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.
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
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:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: Rising cases of diseases arising as a result of newly discovered viruses and improving healthcare infrastructure is driving the market growth
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e. 2020-2028.
Ans: 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.
Ans: 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.
Ans: 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.