COVID Testing Kit Market Size to Reach USD 122,820 Million by 2030 at CAGR of 7.20% - Report by Market Research Future (MRFR)

New York, US, May 11, 2022 (GLOBE NEWSWIRE) — COVID Testing Kit Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “COVID Testing Kit Market Information by Type, Application, and Region – Forecast till 2030”, the market will obtain a growth rate of 7.20% from 2020 to 2030, and touch USD 122,820.67 Million by 2030.

Market Synopsis

The healthcare infrastructure’s surging focus on fighting the COVID effects paired with the heightened awareness level with regard to diagnostic procedures in countries like Brazil and India will ensure a sustained market growth in the coming years. These countries are experiencing a higher administration of these tests due to the sharp rise in the number of new cases.

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COVID Testing Kit Market Drivers:

The worldwide surge in the COVID-19 infection cases has been the top reason for the bolstered growth of the COVID-19 detection kit market. There has been an exponential rise in the number of people affected by the COVID-19 infection. The need for COVID-19 detection kits will continue to rise with the surging number of patients owing to the ease of strict lockdowns worldwide. The World Health Organization (WHO) reveals that there were 435,830,080 cases of COVID-19 in February 2022. Such a rise in the number of cases demands a higher number of COVID-19 detection kits, thereby fostering the market growth rate.

Despite the escalating vaccination rate, infected people are still spreading the disease, which fuels the transmission. Moreover, the virus’s surging mutation causes variation in the viral structure, however, the vaccines are ineffective. These scenarios are fostering the need for COVID-19 testing kits, thereby elevating the COVID testing kit market expansion.

Most of the industry participants are incorporating innovative technologies in their Nucleic Acid Amplification Tests (NAAT) devices like RT-PCR. These advanced devices generate test results in just 3 to 4 hours. Also, the Centers for Disease Control and Prevention along with the U.S. Food and Drug Administration have stated these advanced devices as the standard for COVID-19 testing owing to their high sensitivity and specificity in diagnosing SARS-COV-2.

COVID Testing Kit Market Restraints:

With the surging number of vaccination across most countries, new COVID-19 cases have declined in number. This factor will be limiting the COVID testing kit market expansion rate in the years ahead.

Browse In-depth Market Research Report (171 Pages) on COVID Testing Kit: https://www.marketresearchfuture.com/reports/covid-testing-kit-market-9715

COVID-19 Analysis

The COVID-19 outbreak has brought on a slew of major public health problems worldwide. Diagnostic testing kits remain a significant pillar during the deconfinement stage along with societal transformations, and more. The diagnostic sector working on joining hands with the governments as well as stakeholders to protect people’s lives as well as health, as the fight is on to contain the spread of the pandemic. The demand for COVID-19 testing kits has risen considerably in line with the rapidly surging cases of coronavirus infection, especially in light of the lifting up of the worldwide lockdown. Given that the COVID virus is continuously evolving along with the emergence of new diseases, there is a substantial need for advanced COVID testing kits.

About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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