COVID-19 Detection Kits Market

COVID-19 Detection Kits Market

COVID-19 Detection Kits Market to Reach US$ 2.2 Bn by 2032, driven by the government mandates requiring COVID-19 negative reports for various purposes, particularly air travel: Global Insight Services

New York, February 2023: According to a new research study by Global Insight Services (GIS), the global COVID-19 Detection Kits Market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 2.2 Billion by 2032.

The novel coronavirus is a single-stranded RNA coronavirus that resembles existing SARS-CoV and bat coronaviruses. As this spreads by close contact with an infected individual and is largely spread through respiratory droplets produced by coughing and sneezing. COVID-19 Detection Kit is a one-step real-time RT-PCR test intended for the qualitative detection of nucleic acid from SARS-CoV-2 in oropharyngeal and nasopharyngeal swab specimens, anterior nasal and mid-turbinate nasal swabs, nasopharyngeal washes/aspirates or nasal aspirates, as well as bronchoalveolar.

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COVID-19 Detection Kits Market: Key Trends and Drivers

The advent of new cutting-edge testing technologies to mitigate the adverse impact of the current pandemic is anticipated to foment the organic revenue growth of players engaged in supplying detection kits. For instance, a large-scale next-generation sequencing (NGS) technology exhibits the potential to run up to 100,000 pooled samples in a single instrument within 8 to 12 hours, which escalates the testing capacity. Although these technologies are still in the research phase, they provide lucrative opportunities for market progression in the forthcoming years.

COVID-19 Detection Kits Market: Restraints & Challenges

Some of the market obstacles include a scarcity of experienced specialists and significant investment costs, as well as legal and ethical concerns about the market methods and outcomes in numerous nations.

COVID-19 Detection Kits Market Report Findings

The Immunoassay Test Strips/Cassettes segment is likely to hold a dominant COVID-19 Detection Kits Market share and grow at a substantial CAGR during the forecast period.

Based on Product, the market is bifurcated into RT-PCR Assay Kits, and Immunoassay Test Strips/Cassettes. Immunoassay test strips/ cassettes segment accounted for around xx% revenue share in 2022 and is set to register a significant CAGR through 2032. This segment is further divided into antigen test and antibody test. This is due to the rising preference towards strips/ cassettes over RT-PCR assay as they are easy to use and are rapid as well as cost-effective. These tests are used for point of care diagnosis as they show results in a couple of minutes or a few hours. Moreover, increasing new product launch and growing technological advancements in immunoassay test strips/ cassettes for virus detection will spur the market trends..

The oropharyngeal swab segment is anticipated to hold a majority of the COVID-19 Detection Kits Market size throughout the study period.

COVID-19 detection kits market based on specimen type is classified into nasopharyngeal swab, nasal swab, oropharyngeal swab, and others. The oropharyngeal swab segment surpassed USD xx billion in 2022. The swab is collected from the rear wall of the oropharynx, that is back of the throat and is inserted orally and rotated a few times for sample collection by doctors or trained professionals. This is due to the widespread availability of test swab and ease in the collection of oropharyngeal swab samples. These swabs are more comfortable and a safer method for patients who have certain critical conditions like nose bleeds or polyps. Such factors surge the demand for COVID-19 detection kits.

The hospitals segment is anticipated to hold a majority of the COVID-19 Detection Kits Market size throughout the study period.

Based on the end-use, the market is bifurcated into hospital, diagnostic laboratories and others. COVID-19 detection kits market based on end-use is classified into hospitals, diagnostic centers, and others. The hospitals segment accounted for xx% revenue share in 2022 and projected to record a lucrative CAGR in the coming years. This is driven by the increasing healthcare expenditure to provide a proper diagnosis, treatment in hospitals that increases the demand for COVID-19 detection kits. Furthermore, hospitals are well equipped with advanced medical equipment to treat patients in critical conditions and the presence of skilled professionals will further propel the industry expansion. According to the data published by the World Health Organization, in North America approximately 2,575,504 deaths were observed due to COVID-19 infection as of February 2022. Such increasing number of deaths necessitates for proper patient care in hospitals. These factors will accelerate the industry trend.

The Asia Pacific region is estimated to exhibit the highest growth rate during the COVID-19 Detection Kits Market forecast period.

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Among regional markets, the Asia Pacific is estimated to dominate the market with a revenue share of 36.88% in 2020. This is attributed to the continuous upsurge in coronavirus cases in Asian countries such as India, a rise in the number of diagnostic facilities, and the implementation of mass testing programs in this region. As of June 2020, Wuhan, a province of China, completed the mass testing of its 11 million individuals and ended up with 206 positive asymptomatic cases of COVID-19 in Wuhan. The supportive government initiatives also surge the demand as well as usage for COVID-19 detection kits in this region. For instance, in June 2020, the Indian Council of Medical Research, India, planned to expand the utilization of rapid antigen-based coronavirus tests instead of RT-PCR tests for more rigorous COVID-19 detection. These rapid diagnostic tests are characterized by minimal biosafety hazards and thus are widely accepted by the service providers.

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Competitive Landscape

The global COVID-19 Detection Kits Market report includes players are GI, Abbott Laboratories, Qiagen, Quidel Corporation, GenMark Diagnostics, Seegene, Shenzhen Bioeasy Biotechnology, BioFire Diagnostics, Guangzhou Wondfo Biotech, F. Hoffmann-La Roche, Mylab Discovery Solutions, Randox Laboratories, Cepheid, Co-Diagnostics, SD Biosensor, and Thermo Fisher Scientific among others.

Recent Developments in the Blood-Brain Barrier Market:

  • In August 2020, Kroger Health expanded its testing portfolio by launching a COVID-19 testing program for employers- COVIDCare Plus that deploys a self-administered collection method for clinical processes. This program provides a rapid, interim testing solution, and enables the company’s in-store clinics to have a testing capability of over 5,000 patients per day.
  • In August 2020 as a cost-efficient and fast alternative to the conventional NP swabs. Major service providers including LabCorp and Quest Diagnostics are seeking to use this new swab type for an effective testing process.
  • In August 2020, PerkinElmer, Inc. entered into a public-private partnership with the California government to provide up to 150,000 new daily tests initiating from mid-November. The partnership also focuses on the lowering of the overall cost per COVID-19 test to nearly USD 47.99. This initiative is anticipated to double the capacity of COVID-19 tests and further strengthens the market presence of Perkin Elmer in the global market
  • In June 2020, the Indian Council of Medical Research, India, planned to expand the utilization of rapid antigen-based coronavirus tests instead of RT-PCR tests for more rigorous COVID-19 detection. These rapid diagnostic tests are characterized by minimal biosafety hazards and thus are widely accepted by the service providers.
  • In April 2020, Novacyt, a French diagnostic company, collaborated with GlaxoSmithKline, AstraZeneca, and the University of Cambridge to increase testing for COVID-19. Under this collaboration, a new testing laboratory would set up by GlaxoSmithKline, AstraZeneca, and the University of Cambridge at the Anne McLaren laboratory of the university. The new facility uses alternative chemical reagents for kits to overcome supply shortages in the U.K..

COVID-19 Detection Kits Market Report Coverage

  • The report offers a comprehensive quantitative as well as qualitative analysis of the current global COVID-19 Detection Kits Market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
  • A thorough analysis of market trends and restraints is provided.
  • Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
  • The forecasts in this report are made by examining the recent trends along with future COVID-19 Detection Kits Market potential from 2021 to 2031 in terms of revenue.
  • Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the COVID-19 Detection Kits Market are also analyzed.
  • Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global kidney stones management market.

Global COVID-19 Detection Kits Market Segmentation

By Product

  • RT-PCR Assay Kits
  • Immunoassay Test Strips/Cassettes

By Specimen Type

  • Nasopharyngeal Swab
  • Oropharyngeal Swab
  • Nasal Swab
  • Others

By End-use

  • Hospital
  • Diagnostic Centers
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Rest of World
    • Latin America
    • Middle East
    • Africa

Key Players

  • BGI
  • Abbott Laboratories
  • Qiagen
  • Quidel Corporation
  • GenMark Diagnostics
  • Seegene
  • Shenzhen Bioeasy Biotechnology
  • BioFire Diagnostics
  • Guangzhou Wondfo Biotech
  • F. Hoffmann-La Roche