COVID-19 Detection Kits Market Size 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), Industry Analysi

COVID-19 Detection Kits Market Size 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), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028

The COVID-19 detection kits market is poised to exhibit sturdy growth through 2028 on account of rising incidences of coronavirus infection in key regions worldwide. Additionally, notable advancements in COVID testing methods are likely to further foster industry expansion over the forecast timeline.

Following the onset of COVID-19, despite strict government-imposed lockdown restrictions, the virus continued to spread across countries with different degrees of clinical manifestations. Therefore, in order to contain the pandemic, there was a need for a collaborative approach involving precise surveillance, epidemiology, diagnosis, and prophylaxis.

Notably, soaring occurrences of COVID-19 cases prompted the need for early and accurate detection of the viral infection for prevention, management, and curbing the spread of the disease. Moreover, with increasing cases, there was also an upsurge in the demand for at-home testing and self-testing, which boosted the need for accessible and effective diagnostic kits. These factors have positively influenced the expansion of the market during the pandemic.

The COVID-19 detection kits market has been categorized based on product, specimen type, end-use, and region. In terms of product, the market has been further segregated into RT-PCR assay kits and immunoassay test strips/cassettes.

In 2021, the immunoassay test strips/cassettes sub-segment surpassed USD 7.5 billion in revenue and is slated to observe robust expansion over 2022-2028. This growth is attributed to mounting cases of COVID-19 and subsequent rise in the requirement of rapid testing.

With respect to specimen type, the COVID-19 detection kits market has been bifurcated into oropharyngeal swab, nasopharyngeal swab, nasal swab, and others. The oropharyngeal swab sub-segment holds around 26.5% market share in 2021 and is set to observe strong growth through 2028. Widespread availability of test swabs and rising adoption of oropharyngeal swab for appropriate detection of pathogen are foreseen to drive segmental growth in the forthcoming years.

By end-use, the market has been segmented into diagnostic centers, hospitals, and others. In 2021, the COVID-19 detection kits industry size from the hospitals sub-segment exceeded a valuation of USD 14.5 billion and is projected to witness substantial revenue growth by 2028. Increasing presence of skilled healthcare professionals for proper diagnosis and treatment is primed to fuel segmental development over the following years.

In the regional landscape, the Latin America COVID-19 detection kits market accounted for over 3.5% of the overall industry in terms of revenue in 2021 and is forecast to reach a sizable valuation by the end of 2028. Surging COVID-19 incidences in Mexico and Brazil are likely to foster product outlook in LATAM in the future.