In 2020, the global COVID Testing Kit market was valued at USD23.44 billion, with a CAGR of 7.20 percent projected during the forecast period. It is due to the rising prevalence of infectious and non-infectious diseases over the world. Furthermore, the unexpected emergence and spread of pandemic COVID-19 have increased demand for quick test kits for COVID-19 diagnosis. As a result, the market is expected to rise in 2020. Additionally, during the projection period, the market is likely to benefit from an increase in the global diabetic population, which necessitates monitoring sugar levels to control the condition. Furthermore, rising public awareness of the need of leading a healthy lifestyle and disease prevention and management has resulted in a higher demand for self-diagnostics, bolstering market growth in the subsequent years.
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Key Players
. The leading players in the global COVID testing kits market include BGI Group (China), Advaite, Inc. (the US), Innovita Biological Technology Co., Ltd (China), Safecare Biotech (Hangzhou) Co., Ltd (China), Dynamiker Biotechnology (Tianjin) Co., Ltd (China), Mount Sinai Laboratory (US), Cellex (US), Guangzhou Wondfo Biotech (China), Qiagen (Germany), Henry Schein, Inc. (US), F. Hoffmann-La Roche Ltd (Switzerland), Chembio Diagnostic Systems, Inc. (US), BioMérieux SA (France), Mylab Discovery Solutions Pvt. Ltd (India), Ortho Clinical Diagnostics (US), Zhejiang Orient Gene Biotech Co., Ltd. (China), Danaher Corporation (US), Abbott (US), and several others.
Segmental Analysis
Type, end-user, product type, duration, technology, application, company, as well as regional distribution are all used to segment the Global Rapid Test Kit Market. The market could be divided into two types: quick antigen test as well as rapid antibody test. The market could be classified into two categories based on product type: over-the-counter (OTC) rapid test as well as a professional rapid test kit. The market could be divided into four categories based on technology: lateral flow assay, agglutination, solid phase, and immunospot test.
The market could be divided into segments based on duration: less than 30 minutes, less than 1 hour, less than 10 minutes, 1 hour-2 hour, and others. The market could be divided into hospitals & clinics, diagnostic centers, home care, and many others depending on the end-user. Infectious illness, cancer, glucose monitoring, toxicology, pregnancy & fertility, cardiology, and others are some applications that the market may be divided into.
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Regional Analysis
The regional overview of the COVID testing kit market consists of Europe, Asia Pacific, North America and other chief regional markets. The European COVID testing kit market reported for the prime market share in the global market. The elevated COVID-19 illness and mortality detected among inhabitants in long-term care facilities (LTCF) in E.U. nations pose the main challenge for disease prevention and control in such surroundings. The Americas COVID testing kit market is growing due to a speedy occurrence of very infectious acute respiratory illness COVID-19, the existence of major producers, rising understanding of advanced technology, and increasing product launches by key businesses, and continuing public and private organizations’ attempts to limit the sweep of the virus. The Asia Pacific COVID, testing kit market is investigating the opportunities of permitting private laboratories to raise testing levels.
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