COVID-19 Detection Kits Market Analysis And Forecast To 2032: By Product (RT-PCR Assay Kits, Immunoassay Test Strips/Cassettes {Antibody, Antigen}), By Specimen Type (Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab), By End-use (Hospitals, Diagnostic

COVID-19 Detection Kits Market Analysis And Forecast To 2032: By Product (RT-PCR Assay Kits, Immunoassay Test Strips/Cassettes {Antibody, Antigen}), By Specimen Type (Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab), By End-use (Hospitals, Diagnostic Centers), And Region

The global COVID-19 Detection Kits Market was valued at USD 30.2 Billion in 2022 and it is anticipated to grow up to USD 2.2 Billion by 2032, at a CAGR of -23.2 % during the forecast period.

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.

Global COVID-19 Detection Kits Market Scope and Report Structure

Market Trends and Drivers

High risk of infection in geriatric population will fuel the market progression

Increasing geriatric population base is one of the major factors propelling the market expansion. According to various studies and research geriatric populations, as well as those with underlying comorbidities, are at high risk of infection. This is because of weakened immune systems that rises the probability of infections in aged people. Additionally, most of the elder population is immuno-compromised as it suffers from chronic illnesses like diabetes, cancer, cardiovascular diseases, etc. Thus, rising geriatric population increases the COVID-19 detection kits market statistics.

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.

Market Restraints and 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.

Global COVID-19 Detection Kits Market Segmental Overview

The report analyses the global COVID-19 Detection Kits Market based on product, specimen type, end-use, and region.

Global COVID-19 Detection Kits Market by Product

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.

Global COVID-19 Detection Kits Market by Specimen Type

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.

Global COVID-19 Detection Kits Market by End-use

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.

Geographical Analysis of Global COVID-19 Detection Kits Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Among regional markets, the North America is anticipated to witness the fastest growth rate during the forecast period. The U.S. is the worst-hit country with the highest number of COVID-19 cases globally accounting for more than 6 million cases in the first week of September 2020. Due to this, regulatory bodies, such as the U.S. FDA and Health Canada, are continuously granting the Emergency Use Authorizations (EUA) to coronavirus test kits to boost the testing capacity, which fuels the region’s growth.

Major Players in the Global COVID-19 Detection Kits Market

The key players in the COVID-19 Detection Kits Market 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 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.



Frequently Asked Questions

Q1. How big is the COVID-19 Detection Kits Market?

Ans. The global COVID-19 Detection Kits Market was valued at USD 30.2 Billion in 2022 and it is anticipated to grow up to USD 2.2 Billion by 2032, at a CAGR of -23.2 % during the forecast period

Q2. What is the COVID-19 Detection Kits Market growth rate?

Ans. The growth rate of the COVID-19 Detection Kits market is -23.2 %

Q3. Which region holds a major market share for the market?

Ans. North America holds a major market share of the COVID-19 Detection Kits Market in 2022.

Q4. Which segment accounted for the largest COVID-19 Detection Kits Market share?

Ans. By end-use, the hospital segment accounted for the largest COVID-19 Detection Kits Market share.

Q5. Who are the key players in the kidney stones management market?

Ans. 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.

Q6. What are the factors driving the COVID-19 Detection Kits Market growth?

Ans. government mandates requiring COVID-19 negative reports for various purposes, particularly air travel, are also projected to further drive market demand.

Q7. What are the key growth strategies of COVID-19 Detection Kits Market players?

Ans. The key growth strategies of COVID-19 Detection Kits Market players are product launch and product approval.

Q8. Which regon will provide more business opportunities for the COVID-19 Detection Kits Market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the COVID-19 Detection Kits Market during the forecast period.

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