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The Europe-Conavirus Test Kits Market size is estimated to decline at a CAGR of -23.8% between 2022 and 2027. The market size is forecast to increase by USD -17.29 billion. The growth of the market depends on several factors play a crucial role in the market's growth, such as
This Europe coronavirus test kits market report extensively covers market segmentation by end-user (government and non-government), and type (rapid test kit, RT-PCR, and others). The report also covers an in-depth analysis of drivers, trends, and challenges.
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The rising focus on preventing the spread of the COVID-19 pandemic is notably driving market growth. Healthcare organizations and governments across the world have created guidelines and protocols for the effective control of the outbreak of pandemics such as COVID-19. These organizations include international and national authorities, such as the WHO and the ECDC. Such organizations mainly focus on supporting the establishment of a standard protocol, framework, and national and international plans for mitigating and preventing the COVID-19 pandemic by ensuring proper diagnostics and treatment to patients globally.
Moreover, the rising focus on the prevention of the spread of the COVID-19 pandemic has led to advances in innovative diagnostic products for coronavirus globally, including Europe which subsequently resulted in Europe - coronavirus test kits market expansion. These factors will boost the growth of the coronavirus test kits market in Europe.
Increasing demand for point-of-care diagnostics is an emerging trend shaping the market growth. The novel coronavirus disease (COVID-19) outbreak has posed a major challenge to national and international health authorities across the world, including WHO, the ECDC, and the National Institutes of Health (NIH). These authorities have been making significant efforts to strengthen surveillance to prevent the spread of the disease and increase the diagnostic capacities of laboratories in Europe. Moreover, the lack of testing infrastructure in most European countries has been a major challenge to such initiatives. Diagnostic kit manufacturers are offering antigen detection-based RIDT kits to overcome infrastructure-related issues and are providing efficient coronavirus diagnostic capabilities to healthcare practitioners, irrespective of their geographical location.
For instance, Cepheid Xpert Xpress SARS-CoV-2 is the first coronavirus diagnostic test that can be conducted entirely at the point of care. This US FDA-approved POC testing kit delivers results in about 45 minutes, which is much faster than traditional tests that require a sample to be sent to a centralized lab. Thus, the availability of advanced point-of-care products in the market is increasing the adoption of coronavirus test kits by end-users and promoting revenue growth of the coronavirus test kits market in Europe.
Inadequate testing facilities are a significant challenge hindering the market growth. Germany, France, and the UK were some of the worst-affected countries. Countries such as the UK, Italy, France, and Spain witnessed the highest number of COVID-19-related deaths globally due to the high geriatric population and lower testing capacity. The UK and Italy reported almost six times more deaths than China, where the virus first emerged in late 2019. European countries, such as Italy and Spain, were unable to slow down the spread of the contagion due to the focus on people with severe symptoms in areas with a high epidemic intensity.
However, most European countries, including Spain and Italy, have already reported the saturation of their healthcare systems due to the high patient loads requiring intensive care which can restrict the Europe - coronavirus test kits market growth. Thus, inadequate testing facilities can impede the growth of the coronavirus test kits market in Europe during the forecast period.
The government segment is estimated to witness significant growth during the forecast period. This segment includes government regulatory authorities such as WHO and the ECDC and government-run laboratories in various countries. WHO recommends that countries with inadequate testing capacity and national laboratories with limited experience in COVID-19 testing may send their first five positive and the first ten negative COVID-19 samples to one of the five WHO referral laboratories in Europe for confirmatory testing.
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In the UK, in addition to WHO reference laboratories, designated Public Health England (PHE) regional laboratories offer testing facilities for coronavirus. The Europe - coronavirus test kits market, especially in the UK is expected to grow in 2020, owing to the government's efforts to expand the infrastructure for mass testing. On March 25, 2020, the government stated that it was testing personal blood-testing kits. The Government of the UK has ordered 3.5 million antibody test kits and is currently testing the feasibility of these test kits. Therefore, the demand for coronavirus test kits in Europe from the government segment is expected to reduce owing to the success of the vaccination program, which in turn will negatively impact the growth of the coronavirus test kits market in Europe during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3D Biomedicine Science and Technology Co. Ltd. - The company offers coronavirus test kits such as Fluorescent qPCR-based COVID-19 plus Influenza AB Combo Test Kit.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Europe Coronavirus Test Kits Market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Europe Coronavirus Test Kits Market Scope |
|
Report Coverage |
Details |
Page number |
147 |
Base year |
2022 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Decelerate at a CAGR of -23.8% |
Market growth 2023-2027 |
USD -17.29 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
-14.83 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3D Biomedicine Science and Technology Co. Ltd., Abbott Laboratories, altona Diagnostics GmbH, BGI Genomics Co. Ltd., Bio Rad Laboratories Inc., bioMerieux SA, BIOSYNEX SA, Bruker Corp., Co Diagnostics Inc., Danaher Corp., Edinburgh Genetics Ltd., F. Hoffmann La Roche Ltd., MultiplexDX, PerkinElmer Inc., QIAGEN NV, Robert Bosch GmbH, Sd Biosensor Inc., Seegene Inc., Thermo Fisher Scientific Inc., and ZEKMED |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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