Virus Testing Diagnostic Kits Market Worth $39.64 Billion Billion, Globally, by 2028 at 8.10% CAGR | Brandessence Market Research

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19 Oct, 2022, 14:30 GMT

LONDON, Oct. 19, 2022 /PRNewswire/ -- The Global Virus Testing Diagnostic Kits Market Size is expected to grow from USD 22.98 Billion in 2021 to USD 39.64 billion by 2028; it is expected to grow at a CAGR of 8.10% from 2022 to 2028.

Virus is a microorganism that is smaller than a bacterium which cannot grow or reproduce apart from the living cells. The small living particles that can be infect cells and change the cells function. Numbers of diseases are caused by different viruses. For example, viral illness ranges from common cold which is caused by one of the rhinoviruses. Infections with the viruses can cause a person to develop symptoms. Viral illness and symptoms that are caused are depending on the type of virus and the types of cells are infected. Additionally, virus test diagnostic kits help patients to information about their current health conditions, which enables them to make informed decisions. For example, Biopanda zika rapid test in this Zika NS1 Rapid Test is a rapid immunochromatographic assay for the qualitative detection of NS1 antigen of Zika virus in human whole blood, serum, or plasma to assist in the diagnosis of Zika infections.

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Virus Testing Diagnostic Kits Market: Scope

The global virus testing diagnostic kits market is anticipated to register a significant CAGR over the stipulated timeline.

Virus testing diagnostic kits are medical equipment that are predominantly used to identify and diagnose the presence of disease causing viruses inside the human body. This enables the healthcare providers to accurately detect infectious diseases in patients and begin effective treatment at an early stage. These kits determine the presence of a virus by collecting and analyzing specimens in the form of blood or other body fluids.

The growing prevalence of infectious diseases across the globe, increasing healthcare expenditure, and rising health cognizance of the masses are primarily augmenting the outlook of this industry vertical.

Additionally, surge in the geriatric population base along with the rising R&D investments in the field are creating lucrative opportunities for the business sphere to prosper.

Also, widespread technological advancements in the healthcare sector, rapidly evolving healthcare infrastructure, and growing focus of industry players to develop innovative products in the field are adding momentum to the progression of global virus testing diagnostic kits market.

On the flipside, dearth of skilled labor in the sector coupled with the unavailability of raw materials are hindering the remuneration scope of this business vertical. Moreover, complexed regulatory standards regarding the commercialization of these kids is further slowing down the progression of this industry.

Virus Testing Diagnostic Kits Market: Competitive Analysis 

The prominent players defining the competitive terrain of global virus testing diagnostic kits market are Quidel Corporation, F. Hoffmann-La Rochel, Alere Inc., Abbott, Thermo Fisher Scientific, Becton, Dickinson and Company, Luminex Corporation, Nectar Lifesciences, Cortez Diagnostics, Bundi International Diagnostics, and Others.

The mentioned players are extensively contributing toward the growth of this market vertical by making informed business centric decisions. They are focusing on the development of advanced products, R&D investments, while adopting expansion strategies such as collaborations, mergers & acquisitions, along with partnerships to enhance their overall position and emerge as global leaders.

Virus Testing Diagnostic Kits Market: Segmentation Analysis

By Test Type:

  • Direct fluorescent antibody tests
  • Lateral flow tests
  • Reverse transcription polymerase chain reaction based tests
  • Agglutination assays
  • Flow-through assays
  • Solid-phase assays

By Application:

  • Influenza
  • Hepatitis
  • HIV
  • Measles
  • Rubella
  • Others

By End-user:

  • Laboratories
  • Hospitals
  • Home care settings
  • Academic institutes

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Virus Testing Diagnostic Kits Market: Key Drivers

The global virus testing diagnostic kits market is being positively influenced by numerous growth inducing factors.

The world is witnessing a rapid surge in the pervasiveness of various infectious and viral ailments. Constant virus mutations due to drastically changing environmental conditions has led to the emergence of viral diseases like COVID-19. These disorders need immediate and accurate diagnosis so that the patients can get proper treatment at an early stage. This in turn is escalating the demand for virus testing diagnostic kits across the globe.

Furthermore, rising government efforts to encourage the early diagnosis and treatment of infectious diseases are stimulating the overall market dynamics.

Also, the shifting inclination of individuals toward self-diagnosis of viral diseases is adding traction to the development of this business vertical.

The Infant and elderly population base is highly susceptible to viral infectious as they have a weaker immune system. Therefore, accurate and early diagnosis of such diseases help healthcare providers to treat them at an early stage, thereby reducing the chances of severity and hospitalization. These factors in turn are creating an upward trend for the worldwide virus testing diagnostic kits market.

Region-wise Insights

Which is the fastest growing region in the industry?

Asia Pacific presently dominates the global virus testing diagnostic kits market and is reckoned to amass notable gains in the ensuing years as well. This is ascribed to the rapid emergence of viral diseases, increasing geriatric population base, presence of potential players, and rising R&D investments in the field.

How is North America faring in the global virus testing diagnostics kits market?

The market in North America is projected to capture a significant revenue share over the estimated timeframe. This is credited to the rising healthcare expenditure, shifting consumer inclination toward in-home diagnostics, and widespread increase in the number of testing laboratories in the region.

Category-wise Outlook

Which application segment is presently leading the industry?

The influenza application segment currently leads the market in terms of volume share due to the growing pervasiveness of this disease among infants and children.

Which is the fastest growing end user segment in the market?

The home care settings segment has been gaining massive traction over the forecast period. This is attributable to the affordability and ease of use pertaining to home based virus testing diagnostic kits.

On Special Requirement Virus Testing Diagnostic Kits Market Report is also available for below region:

North America

  • U.S, Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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