COVID-19 Detection Kits Market Growth, Trends and Regional Forecast 2021-2027

COVID-19 Detection Kits Market Growth, Trends and Regional Forecast 2021-2027

The COVID-19 detection kits market is predicted to witness consistent demand, owing to the surging number of diagnostic tests across the globe, to detect the prevalent cases of coronavirus. As per May 2021, on average, nearly 2 million COVID-19 tests were being conducted per day in India. To curb the spread of the deadly disease, the government was accelerating its coronavirus test drives.

The COVID-19 virus primarily infects the lungs and exceedingly spread all over the respiratory system. It has been highly recommended by several healthcare regulators, including the WHO, to immediately undergo COVID-19 tests upon the development of symptoms. Global COVID-19 detection kits market size is slated to cross over US$8 billion by 2027, says Global Market Insights, Inc.

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High adoption of nasal swab and RT-PCR testing in diagnostic centers

The RT-PCR assay kits segment held more than 71% market share in 2020. High reliability, accuracy, and increased number of RT-PCR test availability are some key factors that have elevated the segment. As the world is witnessing different phases and strains of coronavirus, the demand for RT-PCR assay kits and tests is likely to be dynamic in the coming years.

Nasal swab, oropharyngeal swab, and nasopharyngeal swab are different types of upper respiratory sampling methods for COVID-19 detection. The nasal swab segment registered 12% market share in 2020. The growth is attributed to easy operations, global acceptance, convenience in sample collection, and widespread availability of nasal swab testing. Nasal swab testing, owing to its higher viral load and accuracy, is considered more effective than oropharyngeal swab testing, 

Diagnostic centers, hospitals, and others are a few major end-users of the COVID-19 detection kits. The market share from diagnostic centers reached a value of more than US$6.6 billion in 2020. The presence of sophisticated diagnostic infrastructure allows these centers to test patient samples in volume. Moreover, there has been an increasing government initiative, towards scaling the number of diagnostic centers and their capabilities, to promote the ongoing COVID-19 detection tests.

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Asia Pacific COVID-19 detection kits industry held a share of 34% in the global market in 2020. The steep spike in coronavirus cases, in the world’s two most populated countries like India and China, is primarily responsible for such exponential industry share. A rapid increase in coronavirus cases, during the second wave in India, has resulted in significant demand for COVID-19 detection kits. Growing awareness among people, towards the importance of COVID-19 testing upon symptoms, is likely to positively influence the regional industry landscape.

Leading manufacturers of the COVID-19 detection kits include BGI, BioFire Diagnostics, Abbott Laboratories, GenMark Diagnostics, F. Hoffmann-La Roche, Co-Diagnostics, Guangzhou Wondfo Biotech, and Cepheid, among others.

These firms are chalking strategies to generate maximum share and dominate the competitive market landscape. For example, Quidel Corporation, in February 2021, announced the inauguration of its new manufacturing facility, dedicated to the mass production of its ‘QuickVue’, a rapid antigen test kit for the detection of COVID-19. This development of a new production facility is predicted to drive the company revenue significantly.

The large number of geriatric populations, who are more susceptible to the virus, due to weaker immunity require early diagnoses of the COVID-19 virus. As the nature and behavior of the coronavirus is still very much uncertain, the early detection of the diseases plays a crucial role in reducing the severity and fatality rate.

Partial Chapter of the Table of Content

Chapter 2   Executive Summary

2.1    COVID-19 detection kits industry 360º synopsis, 2020 - 2027

2.1.1    Business trends

2.1.2    Product trends

2.1.3    Specimen type trends

2.1.4    End-use trends

2.1.5    Regional trends

Chapter 3   COVID-

3.1    Industry segmentation

3.2    Industry landscape, 2020 - 2027

3.3    Industry impact forces

3.3.1    Growth drivers    Rising incidences of COVID-19 globally    High risk of infection in geriatric population    Increasing technological advancements in virus detection    Increasing government and industry players initiatives

3.3.2    Industry pitfalls & challenges    Lower accuracy of immunoassay-based tests

3.4    Growth potential analysis

3.4.1    By product

3.4.2    By specimen type

3.4.3    By end-use

3.5    COVID-19 detection kits – pricing analysis, 2021

3.6    Regulatory landscape

3.6.1    U.S.

3.6.2    Europe

3.6.3    Asia Pacific    India    China

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