The market for COVID19 detection test kits & consumables consists of sales of detection test kits and consumables used for the identification of novel coronavirus (SARS-CoV-2). The market consists of revenue generated by the companies that are manufacturing detection test kits and consumables by the sales of these products.
The global COVID-19 detection kits and consumables market is expected to reach $5.2 billion by the end of 2020 and reach $6.1 billion by 2021 at a compound annual growth rate (CAGR) of 17.3%. The growth is mainly attributed to the COVID-19 outbreak and the urgent need to diagnose and treat the growing number of cases. The growth was significant in the first quarter, however, has slightly declined from the end of April 2020 due to the restrictive containment measures involving social distancing and remote working, and the closure of industries and other commercial activities. Slowdowns in even one large industrial component can have a domino effect throughout the country. The entire supply chain from production to international trade has been impacted. The current demand has outpaced supply. The market is then expected to stabilize and reach $6.8 billion in 2023 at CAGR 9.61%.
