The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s COVID-19 detection test kits and consumables market report forecasts the COVID-19 detection test kits and consumables market size to grow to $9.83 Billion by 2027, with a CAGR (compound annual growth rate) of almost 8%.

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COVID-19 Detection Test Kits And Consumables Market Size Forecast

The global COVID-19 detection test kits and consumables market is expected to grow from $6.7 billion in 2022 to $7.25 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The covid-19 detection test kits and consumables market is expected to grow from $9.83 billion in 2027 at a CAGR of 7.9%.

Key COVID-19 Detection Test Kits And Consumables Market Driver ­– Increase In Demand For Cost-Effective And Quick COVID-19 Detection Kits Coupled With The Ease Of Regulatory Processes

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 the 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.

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Key COVID-19 Detection Test Kits And Consumables Market Trend – Developing CRISPR Technology

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. 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.

COVID-19 Detection Test Kits And Consumables Market Segment

1) By Kits: Viral Load Testing Kits (qPCR and RT-PCR), Virus Neutralizing Assay Kits, Antibody Detection Kits (Elisa), Viral Antigen Detection Test Kits, Other Kits

2) By Consumables: Swabs, Tubes, Viral Transfer Media, Reagents, Other Consumables

3) By Specimen Type: Nose & Throat Swab, Blood, Sputum, Nasal Aspirate

4) By End Use: Hospitals, Clinics, Public Health Labs, Private And Commercial Labs, Physicians Labs, Research Institutes, Other End Uses

COVID-19 Detection Test Kits And Consumables Market Major Players and Strategies

Major players in the COVID-19 detection test kits and consumables market are Cepheid, BGI, Abbott Laboratories, BioFire Diagnostics, F. Hoffmann-La Roche, GenMark Diagnostics, Mylab Discovery Solutions, Qiagen, Quidel Corporation, and Randox Laboratories.

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 COVID-19 Detection Test Kits And Consumables Global Market Report 2023 covers regional data on COVID-19 detection test kits and consumables market size, COVID-19 detection test kits and consumables market trends and drivers, opportunities, strategies, and COVID-19 detection test kits and consumables market competitor analysis. The countries covered in the COVID-19 detection test kits and consumables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The COVID-19 detection test kits & consumables are used for the identification of novel coronavirus (SARS-CoV-2). This COVID-19 test kits & consumable uses a laboratory procedure called reverse transcription polymerase chain reaction to find the virus’ genetic material (RT-PCR).

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