Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
COVID-19 is a viral infection which affects the respiratory tract. The COVID-19 virus is highly contagious and can be transmitted through direct contact with the infected person or an indirect contact with surfaces in the immediate environment. The number of people getting infected by COVID-19 has dynamically increased, making it a global pandemic. The skyrocketing cases of COVID-19 across the globe have enunciated the need for more and more COVID-19 detection kits in order to carry out maximum number of tests.
The surging demand for COVID-19 detection kits has encouraged several manufacturing companies such as Abbott Laboratories, Co-Diagnostics, BioFire Diagnostic, and other prominent players to potentially ramp up their production. For instance, on May 04, 2020, Abbott Laboratories announced that it is planning to ramp up the production of COVID-19 tests. The company reported that it is manufacturing around 50,000 ID NOW tests per day and will be ramping up the manufacturing capacity by 2 million tests a month by June, 2020. The company is also planning to increase the production of its antibody tests to around 20 million tests in June. Hence, such high production of COVID-19 tests is expected to boost the growth of the COVID-19 detection kits market during the forecast period.
The global COVID-19 detection kits market is estimated to be valued at US$ 3.30 billion in 2020 and is expected to exhibit a CAGR of 17.3% during the forecast period (2020-2027).
Figure 1. Global COVID-19 Detection Kits Market Share (%) in terms of Value, By Region, 2019
The COVID-19 outbreak is expected to propel the market growth during the forecast period
The increasing number of disease outbreaks is escalating demand for advanced diagnostic test kits which is expected to boost growth of the COVID-19 detection kits market. For instance, the coronavirus disease (COVID-19) pandemic is the most recent outbreak which was first reported on December 31, 2019 in Wuhan, China. The World Health Organization declared coronavirus disease (COVID-19) as a pandemic on March 11, 2020. According to the World Health Organization (WHO), around 3,517,345 cases of the coronavirus disease (COVID-19) were reported on May 05, 2020 across the globe.
Figure 2. Global COVID-19 Detection Kits Market Share (%) By Value, by Product Type, 2020
The increasing demand for COVID-19 detection kits due to the COVID-19 outbreak is expected to drive the market growth during the forecast period
The demand for COVID-19 detection test kits has increased worldwide due to the disease outbreak which is expected to drive the growth of the COVID-19 detection kits market during the forecast period. For instance, on March 16, 2020, F. Hoffmann-La Roche AG shipped around 400,000 cobas SARS-CoV-2 Tests for COVID-19 to a network of hospitals and reference laboratories across the U.S. The company is planning to ship an additional 400,000 tests per week to the laboratory testing sites across the U.S.
Global COVID-19 Detection Kits Market: Restraint
Product recalls due to quality control issues are expected to hinder the market growth. For instance, on April 17, 2020, the Washington State Department of Health was informed by UW Medicine that the procured batch of COVID-19 specimen collection kits may have quality control issues due to which the Washington State Department of Health recalled around 12,000 kits sent to the tribal nations, local health jurisdictions, and state agency partners across the U.S.
Major players operating in the global COVID-19 detection kits market are Co-Diagnostics, Inc, F. Hoffmann-La Roche AG, Siemens Healthineers AG, Thermo Fisher Scientific, Abbott Laboratories, BGI, Cepheid Inc, BioFire Diagnostics, GenMark Diagnostics, Qiagen, Quidel Corporation, Randox Laboratories Ltd., SD Biosensor, INC., Shenzhen Bioeasy Biotechnology Co., Ltd., and Seegene Inc.