According to a new report published by FastMR titled, “COVID-19 Kits Market by Product, Specimen, and End-Use: Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global COVID-19 kits market is estimated to reach around USD 1.7 billion in 2020 and is expected to grow with the CAGR of 12.9% during the forecast period 2020-2027. Growing corona infected cases around the globe are projected to fuel the market growth
The outbreak of coronavirus disease around the globe is expected to drive market growth over the forecast period. The number of corona related infected personnel has crossed more than 2 million individuals as of April 2020. The sheer growth in the number of infected cases around the globe has caused an alarming situation. The U.S. is the worst affected country and has witnessed more than 52,000 deaths since 4th March 2020. The rising number of deaths around the globe is likely to fuel the demand for more testing which in-turn is expected positively influence the market growth over the coming years.
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The industry is facing a real challenge, as the demand for testing kits around the globe is rapidly increasing, so are the cases related to faulty kits supplied by China. Many countries around the globe have rejected the testing kits provided by Chinese suppliers. Recently, the UK has rejected nearly 3.5 million COVID-19 kits supplied by China. Similarly, countries like Spain and the Netherlands have also rejected Chinese kits as it showed flawed results.
The geriatric population is the most prone age group which is suffering heavy losses due to coronavirus. The total number of deaths has touched nearly 196 thousand personnel as of April 2020. Out of this, nearly 90% belong to the old age group. This is a significant challenge for governments around the globe.
Key vendors of the industry are Thermo Fischer Scientific, Mylab Discovery Solution, SD Biosensors, Seegene, Randox Laboratories, Quidel Corporation, Qiagen, Abbott Laboratories, GenMark Diagnostic, and BGI. Industry participants are focusing on the expansion of production capacities to cater to growing demand from around the globe.
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