COVID 19 Detection Kits Market Size, Share & Industry | 2031

Report Description

COVID-19 Detection Kits Market Outlook 2031

The global COVID-19 detection kits market size was valued at USD 38.08 Billion in 2022 and is likely reach to USD 167.62 Billion by 2031, expanding at a CAGR of 17.9% during the forecast period, 2023 – 2031.

The growth of the market is attributed to the readiness of smart testing solutions for COVID-19 detection as well as the introduction of standard guidance of proper for testing procedures to identify COVID-19 patients across regions.

COVID-19 detection kits are range of testing processing to collect samples and determine if SARS-CoV-2 is present or has been present in individual body. Molecular tests based on the molecular components are widely used to detect viral presence for specific patients to help public health officials in handling the pandemic outbreak.

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COVID-19 is a highly infectious disease caused by a virus called the Severe Acute Respiratory Syndrome or the SARS coronavirus. This viral disease was firstly identified to be originated from Wuhan City, at the Hubei Province, China, in December 2020 and World Health Organization (WHO) declared it as an outbreak reported of respiratory illness.

The organization later announced that the disease was a pandemic and global health emergency. As the disease spread at a fast pace and took the lives of thousands of million people worldwide, governments across the globe have started taking several preventive measures and implemented policies to speed up testing process to curb the virus spread.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing number of COVID-19 cases due to the advent of second-wave pandemic globally is a key factor driving to raise the demand for detection kits. This is expected to grow the market.
• Growing serology studies and rising launch of multiple SARS-CoV-2 serological surveys around the world are projected to push demand for these tests, thereby, propelling the market expansion.
• Increasing number of research centers and rapid development of walk-through testing centers across the globe present major driving factors for the market.
• Strict government regulations to expand the COVID-19 testing process and growing development of new advanced detection kits are offering lucrative opportunities for the market. However, these innovations are now at the discovery stage only.
• Lack of strong global supply chain for raw materials of the kits and uneasiness in the transfer of technology among countries are key challenges that can hamper the market growth.

Scope of COVID 19 Detection Kits Market Report

The report on the global COVID-19 detection kits market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

COVID 19 Detection Kits Market Segment Insights

RT-PCR assay kits is expected to hold a key market share

Based on products and services, the global COVID-19 detection kits market is bifurcated into RT-PCR assay kits and immunoassay test strips. The RT-PCR Kits segment is expected to account for a key share of the market in the coming years owing to its wide and commercially kits besides offering advantages such as high precision and sensitivity as well as accurate results.

In May 2020, Rutgers Clinical Genomics Laboratory released the TaqPath COVID-19 Combo pack, which allows for at-home RT PCR testing using saliva specimens, offering faster and less painful detection and higher volume testing.

On the other hand, the immunoassay test strips segment is projected to register a substantial growth rate during the forecast period owing to rising demand for the instruments for the first-line diagnosis of COVID-19.

Moreover, many advantages of these devices including the cost effective factor as well as availability of specialized technicians are making the devices to be more accessible as point-of-care (POC) solutions. Other factors driving the segment development include faster performance and scalability.

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Nasopharyngeal swabs segment is expected to grow at a rapid pace

On the basis of sample types, the market is divided into nasopharyngeal swab, oropharyngeal swab, nasal swab, and others. The nasopharyngeal swab segment is expected to grow at a rapid pace during the forecast period owing to widespread use of the sample type for molecular research and other various applications.

Increasing partnership and collaboration signing with swab suppliers for a bulk procurement of swabs, several players are focusing to expand their research capability and enhance production of testing kits.

Additionally, the emergence of modern serology tests that focus on blood specimens is expected to increase the use of kits. For example, Monash University researchers have created a new blood test that can detect positive cases within a duration of 20 minutes.

In addition, ongoing large-scale regional seroprevalence surveys to quantify the number of people contaminated with SARS-CoV-2 are expected to fuel the market growth.

Centralized segment is currently holding a major market share

Based on modes, the global COVID-19 detection kits market is bifurcated into centralized and decentralized. The centralized segment is currently dominating the market and is expected to continue its domination in the market owing to wide adoption of centralized system across the globe.

Centralized testing has become a key component of an effective COVID-19-response strategy for containing the virus outbreak. Moreover, the increasing use of antibody testing strips and rapid antigen testing kits are expected to increase the share of the segment dramatically. As a result, these testing styles are critical in reducing the pandemic’s negative effects.

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COVID-19 Detection Kits Market Regional Outlook

Asia Pacific is projected to constitute a key market share

In terms of regions, the market is classified as North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. With a sales share of more than 35.6% in 2020, Asia Pacific is expected to constitute a key market share in the coming years due to a steady increase in COVID-19 cases in Asian countries such as India as well as an increase in the number of diagnostic facilities.

Moreover, the introduction of mass testing programs in China presents an important aspect for the regional market expansion. Wuhan, a Chinese province, completed mass testing of its 11 million residents in June 2020, resulting in 206 positive asymptomatic COVID-19 cases in the city.

Additionally, COVID-19 detection kits are in high demand in this region due to various government initiatives. The Indian Council of Medical Research, for example, proposed to extend the use of rapid antigen-based coronavirus testing rather than RT-PCR tests for more rigorous COVID-19 identification in June 2020.

On the other hand, North America is expected to exhibit a high CAGR during the forecast period. In the first week of September 2020, the US was the worst-affected country in the world, with more than 6 million of COVID-19 incidents.

As a result, regulatory bodies such as the US Food and Drug Administration (FDA) and Health Canada started implementing several Emergency Use Authorizations (EUA) policies for the use of coronavirus test kits in order to increase testing capability, which fuels the market expansion in the region.

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