Introduction to Virus Testing Diagnostic Kits
Virus testing diagnostic kits are used for the detection and diagnosis of various types of viral infections. They are necessary as they provide effective and timely detection of the virus in order to control the spread of disease at an early stage. Since a viral infection is spread through the body fluids, the testing method involves collection of body fluids such as blood and other fluids. These kits are majorly used for respiratory and gastrointestinal infections.
Market Size and Forecast
The virus testing diagnostic kits market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by test type, by application, by end user and by region. The test type segment is further segmented into direct fluorescent antibody [DFA] test, immunochromatographic assay, reverse transcriptase polymerase chain reaction [RT-PCR] based test, agglutination assay, solid phase assay, flow through assay and others. Based on this, the segment for immunochromatographic assay is anticipated to hold the leading share in the market on account of high demand for these testing kits and better reimbursement policies by the government. The reverse transcriptase polymerase chain reaction [RT-PCR] based test segment, on the other hand, is anticipated to grow at the highest rate in the virus testing diagnostic kits market as a result of increasing demand for these virus testing and diagnostic kits for testing of the new coronavirus disease, COVID-19. According to the World Health Organization, as of April 7, 2020, there were around 1,279,723 confirmed cases and 72,616 confirmed deaths due to COVID-19 in the world. The disease spread to 211 countries or territories globally and resulted in a global pandemic. CLICK TO DOWNLOAD SAMPLE REPORT
Rising Cases of Newly Discovered Viruses to Boost the Market Growth
Since viruses are constantly mutating and new diseases are being continuously discovered, the demand for virus testing diagnostic kits is high. For instance, the newly discovered coronavirus leads to one such respiratory disorder which might show symptoms between 2 to 14 days of infection. Further, the symptoms are similar to that of common cold which makes it harder to detect the disease at an early stage. As per the Centers for Disease Control and Prevention, the total cases of COVID-19 in the United States were 330,891 as of April 6, 2020 and with 8,910 total deaths. New virus testing diagnostic kits are being developed in research laboratories all over the world which are able to detect the new coronavirus. This is anticipated to significantly expand the virus testing diagnostic kits market.
Globally Improving Healthcare Infrastructure to Drive the Market Growth
The healthcare infrastructure all over the world is improving at a fast pace owing to the increasing number of cases of various diseases which results in a growing demand for better healthcare services, facilities and equipment at clinics and hospitals. The growing research and development for treatment methods at research laboratories further fuels the healthcare industry. On the back of these, the market is predicted to grow over the forecast period.
Lack of Required Equipment and Skilled Labor to Hamper the Market Growth
Despite the improving healthcare infrastructure, there is a shortage of necessary equipment in order to meet the growing demand globally as well as lack of skilled labor in the research and development area. This is estimated to hinder the growth of virus testing diagnostic kits market in the future.
Our in-depth analysis of the virus testing diagnostic kits market includes the following segments:
By Test Type
By End User
On the basis of regional analysis, the virus testing diagnostic kits market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for virus testing diagnostic kits in North America is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market virus testing diagnostic kits. Moreover, the growing requirements for continuously improving the testing and diagnostic methods are met in this region which further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of developing healthcare infrastructure and growing research activities in the region. The improving healthcare facilities in the region, especially in countries such as China, India and Japan further raise the demand for advanced testing kits.
The virus testing diagnostic kits market is further classified on the basis of region as follows:
Top Featured Companies Dominating the Market
Rising cases of diseases arising as a result of newly discovered viruses and improving healthcare infrastructure is driving the market growth
The market is anticipated to attain a significant CAGR over the forecast period, i.e. 2020-2028.
North America is anticipated to hold the dominating share in the market.
Asia Pacific region is predicted to provide more business opportunities for growth on account of of developing healthcare infrastructure, growing research activities and improving healthcare facilities in the region.
The major players in the market are F. Hoffmann-La Roche Ltd, Qiagen, Abbott, Thermo Fisher Scientific, Becton, Dickinson and Company, BioMérieux SA, Quidel Corporation, Rapikit, Zoetis Inc. and Luminex Corporation.
Company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization