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The test kits market for corona virus testing market size is estimated to decline at a CAGR of -24.02% between 2022 and 2027. The market size is forecast to decrease by USD -42.25 billion. The growth of the market depends on several factors such as the rising adoption of rapid coronavirus test kits, fastrack approval of diagnostic kits and adoption of business strategies by vendors.
This test kits market for corona virus testing market report extensively covers market segmentation by end-user (government and non-government), type (rapid test kit, RT-PCR, and others), and geography (Europe, Asia, North America, and rest of world(ROW)). The reports also covers an in-depth analysis of drivers, trends, and challenges.
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The adoption of business strategies by vendors is notably driving market growth. The growth of the global COVID testing kit market is expected to be driven by the business strategies that key vendors have adopted. These vendors are collaborating and partnering with other companies to expand their product portfolio and strengthen their businesses. Collaborations and partnerships can help companies that manufacture COVID-19 testing kits explore additional opportunities without incurring a significant financial burden. For example, some vendors have collaborated with the Biomedical Advanced Research and Development Authority (BARDA) of the U.S. to conduct testing for coronavirus.
Moreover, vendors are opting for diverse business strategies, such as partnerships and collaborations with distributors and health organizations, to conduct testing for coronavirus. The increasing number of partnerships, licensing agreements, and collaborations between vendors, healthcare organizations, and distribution channel partners will expand the presence of vendors and contribute to the growth of the global coronavirus test kits market during the forecast period.
The advent of SARS-CoV-2 mutation is an emerging trend shaping the market growth. The SARS-CoV-2 virus has caused genetic diversity among the population of circulating viral strains, also known as lineages. This genetic variation can impact the virus's properties, such as how it spreads or how severe the symptoms are for those infected. Since December 2020, numerous coronavirus variants have been discovered and researched. The WHO and CDC categorize distinct coronavirus variants. One such variation, called omicron, was first identified in November 2021 and classified as a variant of concern by the WHO.
In addition, surges of COVID-19 have been linked to cases of this highly contagious variant, including a subvariant known as BA.2 or stealth omicron, particularly in places where safety protocols have been relaxed. The omicron variant is responsible for the largest surge since 2019. As a result, the increasing number of COVID-19 variants is expected to drive the demand for coronavirus test kits, which will fuel the growth of the market during the forecast period
Poor healthcare settings in developing countries are a significant challenge hindering market growth. A significant part of the population residing in developing regions like Asia and the MEA lacks sufficient knowledge and access to healthcare facilities. The shortage of financial resources and a robust healthcare infrastructure is a major obstacle to promoting public health in these areas. Countries like Kenya, Algeria, and Bangladesh are struggling due to inadequate technology, infrastructure, and policies to ensure effective healthcare service delivery. For instance, Italy has witnessed over 26,000 healthcare service providers getting infected by the coronavirus since the outbreak in February 2020.
Additionally, the percentage of health workers infected in Italy has almost doubled as of March 2020. The outbreak of COVID-19, which has caused high rates of mortality and morbidity, and the shortage of financial resources and strong healthcare infrastructure may hinder the growth of the global coronavirus test kits market during the forecast period.
The government segment is estimated to witness significant growth during the forecast period. The global coronavirus test kits market is driven due to the increase in the number of government organizations that are providing services for testing SARS-CoV-2. In addition, the market for coronavirus test kits is growing due to the increase in the adoption of test kits in both developed and developing countries. With the spread of COVID-19 reaching more parts of the world, the need for testing samples of people suspected of being infected with the virus is also growing, which, in turn, will drive the test kit market for coronavirus testing in government organizations.
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Also, government healthcare organizations are receiving samples from private healthcare players to get results of tests for SARS-CoV-2. This, in turn, is driving the COVID testing kit market across the globe. For instance, in March 2020, the WHO announced that it had manufactured coronavirus and delivered 250,000 test kits to 159 public (government) testing laboratories around the world to ensure that countries that cannot manufacture their own kits would be able to carry out testing for the virus. Many underdeveloped countries, especially those in Africa and Asia, which do not have adequate facilities for testing people for SARS-CoV 2, can send the samples back to WHO laboratories for testing and diagnosis. This increases the market for test kits for coronavirus testing in the government segment, which in turn drives the market growth during the forecast period.
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Rest of World (ROW) is estimated to contribute 14% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to vendors is Europe. Europe was the hardest-hit region during the COVID-19 pandemic in 2020, with more reported cases and deaths than any other part of the world. Countries like Spain, Italy, and France were particularly affected by the outbreak, which has been spreading across Europe since March 2020. The pandemic not only posed a health risk but also forced businesses and EU institutions to cancel travel and public events and switch to teleworking to slow down the disease spread. This increased the demand for COVID-19 test kits in the region, especially in Italy, where the government initially failed to take any initiatives in the first half of 2020, such as declaring a lockdown or other restrictions to protect citizens. The market in Europe was driven by the rising need to test people who had traveled to COVID-19-affected countries.
For instance, as of September 2, 2022, there were 23,521,792 positive cases (188,242 deaths) in the UK alone. This increased the demand for test kits in the region. Furthermore, the presence of key vendors like Robert Bosch will positively impact the COVID testing kit market growth. Therefore such factors are expected to drive the market growth during the forecast period.
In 2020, the outbreak of the COVID-19 pandemic increased exponentially in several countries across the region, such as France, the UK, Italy, Spain, and Germany, especially. However, the mass vaccination drive in 2021 reduced the demand for coronavirus test kits in the region due to decreasing cases of coronavirus infection. Thus, the increasing development by the region's vendors, including product launches, will positively impact the market growth in the region 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.
Abbott Laboratories - The company offers coronavirus test kits namely the Panbio COVID-19 Antigen Self-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 test kits market for corona virus testing 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.
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Test Kits Market For Corona Virus Testing Market Scope |
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Report Coverage |
Details |
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Page number |
155 |
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Base year |
2022 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Decelerate at a CAGR of -24.02% |
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Market growth 2023-2027 |
USD -42.25 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
-15.06 |
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Regional analysis |
Europe, Asia, North America, and Rest of World |
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Performing market contribution |
Rest of World at 14% |
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Key countries |
US, UK, Spain, Russia, and India |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Abbott Laboratories, BGI Group, Bio Rad Laboratories Inc., bioMerieux SA, Cellex Inc., Chembio Diagnostics Inc., Cue Health Inc., Danaher Corp., Dynamiker Biotechnology Tianjin Co. Ltd., F. Hoffmann La Roche Ltd., Mylab Discovery Solutions Pvt Ltd., QIAGEN NV, QuidelOrtho Corp., Robert Bosch GmbH, Safecare Biotech Hangzhou Co. Ltd., Siemens AG, Thermo Fisher Scientific Inc., Unisys Corp., Advaite Inc., and Biomedomics Inc. |
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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 |
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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
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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