE)--The coronavirus test kits market in Europe will post a decremental growth of USD (139.05) million during 2020-2024. Despite the impact of the COVID-19 pandemic, the growth for this market is expected to remain steady in the first half of 2020 and throughout the forecast period.
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Germany has been witnessing a comparatively lower COVID-19 related casualty rate due to rapid mass testing in the country. As many as 120,000 people are being tested per week. In addition, government agencies in Germany are planning to further increase the number of daily tests to 200,000 by the first week of April, 2020. Similarly, the high intensity of the pandemic in Italy has urged government authorities to launch large-scale testing of the population. Such measures are increasing the demand for coronavirus testing kits across Europe.
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The market is driven by the increase in government funding. In addition, the rising focus on the prevention of coronavirus pandemic is anticipated to boost the growth of the coronavirus testing kits market in Europe.
Governments and regulatory bodies across Europe are extending support to vendors that offer coronavirus testing kits by providing funding. For instance, in January, the European Commission granted around USD 11 million from its research and innovation program, Horizon 2020, to boost research on coronavirus. Similarly, in March 2020, the Government of UK announced a USD 60 million aid package to fight the novel disease. It also includes funding for a rapid diagnostic test and assistance to the health system in vulnerable countries. Also, countries such as Germany, Italy, and Switzerland have announced coronavirus investment funds to reduce the impact of the pandemic. These factors are creating a surge in the demand for coronavirus testing kits in Europe.
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Major Five Test Kits for Coronavirus Testing Companies:
3D Biomedicine Science and Technology Co. Ltd.
3D Biomedicine Science and Technology Co. Ltd. operates its business through a unified business segment. The company offers ANDiS SARS-CoV-2 Detection kit. It is an integrated solution used for the detection of SARS-CoV-2 and distinguish SARS-CoV-2 from Influenza A/B virus.
Abbott Laboratories operates its business through segments such as Established Pharmaceuticals, Nutritionals, Diagnostics, and Medical Devices. The company offers Abbott RealTime SARS-C0V-2 assay. It is a molecular test for the identification of SARS-CoV-2.
BGI Genomics Co. Ltd.
BGI Genomics Co. Ltd. operates its business through segments such as Molecular genetics, Sequencing services, Mass Spec, and Pharma solutions. The company offers Real-Time Fluorescent RT-PCR kit. It consists of a qualitative in vitro nucleic acid amplification assay. It is used to detect SARS-CoV-2 using reverse transcription PCR from throat swab and Bronchoalveolar Lavage Fluid (BALF) samples.
bioMérieux SA operates its business through a unified business segment. The company offers SARS-COV-2 R-GENE test. It is a real time PCR test that is clinically validated on one type of respiratory specimen to detect SARS-CoV-2.
Co-Diagnostics Inc. operates its business through segments such as Products and Applications. The company offers Logix Smart Coronavirus 2019 test kit. It is a vitro diagnostic test that uses patented CoPrimer technology for the qualitative detection of the RNA from SARS-CoV-2 coronavirus.
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Coronavirus Test Kits Market Regional Outlook (Revenue, USD Million, 2020-2024)
- Rest of Europe
Coronavirus Test Kits Market End-user Outlook (Revenue, USD Million, 2020-2024)
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