British Prime Minister Boris Johnson had recently quoted antibody kits as a “game changer”. Antibody tests are being considered to have the ability to help in returning to normal lifestyle by revealing who has been exposed, or who is immune, to coronavirus. Therefore, seeing the growing importance many of the world’s biotech companies and research laboratories are rushing to produce these blood tests kits. Additionally, many governments around the world have invested in buying millions of kits, in the hope that they could direct towards taking decisions on when to relax social-distancing measures and get people back to work as the economy is also getting hampered due to the same. Some governments are also encouraging their residents to help in coming and help in creating reliable testing kits.
On one hand doctors are considering it to be an ‘immunity passport’ and on the other hand the same is being doubted because of the faulty results. But it’s not easy to trust the results completely as there are cases which have turned up showing faulty results.
Some scientists suggest that even if tests are reliable and are trusted, they can't indicate whether someone is immune to getting the infection again. According to them it will take time before the COVID-19 kits are as useful as they are being hoped.
Market Research comprises of:
Historic Data: 2014-2019
Base Year: 2020
Future Forecast: 2021 – 2025
Prominent market players:
QIAGEN
Quidel Corporation
Roche Holding AG
Hologic, Inc.
Primerdesign Ltd.
Abbott Laboratories
Cosara Diagnostics Pvt. Ltd.
Thermo Fisher Scientific AlphaBiolabs Ltd.
Cepheid Inc
Market Dynamics:
Rising Factors:
Increase in number of cases
Worldwide impact of the disease increases the scope
Time saver as compared to the swab tests which are scarce at the moment
Threats:
Reliability of the test which is being questioned frequently.
Opportunities:
The constant increase in the number of cases worldwide are throwing light towards the growing opportunities for the Covid-19 kits market.
These tests are being developed for use in settings, situations and places where preliminary screening test results are required in comparatively less time with respect to the swab tests. Some of the growth-fuelling factors for the overall worldwide scale adoption of these test kits include high quality results, convenience for individual, ease in operation, quick delivery and easy accessibility and the factor that it can be stored at room temperature for longer period of time as compare to other methods.
In terms of application, hospital and healthcare sector has emerged as a profit vertical for the COVID-19 antibody detection kits industry as there is an unending demand of the kits across these healthcare facilities.
Based on the research, it can be well predicted that the United States will emerge as the epicentre for COVID-19 antibody detection kits industry. This can be estimated with the numbers which are coming in association with that region.
Market Segmentation
By Kit Type:
Equipment & Extraction Kits
RT-PCR Test Kits
Reagents9
By Specimen Type:
Nasopharyngeal swab
Oropharyngeal swab
Nasal swab
By End-User:
Pathology Centre
Pharmacy Store
Clinics
Hospitals
Regional Analysis:
North-America
Europe
Asia-Pacific
Middle East
Africa
The most dominating region for COVID 19 Kits market is North America because of the increasing number of cases with every passing day. As on 05.05.2020 U.S. reported 12.2 million cases which are enough to prove the rate of increase of this virus. Also, it has surpassed Italy in terms of deaths caused due to COVID 19 with the numbers more than around 70000.
The U.S. government is in favour and lenient regarding the testing to increase the number of tests being performed in the country so that the patients turn up timely and don’t have to wait for days for the reports to arrive.
Conclusion:
Quick and unexpected outbreak of this highly infectious and contagious acute respiratory disease COVID-19 at global level and continuous increase in number of patients suffering from it are the factors which are acting as the catalyst for this market. Also, the scarce resources in terms of the coronavirus test related supplies such as RT-PCR instruments, swabs and virus control samples to control the coronavirus are also being considered to impact the global COVID-19 test kit market. But it will again take a lot of time to realise whether there is actually a future for this market as the reliability on these tests is not being justified. Cases are occurring now and then regarding the non-performance of these test kits and it will be a very tough decision to decide whether to enter this market or not as this involves risk of lives.