The Infinium Global Research analyzes the COVID-19 Testing Kits Market over the period of 2020 to 2026. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in global covid-19 testing kits market. It will help a lot of decision makers to develop strategies and find new opportunities in the global markets of covid-19 testing kits. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the covid-19 testing kits market during the period.
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Growing Government Funding is Propelling the Growth of the Market
As the number of patients infected by COVID-19 is increasing, countries are engaged in aggressive testing and taking precautionary measures to contain the virus. 211 countries are infected by COVID-19; these countries have cumulatively completed approx. 5.1 Million tests so far or 20% of global volume. Furthermore, the elderly population is at a significantly increased risk of severe disease following infection from COVID-19. Among the top 30 countries with the largest percentage of older people, the countries most affected by the pandemic are among them. Thus, driving the demand for COVID-19 test kits in such countries.
Furthermore, growing government funding is also propelling the growth of the market. However, as the spread of COVID-19 slows down, test kit demand is expected to contract over the forecast. Nonetheless, the growing research and development to increase the efficiency and accuracy of the disease testing will further intensify its adoption over other analytical tests.
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North America Will Dominate the Global Market over the Forecast Years Owing to the Rising Number of Tests for Spreading COVID-19 Treatment
Among the regions, North America will dominate the global market over the forecast years owing to the rising number of tests for spreading COVID-19 treatment. The U.S. is the world’s most affected country by coronavirus currently, by the number of cases, which has increased the demand for the COVID-19 testing kits in the North America region. However, Europe will hold the second-largest share as seven European countries are among the ten most affected countries with coronavirus. Coronavirus continues to be severe in Italy, making it the most-affected in Europe.
Furthermore, as more European countries are witnessing a surge in cases, the demand for coronavirus test kits are expected to intensify in Europe over 2020. Moreover, the outbreak was primarily identified in Wuhan, China which further spread to other countries. Asia Pacific region is expected to grow at an unprecedented rate due to the rising number of countries affected by COVID-19. Asian countries such as India, Japan, South Korea, Singapore, and Malaysia have increased the number of tests to contain the spread of the virus, which will increase the demand for COVID-19 testing kits in the region.
COVID-19 Testing Kits Market: Segmentation
The report on global COVID-19 testing kits market covers segments such as product, specimen type, and end-user. On the basis of product, the sub-markets include RT-PCR assay kits, and immunoassay test strips. On the basis of specimen type, the sub-markets include upper respiratory tract specimens, lower respiratory tract specimens, and sputum specimens. On the basis of end-user, the sub-markets include hospitals, diagnostic centers, and research centers.
COVID-19 Testing Kits Market: Competitive Landscape
The report provides profiles of the companies in the market such as Abbott Laboratories, BGI Group, F. Hoffmann-La Roche, SD Biosensor, Inc., Mylab Discovery Solutions, Randox Laboratories, BioFire Diagnostics, LLC, Quidel Corporation, Shenzhen Bioeasy Biotechnology, and Thermo Fisher Scientific Inc.
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