LONDON--(BUSINESS WIRE)--The global coronavirus test kits market size is expected to decrease by USD 320.29 million as per Technavio. Despite the impact of the COVID-19 pandemic, market growth is expected to decelerate at a CAGR of (32)%.
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Market estimates include pre- and post-COVID-19 impact on the global coronavirus test kits market - Download free sample report
Considering there is no curative medicine available till date for the novel coronavirus, the prevalence and incidence rate of COVID-19 is expected to increase, which in turn, will drive the sales growth for test kits. The test kits being produced are continuously being enhanced for better performance. Several research organizations across the globe are developing coronavirus tool kits to enable testing multiple samples in a single kit. This will impact the market at a significant rate during the forecast period. Overall, the impact of COVID-19 is expected to be positive for the growth of the market in focus.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
The market is driven by the increasing prevalence of COVID-19 pandemic. In addition, the increasing screening of passengers in airports is anticipated to boost the growth of the coronavirus test kits market.
The global coronavirus test kits market is booming owing to the coronavirus disease (COVID-19) pandemic. Most people infected with COVID-19 experience respiratory issues. The disease typically spreads through close contact with infected people and through respiratory droplets produced when an infected person coughs or sneezes. The number of COVID-19 cases has been continuously increasing since December 2019, which is driving the demand for COVID-19 test kits across the globe. Thus, vendors, as well as research organizations, have been focusing on supplying COVID-19 test kit across countries. In March 2020, Los Angeles city and county leaders in the US announced the purchase of 20,000 coronavirus test kits worth approximately USD 1.25 million from Seegene Technologies, a South Korean biotech company.
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Major Five Coronavirus Test Kits Companies:
Abbott Laboratories has business operations under various segments, such as established pharmaceuticals, nutritionals, diagnostics, and medical devices. The company offers molecular test for the identification of SARS-CoV-2, the virus that causes COVID-19.
BGI Genomics Co. Ltd.
BGI Genomics Co. Ltd. operates its business through various segments, such as sequencing services, mass spec services, and pharma solutions. The company offers a Real-Time Fluorescent RT-PCR kit for detecting 2019-nCoV.
Danaher Corp. has business operations under three segments, such as life sciences, diagnostics, and environmental and applied solutions. The company offers automated molecular tests for the qualitative detection of 2019-nCoV under the brand, Cepheid.
F. Hoffmann-La Roche Ltd.
F. Hoffmann-La Roche Ltd. operates its business through two segments: pharmaceuticals and diagnostics. The company offers testing solutions for COVID-19 under the brand, Cobas.
Hologic Inc. has business operations under various segments, such as diagnostics, breast health, medical aesthetics, GYN surgical, and skeletal health. The company offers molecular test for novel coronavirus under the brand, Panther Fusion.
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Coronavirus Test Kits End-user Outlook (Revenue, USD mn, 2020-2024)
Coronavirus Test Kits Regional Outlook (Revenue, USD mn, 2020-2024)
- North America
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