The coronavirus test kits market share in APAC is expected to decline by USD -2.48 billion, decelerating at a CAGR of -16.78% during the forecast period. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus. These insights are expected to equip businesses with reliable information based upon which they can design a growth strategy for their business and area of operations.
Coronavirus Test Kits Market Analysis in APAC: View the Free Sample Report
The coronavirus test kits market in APAC is segmented by end-user (government and non-government) and geography (India, China, Japan, South Korea (Republic of Korea), and Rest of APAC).
The coronavirus test kits market growth in APAC by the government segment will be significant during the forecast period. The growth of the segment is attributed to the increased investments by government organizations in the development of new rapid testing kits.
Technavio's research report will provide insights into the current market share of each segment along with growth projections for the next five years. In addition, the report also offers a detailed impact analysis of various trends, drivers, and challenges that are likely to influence the market growth during the forecast period.
The increasing incidence of coronavirus is notably driving the coronavirus test kits market growth in APAC. In addition, the adoption of business strategies by vendors is the major coronavirus test kits market trend in APAC which will positively impact the market growth. However, the shortage of testing kits and lack of laboratory infrastructure in developing countries will be a major challenge for market vendors.
The market is fragmented due to the presence of several players. 3D Biomedicine Science and Technology Co. Ltd., Abbott Laboratories, BGI Genomics Co. Ltd., Co Diagnostics Inc., F. Hoffmann La Roche Ltd., Guangzhou Wondfo Biotech Co. Ltd., Maccura Biotechnology Co. Ltd., Mylab Discovery Solutions Pvt Ltd., QIAGEN NV, and Thermo Fisher Scientific Inc. are some of the major coronavirus test kits market vendors in APAC.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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