Fungal Testing Kits Market is projected to expand stupendously at a CAGR of 10.2% during the 2020-2030

Growing prevalence of superficial and systemic fungal infections have posed a significant challenge to healthcare providers across the world. Increasing prevalence of fungal infections of the skin, vagina and blood have prompted vendors to concentrate on developing swift and advanced molecular diagnostics in recent years.

Techniques such as real-time testing have led to massive proliferation of the fungal testing kits market, with technologies such as loop mediated isothermal amplification coming to the forefront. Molecular diagnostic based tests have immensely assisted in administering timely treatment to severely infected patients, thereby reducing fatalities.

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In light of these developments, ESOMAR-certified consulting firm Future Market Insights opines that the global fungal testing kits market will reach US$ 3.4 Bn by 2030, registering an incremental opportunity worth US$ 2.1 Bn throughout the forecast period.

Fungal Testing Kits Market- Key Takeaways

- Widening expenditure on healthcare infrastructure to uplift demand across Asia-Pacific
- Molecular detection tests to tower over others, reaching US$ 1.6 Bn by 2030
- Skin samples are anticipated to capture the lion’s share, accounting for over 40% of the market
- Medical diagnosis to remain core application area, generating an attractiveness index of 2.8

COVID-19 Impact Insights

The novel coronavirus pandemic has led the entire world into doldrums. With a massive uncertainty looming large over people’s heads, a major economic downturn is on the cards. In spite of this, the healthcare industry remains stoic, committed to eradicate the pandemic as soon as possible.

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Future Market Insights projects the fungal testing kits market to register minor shortfalls in the short-term, pegging the slowdown to a rate of 1.1%. Short-term supply crunches were experienced in the initial months, attributed to logistical curbs. However, online marketing helped restore the growth trajectory.

Recent studies have concluded that demand for fungal testing kits are anticipated to surge due to rising cases of COVID-19 associated pulmonary aspergillosis (CAPA). Thus, a minor setback is expected for the market in the short-run, after which projections are expected to return to normal.

Competitive Intelligence

Prominent players include Merck KGaA, Thermo Fisher Scientific, bioMerieux SA, ELITech Group, PerkinElmer Inc., GenMark Diagnostics Inc., Norgen Biotek, C.P.M Diagnostic Research SAS, Biomed Diagnostics Inc., PCRmax, F. Hoffman La-Roche Ltd., Hologic Inc and Bioquochem. The market appears to be fairly fragmented in nature.

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