Pune, India -- (SBWire) -- 05/19/2020 --Infinium Global Research's recent report on the "COVID-19 Testing Kits Market (By Product (RT-PCR Assay Kits, Immunoassay Test Strips/Cassettes), By Specimen Type (Upper respiratory tract, Lower respiratory tract specimens, and Sputum), By End-use (Hospitals, Diagnostic Centers, Research Centers): Global Industry Analysis, Trends, Size, Share and Forecasts up to 2026." provides a comprehensive outline of the factors responsible for the growth of the market.
COVID-19 testing kits are the most important tools to control the spread and impact of the coronavirus. 211 countries are infected by COVID-19; these countries have cumulatively completed approx. 5.1 Million tests so far or 20% of global volume. As the countries are engaged in aggressive testing and taking precautionary measures to contain the virus, the demand for testing kits are expected to augment over the coming days.
Furthermore, increasing government funding in controlling the spread of the pandemic is fuelling the growth of the market. However, in the long run, the demand for test kits are expected to fall as the spread of COVID-19 slows down over the years.
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RT-PCR Assay Kits to Hold the Largest Share in the COVID-19 Testing Kits Market
RT-PCR assay kits are the most commonly used test in the detection of coronavirus. They are intended for the in vitro qualitative detection of nucleic acid from severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) in lower respiratory tract fluids such as bronchoalveolar lavage, sputum, tracheal aspirate and upper respiratory tract fluids such as nasopharyngeal and oropharyngeal swabs from individuals suspected of COVID-19 by their healthcare provider.
RT-PCR tests are very specific and sensitive. These kits can detect as little as one virus particle in swabs taken from inside the mouth or nose. In addition, most countries relied on RT-PCR tests initially because these were the fastest to develop. However, more antibody tests are now becoming available in the market.
The report on the "Global COVID-19 Testing Kits market" offers an in-depth analysis of the segments such Product (RT-PCR Assay Kits, Immunoassay Test Strips/Cassettes), Specimen Type (Upper respiratory tract, Lower respiratory tract specimens, and Sputum), and End-use (Hospitals, Diagnostic Centers, Research Centers).
North America to Generate the Largest Revenue in the Global COVID-19 Testing Kits Market
Geographically, North America is expected to dominate the global market over the forecast years due to the rising spread of COVID-19 in courtiers such as the U.S. and Mexico. As per the stats obtained from the Worldometer Organization, the U.S. is the world's most affected country by coronavirus currently. The U.S. has 1.01 Million confirmed cases of COVID-19.
Moreover, the ongoing measures by the U.S. authorities to contain the virus have increased the number of tests performed daily which is increasing the demand for the COVID-19 testing kits in the North America region. Moreover, Europe will hold the second position all the EU5 countries are among the ten most affected countries with coronavirus. Additionally, as European countries have a large portion of the population aging, the region is also witnessing a surge in cases, which will increase the demand for coronavirus tests in Europe over 2020.
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Increasing Production Capacity and Continuous Research and Development to Be the Major Strategy of the COVID-19 Testing Kits Manufacturers
The COVID-19 testing kits market is intensely competitive with a large number of established and emerging players. The market is witnessing a large number of product development and product approvals. Moreover, due to the current demand and supply gap in the market, several new entrants are entering the market with innovative product offerings.
The key players in the market include Abbott Laboratories, BGI, BioFire Diagnostics, Cepheid, Co-Diagnostics, F. Hoffmann-La Roche, GenMark Diagnostics, Guangzhou Wondfo Biotech, Mylab Discovery Solutions, Qiagen, Quidel Corporation, Randox Laboratories, and SD Biosensor. In a major development, the U.S. Food and Drug Administration has approved the first at-home COVID-19 test kit, which is expected to bring coronavirus testing to the doorsteps of every household. These players are continuously involved in the development of effective testing kits for COVID-19.
Recently, in March 2020, the FDA has approved an "automated assay" from Abbott Diagnostics that uses an isothermal nucleic acid amplification method. Moreover, in recent days, a home test kit has been developed by LabCorp, a U.S. company that has a network of medical laboratories across the country. This will be the first at-home test kit available commercially, after the approval.
However, several companies are also increasing their production capacities to meet the increasing demand from the market. SD Biosensor, a bio-diagnostic company, has started manufacturing COVID-19 rapid test kits in India with a capacity to produce 5,00,000 such kits per week. The development is seen as a major relief for India as the infection is spreading at a rapid pace.
Infinium Global Research's recent report on the global COVID-19 Testing Kits is an encompassment of such recent developments in the global marketplace. The report delivers insights into the leading players that have contributed greatly to the growth of the market and also estimates the impact of recent developments in the global market.
Browse Detailed TOC, Description, and Companies Mentioned in Report @ https://www.infiniumglobalresearch.com/healthcare-medical-devices/global-covid-19-testing-kits-market
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