The COVID-19 Detection Test Kits and Consumables Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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In concordance with The Business Research Company’s comprehensive analysis delineated in the COVID-19 Detection Test Kits and Consumables Global Market Report 2024, the dimensions of the COVID-19 detection test kits and consumables market have demonstrated robust expansion in recent epochs. This trajectory is anticipated to persist, ascending from $7.25 billion in 2024 to $7.79 billion in the same year, manifesting a compounded annual growth rate (CAGR) of 7.4%. The impetus behind this surge in the historical period finds roots in the heightened prevalence of COVID-19, surging exigency for early detection and diagnosis, augmented governmental backing, heightened cognizance regarding the significance of testing, and broadened reimbursement coverage.
Projections for the foreseeable future anticipate an even more pronounced ascent in the COVID-19 detection test kits and consumables market, envisaging a crest at $10.84 billion by 2028, with a CAGR of 8.6%. The forthcoming surge can be ascribed to burgeoning demand for point-of-care testing, the perpetual necessity for testing, emergence of variant strains, the fervor of vaccination campaigns, and the stringent enforcement of international travel and border controls. Noteworthy trends anticipated in the forecast period encompass multiplex testing, the proliferation of home testing kits, seamless integration of digital health solutions, and the adoption of antibody tests for assessing immunity.
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 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 support of the research, regulatory bodies such as the 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 the ease of the regulatory process for COVID-19 detection kits is driving the COVID-19 detection test kits and consumables market.
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The covid-19 detection test kits and consumables market covered in this report is segmented –
1) By Kits: Viral Load Testing Kits (qPCR and RT-PCR), Virus Neutralizing Assay Kits, Antibody Detection Kits (Elisa), Viral Antigen Detection Test Kits, Other Kits
2) By Consumables: Swabs, Tubes, Viral Transfer Media, Reagents, Other Consumables
3) By Specimen Type: Nose & Throat Swab, Blood, Sputum, Nasal Aspirate
4) By End Use: Hospitals, Clinics, Public Health Labs, Private And Commercial Labs, Physicians Labs, Research Institutes, Other End Uses
Top 5 Major Players:
Within the pharmaceutical domain, key stakeholders engaged in the production of COVID-19 drug-associated APIs are strategically aligning their focus towards augmenting plant capacity and production capacity. This strategic maneuver aims to adequately address the burgeoning demand precipitated by the escalating incidence of coronavirus cases worldwide. For instance, Merck & Co., Inc., a prominent US-based pharmaceutical entity, recently forged a collaborative alliance with the Heavy Water Board in India. This alliance aspires to capitalize on the burgeoning deuterated raw compound industry, presently valued at approximately $100 million, with the potential to burgeon to $1 billion within the ensuing five to ten years. Merck endeavors to bolster India’s chemical, pharmaceutical, and technical sectors by provisioning high-caliber compounds requisite for the fabrication of pharmaceuticals, semiconductors, OLEDs, and electronics.
Meanwhile, Avigan undergoes rigorous clinical trials to ascertain its safety and efficacy in mitigating COVID-19 manifestations amongst afflicted patients, signifying a concerted effort towards advancing therapeutic modalities amid the prevailing pandemic milieu.
A notable clinical development in this realm is the ongoing clinical trials of Avigan, evaluating its safety and efficacy for the treatment of COVID-19 patients. This exemplifies the industry’s commitment to advancing therapeutic interventions amidst the ongoing global health crisis.
The covid-19 detection test kits and consumables market report table of contents includes:
1. Executive Summary
2. COVID-19 Detection Test Kits And Consumables Market Characteristics
3. COVID-19 Detection Test Kits And Consumables Market Trends And Strategies
4. COVID-19 Detection Test Kits And Consumables Market – Macro Economic Scenario
5. Global COVID-19 Detection Test Kits And Consumables Market Size and Growth
….
31. Global COVID-19 Detection Test Kits And Consumables Market Competitive Benchmarking
32. Global COVID-19 Detection Test Kits And Consumables Market Competitive Dashboard
33. Key Mergers And Acquisitions In The COVID-19 Detection Test Kits And Consumables Market
34. COVID-19 Detection Test Kits And Consumables Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global COVID-19 Detection Test Kits And Consumables Market, Segmentation By Kits, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global COVID-19 Detection Test Kits And Consumables Market, Segmentation By Consumables, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global COVID-19 Detection Test Kits And Consumables Market, Segmentation By Specimen Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…
Table 75: Cepheid Financial Performance
Table 76: BGI Genomics Financial Performance
Table 77: Abbott Laboratories Financial Performance
Table 78: bioMérieux SA Financial Performance
Table 79: Bio-Rad Laboratories Financial Performance
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