Asia Pacific COVID-19 Detection Kits Market Size, Trends, Companies, Driver, Segmentation, Forecast to 2026

Noble Horvath

The MarketWatch News Department was not involved in the creation of this content. Sep 23, 2020 (Market Insight Reports) — Selbyville, Delaware According to a recent study titled ‘Asia Pacific COVID-19 Detection Kits Market Share By Specimen Type, Product, End-use, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share […]

The MarketWatch News Department was not involved in the creation of this content.

Sep 23, 2020 (Market Insight Reports) —
Selbyville, Delaware According to a recent study titled ‘Asia Pacific COVID-19 Detection Kits Market Share By Specimen Type, Product, End-use, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, Asia Pacific covid-19 detection kits market is projected to exceed a valuation of USD 1.8 billion by the year 2026.

Rapidly increasing cases of Covid-19 cases, in tandem with increased risk of infection due to burgeoning population and high population density especially in India and China are the major factors driving the growth of Asia Pacific Covid-19 detection kits market. Moreover, favorable regulatory norms and support extended by government for accelerating test kit manufacturing is augmenting the industry growth. Furthermore, increasing aging population and prevalence of chronic diseases have encouraged R&D activities.

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Elaborating on the product type, Covid-19 detection kits market is split into immunoassay test strips/cassettes and RT-PCR assay kits, among which, the former segment accounted for over USD 22 million in 2020 but will record a sluggish growth rate during the analysis period. Lack of accuracy and need for confirmatory test based on molecular testing is inhibiting the segment growth.

In terms of specimen type, Covid-19 detection kits market is categorized into oropharyngeal swab, nasopharyngeal swab, nasal swab, and others. Nasal swab segment is anticipated to record 21% CAGR over the forecast duration. On the contrary, low specificity and yield in comparison to other sample types may obstruct the segment growth.

Speaking of the end-use spectrum, COVID-19 detection kits industry is segmented into diagnostic centers, hospitals, and others. Hospitals segment will foresee a CAGR of 17.5% CAGR over the assessment period as they are ideal for diagnosis of ailments and suspected Covid-19 patients. Further, availability of state-of-the-art testing devices and highly skilled medical professionals in these environments are contributing to the segment growth.

Considering the geographical outlook, China Covid-19 detection kits market is on track to expand with a y-o-y growth rate of 25% over the review period. Increase in the instances of Covid-19 infection along with escalating need for diagnostics and critical care solutions are fostering the regional market expansion.

Leading organizations in Asia Pacific Covid-19 detection kits industry are Thermo Fisher Scientific, Qiagen, Mylab Discovery Solutions, Guangzhou Wondfo Biotech, F.Hoffmann-La Roche, Co-Diagnostics, Cepheid, BioFire Diagnostics, BGI Group, and Abbott Laboratories.

Questions & Answers: Asia Pacific Covid-19 Detection Kits Market

Q1: What are the major growth driving factors of Asia Pacific Covid-19 detection kits market?

A: Rapidly increasing cases of Covid-19 cases, in tandem with increased risk of infection due to burgeoning population and high population density especially in India and China are the major factors driving the growth of Asia Pacific Covid-19 detection kits market.

Q2: Why is China considered as a prime region for growth of Covid-19 detection kits market?

A: Proliferating cases of Covid-19 infection along with escalating need for diagnostics and critical care in China is fostering the growth of APAC Covid-19 detection kits market.

Q3: Which are the prominent players in Asia Pacific Covid-19 detection kits market?

A: Leading organizations in Asia Pacific Covid-19 detection kits industry are Thermo Fisher Scientific, Qiagen, Mylab Discovery Solutions, Guangzhou Wondfo Biotech, F.Hoffmann-La Roche, Co-Diagnostics, Cepheid, BioFire Diagnostics, BGI Group, and Abbott Laboratories.

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