Rising COVID-19 Infected Cases Steering Industry Growth
Emergence of mutated severe acute respiratory syndrome also known as COVID-19 is projected to drive the demand for testing kits over the forecast period. The first infected case was reported in Wuhan Province of China in December 2019. Within a short of period time, the infection was drastically spread across the globe causing nearly 196 thousand deaths by April 2020.
Outbreak of this global pandemic has hit almost every country on this planet, causing severe stress on individual country's economy and progress. World health Organization has predicted nearly 400 to 600 days to formulate a vaccine for this deadly virus. Till then, various governments around the globe are formulating strategies and ramping up testing to contain this disease. Governments effort to ramp up testing coupled with risinf number of infected cases is projected to fuel the demand for COVID-19 testing kits over the forecast period.
Old Aged Population a Key Propeller for Market Growth
As per the stats released by the United Nation in 2019, total number of individuals with 65 years age or more was 703 million. As per the recent observation, elderly population is among the most high risk individual which can be easily infected of this viral disease. This is largely due to the fact that old aged personnel have low immunity and thus are largely susceptible to this deadly disease.
As of 2019, the old age population held 9% share in the global population. This age group being the primary target for this disease is likely to fuel the demand for testing kits over the forecast period. As per the World Health Organization, more than 90% of the corona related deaths are of people with age more than 60 years. Thus, this age group is considered as a primary driver for the growth of COVID-19 kits over the coming years.
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On the basis of product, market is bifurcated into immunoassay test kits and real time PCR test kits. The demand for real time PCR test kits is projected to dominate the market share over the predicted timeline. This specific product segment offers greater advantage over its counterparts in terms of accuracy. Thereby, driving its demand across the globe.
Immunoassay test kits offer ease in terms of testing and operation. Although, higher level of errors in terms of specificity post a serious challenge for the growth of this segment over the coming years.
On the basis of specimen, market is bifurcated into oropharyngeal swab and nasopharyngeal swab. Among this category, oropharyngeal swab is projected to dominate the market share over the coming years.
Efficiency of results while doing oropharyngeal swab is greater in compared to its counter part. In addition, this category is already known for detecting other virus related diseases such as influenza, adenovirus, and parainfluenza. Thus, accurate results offred by this segment is likely to propel its marker growth over the forecast period.
On the basis of end-use, market is segmented into hospitals, diagnostic centers. and others. Among this, diagnostic centers are likely to observe swift growth rate over the predicted timeline. The diagnostic centers have required resources such as skilled medical staff and dedicated labs which is anticipated to drive the segments growth over the near future.
As the testing of coronavirus ramps up around the globe, hospitals are projected to play a key role over the coming years. The hospitals are been provided with additional funds and require resources to carry out large level of testing while maintaining necessary precautions. In addition, many governments along with private companies are working on creating new hospitals dedicated to fight this deadly virus. For instance, in March 2020, Reliance Industries Limited opened the first dedicate COVID-19 hospital in Mumbai, India.
The 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.
The vendors of the industry are focusing on ramping up production to cater the growing demand for testing kits. For instance, in March 2020, Thermo Fischer Scientific announced the plans to expand its production base to meet growing demand for these kits in European region.
COVID-19 kits are defined as a tool in finding the coronavirus in an individual. It is considered as the most efficient way in diagnosing potential corona infected personnel.
Global COVID-19 kits Market Segmentation
-Real Time PCR Kits
- Immunoassay Test Kits