Virus Testing Kits Market size is poised to grow at substantial growth rate during the forecast period i.e., between 2024-2036.
Growth Drivers
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 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 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 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.
Challenges
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 market in the future.
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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Regional Scope |
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The virus testing kits 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 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
Our in-depth analysis of the global market includes the following segments:
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By Test Type |
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By Application |
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By End User |
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On the basis of regional analysis, the virus testing 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 kits in North America industry is poised to hold largest revenue share by 2036, as growing requirements for continuously improving the testing and diagnostic methods are met in the region which manufacture and market virus testing 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.
Author Credits: Radhika Pawar
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