COVID-19 Detection Kits Market Size By Product (RT-PCR Assay Kits, Immunoassay Test Strips/Cassettes), 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, 2020 – 2026

Industry trends

COVID-19 Detection Kits Market size valued at USD 15.4 billion in 2020 and is expected to witness -2.8% CAGR from 2020 to 2026.
 

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The novel strain, acute respiratory syndrome coronavirus 2 (SARS-COV-2), has affected the lives of millions of people across the globe. According to the ECDC, as of 16^th September, there were around 29 million confirmed cases universally. Rapid outburst of COVID-19 due to lack of social distancing in some countries and rising number of COVID-19 affected patients will augment the market growth.
 

The vigorous spread of the disease has set an alarm for healthcare providers creating necessity for COVID-19 detection kits. Therefore, medical device manufacturers have surged the production of COVID-19 detection kits for testing of maximum number of affected individuals. Also, rising need for effective COVID-19 detection testing solutions for high-risk population base including geriatric and people with weak immune system will impel the industry growth.
 

Increasing government and industry players initiatives will fuel the market expansion

The COVID-19 detection kits demand has increased tremendously owing to rising number of unprecedented outbursts of infection worldwide. The COVID-19 detection kits manufacturers have increased their production to cater the soaring demand. The prominent companies are implementing various strategies to capture higher market share and withstand industry competition. For instance, in March 2020, Danaher announced the FDA approval for its COVID-19 detection test. This helped the company serve a large customer base and to sustain the market competition. Moreover, government of various affected countries have taken several action plans and measures such as surveillance testing in suspected communities.
 

Surging demand for RT-PCR kits will boost the COVID-19 detection kits market revenue

The RT-PCR assay kits segment size was around USD 11 billion in 2020. Reverse transcriptase PCR has numerous benefits including easier automation, post amplification handling, processing of large numbers of samples and higher specificity proves beneficial for the market progression. Usually, advanced RT-PCR are expensive, which curbs its availability in low income countries.
 

Increased accuracy of nasopharyngeal swab will propel the market growth

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The nasopharyngeal swab segment accounted for more than 40% COVID-19 detection kits market share in 2020. Nasopharyngeal swab has significantly higher COVID-19 detection rate and sensitivity compared to other segment type, surging its preference. Since, the COVID-19 is a respiratory disease, most of the tests require nasopharyngeal swab for its high yield as well as specificity.
 

Surging number of COVID-19 cases will drive the hospitals segment demand

The hospitals end-use segment will register around -5.0% growth rate during the forecast period. Availability of well-developed infrastructure coupled with emergency care facilities in the hospital settings will increase its preference. Usage of COVID-19 detection kits for the diagnosis, treatment and follow up of virus is fuelling the segment growth. In addition, rising incidence of COVID-19 cases will result into surging number of hospital admissions for better treatment, boosting the market size expansion.
 

Presence of prominent market players in the European region proves valuable for the industry growth

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Europe COVID-19 detection kits market held over 26% revenue share in 2020. The outbreak of COVID-19 in several countries such as Russia, UK and others will fuel the European market demand. Presence of market leaders along with well-established infrastructure as well as healthcare facilities will drive the regional market growth. Also, European regulatory forms are easing out the guidelines that were made on the COVID-19 detection kits to provide faster access to these kits. Numerous COVID-19 detection kits have received CE-mark to fastrack the testing procedures in European region. Considering the current scenario, numerous manufacturers have flourished the European market with several detection kits.
 

Strategic initiatives undertaken by key market players have helped them to maintain their financial stability

Some of the leading players operating in the market include BGI, Abbott Laboratories, F. Hoffmann-La Roche, Guangzhou Wondfo Biotech, Qiagen, Seegene, Shenzhen Bioeasy Biotechnology, Co-Diagnostics, Thermo Fisher Scientific, BGI, BioFire Diagnostics among others. These market leaders have undertaken various organic and inorganic growth strategies to maintain strong foothold in the industry.
 

Recent Industry Developments:

• In March 2020, Roche announced the U.S. FDA approval for its cobas SARS-CoV-2 test. This will enable the company to cater to the growing demand for COVID-19 detection tests, thereby securing its position in COVID-19 detection kits business
   
• In April 2020, Co-Diagnostics Inc. announced the Emergency Use authorization for their COVID-19 detection kit. This strategy will enable to provide market penetration opportunities to the firm

The COVID-19 detection kits market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:

Market, By Product

• RT-PCR assay kits
• Immunoassay test strips/cassettes

Market, By Specimen Type

• Nasopharyngeal swab
• Oropharyngeal swab
• Nasal swab
• Others

Market, By End-use

• Hospitals
• Diagnostic centers
• Others

The above information is provided for the following geographies:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Austria
  • Portugal
  • Israel
  • Sweden
  • Norway
  • Russia
  • Denmark
  • Poland
  • Switzerland
  • Turkey
  • Belgium
  • Netherlands
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Malaysia
  • Philippines
  • Indonesia
  • Thailand
  • Singapore
• Latin America
  • Brazil
  • Chile
  • Peru
  • Mexico 
• Middle East
  • South Africa
  • Iran
  • Israel
  • UAE
  • Qatar
  • Iraq