Major players in the COVID-19 detection test kits & consumables market are Cepheid, BGI, Abbott Laboratories, BioFire Diagnostics, F. Hoffmann-La Roche, GenMark Diagnostics, Mylab Discovery Solutions, Qiagen, Quidel Corporation, and Randox Laboratories.
New York, Sept. 24, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "COVID-19 Detection Test Kits and Consumables Global Market Report 2021: COVID-19 Implications And Growth To 2030" - https://www.reportlinker.com/p06151654/?utm_source=GNW
The global COVID-19 detection test kits and consumables market is expected to grow from $5.2 billion in 2020 to $6.1 billion in 2021 at a compound annual growth rate (CAGR) of 17.3%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $8.02 billion in 2025 at a CAGR of 7%.
The market for COVID-19 detection test kits & consumables consists of sales of detection test kits and consumables used for the identification of novel coronavirus (SARS-CoV-2). The market consists of revenue generated by the companies that are manufacturing detection test kits and consumables by the sales of these products.
The market for COVID-19 detection test kits & consumables market covered in this report is segmented by kits into viral load testing kits (qPCR and rt-PCR), virus-neutralizing assay kits, antibody detection kits (ELISA), viral antigen detection test kits, others. It is also segmented by consumables into swabs, tubes, viral transfer media, reagents, other consumables, by specimen type into nose & throat swab, blood, sputum, nasal aspirate and by end-use into hospitals, clinics, public health labs, private and commercial labs, physicians labs, research institutes, others.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Huge demand to increase the capacity combined with a shortage of raw materials used in equipment and a reduced supply of particular reagents and consumables is expected to limit the growth of COVID-19 detection test kits and consumables market.The pandemic outbreak resulted in lockdown all over the world which has brought shortages of raw materials and halted supply chain of the particular reagents and consumables for the manufacturing companies as the countries depend on each other for it.
For instance, Mpilo lab, the COVID-19 testing laboratory in Bulawayo has stopped conducting tests due to a critical shortage of consumables. Shortages of raw materials due to the disruption in the supply chain coupled with the high pressure to increase the production capacity to meet the demand is likely to harm the profit margins of COVID-19 detection test kits and consumables market.
In April 2020, Co-Diagnostics, a molecular diagnostics company has signed an agreement with Promega for additional manufacturing capacity for the urgent production of its Logix Smart COVID-19 test.Promega will support Co-Diagnostics with its innovative solutions and technical support by providing test kits of its new Logix Smart COVID-19 test to meet the demand during the pandemic.
Logix Smart COVID-19 test uses the Co-Primer technology of Co-Diagnostics to target the RdRp gene of the SARS-CoV-2 virus that causes the disease.The test is currently available to all clinical laboratories certified under Clinical Laboratory Improvement Amendments.
Promega Corporation will begin supplying complete test kits for further distribution by Co-Diagnostics. The enhanced partnership enables Co-Diagnostics to reach additional testing facilities while leaning on Promega Corporation’s extensive manufacturing capabilities and increased capacity.
The escalating demand for cost-effective and quick COVID-19 detection kits coupled with the easing of regulatory processes for COVID-19 detection kits contributed to the growth of COVID-19 detection kits and consumables market.With the increasing incidence of COVID-19 (SARS-CoV-2) worldwide, the outbreak was declared as Public Health Emergency of International Concern (PHEIC) by WHO.
The WHO called for research on point of care diagnostics such as Rapid Diagnostic Tests (RTDs), which are small, simple stand-alone tests for use at the community level, and that can be carried out at the site of triage and outside the hospital, by minimally trained staff, round the clock and on single samples, providing test results within 15 minutes.In the support of the research, regulatory bodies such as US FDA have eased COVID-19 detection kits regulatory approval process allowing manufacturers to introduce COVID-19 detection kits in the market on a fast- track basis.
Therefore, with the growing number of cases globally and the immense need for rapid diagnosis, the demand for cost-effective and quick COVID-19 detection kits is growing. This factor coupled with ease of the regulatory process for COVID-19 detection kits is driving the market.
CRISPR, a new diagnostic test for COVID-19 is based on CRISPR technology and can run on nasal swabs.CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats) based technologies are genomic editing technologies used for the exact detection of COVID-19 cases in an hour’s time.
The US FDA has granted Sherlock Biosciences an emergency use authorization (EUA) for the CRISPR test.The Sherlock Biosciences’ CRISPR, therefore becomes the first FDA-authorized CRISPR technology on the market.
Mammoth Biosciences is another company that is extensively working on this technology.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06151654/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001