[Market Study] Global Covid Testing Kit Market is expected to hit US$ 52.2 billion by 2028, registering a substantial CAGR of over 19.8%, market report by RationalStat

According to a deep-dive market assessment by RationalStat, the Global Covid Testing Kit Market has been analyzed on the basis of market segments, including type, sample type, and geography/regions (incl. North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2028.

Wilmington, Delaware, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Market Scope and Report Overview

Organizations that are driving market expansion have been making more developments. For instance, in 2021, the FDA gave LabCorp an Emergency Use Authorization (EUA) for a combo home collection kit that could identify COVID-19 and influenza A/B in kids as young as 2. The kit will be provided without charge to anyone who meets clinical criteria, such as those who exhibit symptoms brought on by contact with someone who has COVID-19 or who is asked to undergo a medical evaluation. As a result, these kinds of activities are assisting in accelerating market expansion.

Market intelligence for the global covid testing kit market covers market sizes on the basis of market value (US$/EUR Million) and volume (units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.

In addition, the long-term sector and products/services 10-year outlook and its implications on the Covid Testing Kit market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.

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Global Covid Testing Kit Market: Segmental and Market Share Analysis

On the basis of type, molecular testing dominated the global covid testing kit market. The genetic material of the virus is found through molecular amplification testing. For identifying the virus that causes COVID-19, molecular tests are the most reliable.

On the basis of sample type, the nasal aspirate segment dominated the global covid testing kit market. This is as a result of dramatically increased COVID-19 detection rates and decreased swab droplet output. The highest-yield sample for diagnostic testing of respiratory viruses, including SARS-CoV-2, is this set of swabs.

Period Covered include data for 2019-2028 along with year-wise demand estimations

The covid testing kit market report analyzes the global covid testing kit market on the basis of global economic situations, regional geopolitics, import-export scenarios, trade duties, market developments, organic and inorganic strategies, mergers and acquisitions, product launches, government policies, new capacity addition, technological advancements, R&D investments, and new market entry, replacement rates, penetration rates, installed base/fleet size, global and regional production capacity, among others.

RationalStat offers market analysis and consulting studies on the basis of dedicated and robust desk/secondary research supported by a strong in-house data repository. In addition, the research leverages data based on the real-time insights gathered from primary interviews. Market estimations and insights are based on primary research (covering more than 240 entities) and secondary research by leveraging international benchmarking.

The global covid testing kit market report also covers value chain and supply chain analysis that provides in-depth information about the value chain margins and the role of various stakeholders across the value chain. Market dynamics provided in the market study include market drivers, restraints/challenges, trends, and their impact on the market throughout the analysis period.

In the competition analysis section, the global covid testing kit market provides a detailed competition benchmarking analysis based on the market share of the leading companies/brands/ producers/suppliers, a market structure overview with detailed company profiles of more than 25 players with their financials, product/service offerings, major developments, business models, etc. This enables, clients and report buyers to make strong, precise, and timely decisions.

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Macroeconomic Scenario and the Impact of COVID-19 on Regional Economic Sentiment

In the latest RationalStat analysis, geopolitical conflicts and inflation are the cited economic risks, while concerns about the volatility across energy sectors prevail in Europe and other parts of the world. Some of the potential risks to the economic growth in the leading regions, including Asia Pacific, Europe, North America, the Middle East & Africa, and other developing regions, are inflation, volatile energy prices, supply chain disruptions, geopolitical instability, labor shortages, rising interest rates, and COVID-19 pandemic.

The global economy experienced heavy headwinds, throughout 2019-2021, as some countries witnessed subdued growth, while other countries continued to grapple with economic slowdowns. The COVID-19 pandemic has levied undue pressure across the majority of industries globally and has caused a major economic crisis in the US, India, Italy, the UK, Germany, India, Japan, South Korea, the UK, and many others. Besides, the exit of the UK from the European Union earlier in 2020 and the Russo-Ukraine war in 2022 exacerbated the ever-heightened global uncertainty.

In addition to this, the global economic growth slowed in 2022 to 3.3%, weaker than expected at the end of 2021, mainly weighed down by Russia’s war in Ukraine and the associated cost-of-living crisis in many countries. However, improvement in economic activities during the forecast period is expected. Growth is projected to remain at lower rates in 2023 and 2024, at 2.6% and 2.9% respectively.

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Competition Analysis and Market Structure

These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players.  Some of the key developments in the global covid testing kit market include,

  • In 2022, Roche Diagnostics India launched the COVID-19 At-Home Test Kit to diagnose COVID-19. Instead of the nasopharynx, a swab from the front of the nose is required for this test.
  • In 2022, The U.S.-based research and development company Hememics Biotechnologies Inc. collaborated with the Biomedical Research and Development Authority (BARDA) to develop a quick antigen and antibody detection tool that supports Bluetooth.

Some of the prominent players that contribute significantly to the covid testing kit market growth include QIAGEN, Hoffmann-La Roche Ltd, Seegene Inc, SolGent Co. Ltd, Curetis, KURBO INDUSTRIES LTD., Devex, Thermo Fisher Scientific, Mylab Discovery Solutions Pvt. Ltd among others.

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RationalStat has segmented the global covid testing kit market based on type, sample type and region

  • Global Covid Testing Kit Market Value (US$ Million), Volume (units), and Market Share (2019-2028) Analysis by Type
    • Molecular Testing
    • Serological Testing
  • Global Covid Testing Kit Market Value (US$ Million), Volume (units), and Market Share (2019-2028) Analysis by Sample Type
    • Swab Test
    • Nasal Aspirate
    • Tracheal Aspirate
    • Blood Test
    • Sputum Test
  • Global Covid Testing Kit Market Value (US$ Million), Volume (units), and Market Share (2019-2028) Analysis by Region
    • North America Covid Testing Kit Market
      • US
      • Canada
    • Latin America Covid Testing Kit Market
      • Brazil
      • Mexico
      • Rest of Latin America
    • Western Europe Covid Testing Kit Market
      • Germany
      • UK
      • France
      • Spain
      • Italy
      • Benelux
      • Nordic
      • Rest of Western Europe
    • Eastern Europe Covid Testing Kit Market
      • Russia
      • Poland
      • Hungary
      • Other CIS Countries
      • Rest of Eastern Europe
    • Asia Pacific Covid Testing Kit Market
      • China
      • Japan
      • India
      • South Korea
      • Australia
      • ASEAN
        • Indonesia
        • Thailand
        • Philippines
        • Vietnam
        • Malaysia
        • Rest of ASEAN
      • Rest of Asia Pacific
    • Middle East & Africa Covid Testing Kit Market
      • GCC
        • Saudi Arabia (KSA)
        • United Arab Emirates (UAE)
        • Rest of the GCC
      • South Africa
      • Nigeria
      • Turkey
      • Rest of the Middle East & Africa
  • Leading Companies and Market Players
    • QIAGEN
    • Hoffmann-La Roche Ltd
    • Seegene Inc
    • SolGent Co. Ltd
    • Curetis
    • Devex
    • Thermo Fisher Scientific
    • Mylab Discovery Solutions Pvt. Ltd 

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Key Questions Answered in the Covid Testing Kit Report:

  • What will be the market value of the global covid testing kit market by 2028?
  • What is the market size of the global covid testing kit market?
  • What are the market drivers of the global covid testing kit market?
  • What are the key trends in the global covid testing kit market?
  • Which is the leading region in the global covid testing kit market?
  • What are the major companies operating in the global covid testing kit market?
  • What are the market shares by key segments in the global covid testing kit market?

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Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

  • Defining the problem by understanding the type of market and data required by the client.
  • Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
  • Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
  • Evaluating and analyzing the data by referring to data sources utilized and leveraged.
  • Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

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