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, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Apr 2020  |  Report ID: GMI4610  |  Authors: Sumant Ugalmugale, Rupali Swain

Report Format: PDF   |   Pages: 170   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry trends

COVID-19 Detection Kits Market size was valued at USD 3.3 billion till now in 2020 and is expected to witness 17.3% CAGR from 2020 to 2026. The novel strain, severe acute respiratory syndrome coronavirus 2 (SARS-COV-2), that was not previously been seen in humans until late 2019, causes coronavirus disease (COVID-19). The outbreak of COVID-19 first originated in Wuhan, China and within a short span of just three months, the disease spread drastically and took over the entire globe.
 

COVID-19 Detection Kits Market

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The effect of COVID-19 is immensely catastrophic and pushing the healthcare system of even developed markets such as the U.S. and Italy to the brink of collapse. The robust spread of the disease across the world has set an alarm for the healthcare givers. Medical device manufacturers have surged the development and production of COVID-19 detection kits.
 

COVID-19 Detection Kits Market Report Coverage
Report Coverage Details
Base Year: 2019
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 17.3% 2026 Value Projection: 8,473.4 Million (USD)
Pages: 170 Tables, Charts & Figures: 216
Geographies covered (39): U.S., Canada, Germany, UK, France, Italy, Spain, Austria, Portugal, Israel, Sweden, Norway, Russia, Denmark, Poland, Switzerland, Turkey, Belgium, Netherlands, Japan, China, India, Australia, South Korea, Malaysia, Philippines, Indonesia, Thailand, Singapore, Brazil, Chile, Peru, Mexico, South Africa, Iran, Israel, UAE, Qatar, Iraq
Segments covered: Product, Specimen Type, End-use
Companies covered (16): Abbott Laboratories, BGI, BioFire Diagnostics, Cepheid, Co-Diagnostics, F. Hoffmann-La Roche, GenMark Diagnostics, Guangzhou Wondfo Biotech, Mylab Discovery Solutions, Qiagen, Quidel Corporation, Randox Laboratories, SD Biosensor, Seegene, Shenzhen Bioeasy Biotechnology, and Thermo Fisher Scientific
Growth Drivers:
  • Rising incidence of COVID-19 globally
  • High risk of infection in geriatric population
  • Increasing technological advancements in virus detection
  • Increasing government and industry players initiatives
Pitfalls & Challenges:
  • Lower accuracy of immunoassay-based tests

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Geriatric population at high risk will surge the COVID-19 detection kits market growth

The course of COVID-19 infection tends to be more acute in the case of geriatric population owing to their decreased immunity and body reserves. Elderly population are at a significantly high risk of catching severe disease following infection from SARS-COV-2 leading to higher mortality rate. For instance, according to the World Health Organization (WHO), more than 95% of all the deaths were people aged 60 years or older.
 

This has propelled the COVID-19 detection kits demand in the healthcare market. Since, countries like Italy and Germany have high share of population aged 60 and older, these countries are worst affected. The COVID-19 detection kits demand has increased stupendously in a way that several COVID-19 detection kits manufacturers have ramped up the production to meet the soaring market demand.
 

COVID-19 Detection Kits Market

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Benefit in surveillance testing in suspected patients will the drive the immunoassay test strips/cassettes market growth

The immunoassay test strips/cassettes segment is anticipated to account for nearly USD 141 million market value in 2020, owing to the growing demand for rapid test avenues. Numerous COVID-19 detection kits manufacturers have increased development and production of immunoassay test strips/cassettes to cater the market demand, thereby propelling the segmental growth.
 

The increased demand for immunoassay-based COVID-19 detection kits is also due to ease in access and easy to conduct test procedure that do not require highly skilled professionals, thus fuelling the market growth. However, due to its low specificity and high false negative results it is not used as a COVID-19 confirmatory test, thereby the limiting the segmental growth.
 

Wide availability of oropharyngeal swab will propel the industry growth

COVID-19 Detection Kits Market By Specimen Type

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Oropharyngeal swab is expected to account for around USD 920 million in market value in 2020. The segmental growth is due to high sensitivity and wide availability of oropharyngeal swab. Based on specimen type the market is classified into oropharyngeal swab, nasopharyngeal swab, nasal swab, and others.
 

Increased number of viral infections is detected in oropharyngeal swab compared to other samples such as sputum or nasal swab. The advantages of oropharyngeal swab are more pronounced for detection of parainfluenza, influenza, and adenovirus. Similar results are shown in case of COVID-19 and expected to boost the segmental growth.
 

Diagnostic centers will drive the COVID-19 detection kits market growth

The diagnostic centers accounted for around 32% market share in 2020. The growth of this segment is attributed to the easy availability of COVID-19 detection kits in diagnostic centers, thus boosting the market growth.
 

The COVID-19 confirmatory tests require highly skilled medical professionals and advanced instruments. Diagnostic centers have resources required to process a large batch of patient samples efficiently, thus propelling the segmental as well as industry growth.
 

Strong foothold of market players in North America proves beneficial for the regional COVID-19 detection kits industry

North America COVID-19 detection kits market is expected to hold a substantial market share in 2020 and will witness around 21% CAGR during the analysis period. Regional growth is primarily attributed to strong foothold of COVID-19 detection kits manufacturers in the region. Also, due to large number of COVID-19 infected patients, the COVID-19 detection kits demand has skyrocketed in the region, thereby boosting the market growth.
 

Moreover, rising healthcare expenditure to provide better healthcare facilities will foster the market growth over the foreseeable years. The technological advancements will further boost the regional market growth.
 

Prominent industry players operating in market focus on catering the high demand for kits

Some of the notable industry participants operating in the COVID-19 detection kits market share include Abbott Laboratories, BGI, BioFire Diagnostics, Cepheid, Co-Diagnostics, F. Hoffmann-La Roche, GenMark Diagnostics, Guangzhou Wondfo Biotech, Mylab Discovery Solutions, Qiagen, Quidel Corporation, Randox Laboratories, SD Biosensor, Seegene, Shenzhen Bioeasy Biotechnology, and Thermo Fisher Scientific. The prominent market participants are strategically implementing various business strategies to garner more revenue share and sustain market competition.
 

Some of the recent industry developments:

  • In March 2020, Hologic received the U.S. FDA’s Emergency Use Authorization (EUA) certificate for its novel coronavirus SARS-CoV-2 molecular test. This helped the company to cater a large customer base and to sustain the market competition.
     
  • In March 2020, Thermo Fisher Scientific announced to gear up their RT-PCR based COVID-19 detection kits production to meet the UK’s demand for 100,000 tests per day. This will help the firm to garner a substantial market share.
     

The COVID-19 detection kits industry research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2020 to 2026, for the following segments:

By Product, 2020 – 2026 (USD Million and Units)

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

By Specimen Type, 2020 – 2026 (USD Million)

  • Nasopharyngeal swab
  • Oropharyngeal swab
  • Nasal swab
  • Others

By End-use, 2020 – 2026 (USD Million)

  • 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

 

Frequently Asked Questions (FAQ) :

North America is expected to hold a substantial market share in 2020 and will witness around 21% CAGR from 2020 to 2026.
Oropharyngeal swab is expected to account for around USD 920 million market value in 2020.
Immunoassay test strips/cassettes segment is anticipated to account for nearly USD 141 million in 2020, owing to the growing demand for rapid test avenues.
The diagnostic centers segment accounted for around 32% market share in 2020, says this GMI report.
Some of the industry participants include Abbott Laboratories, BGI, BioFire Diagnostics, Cepheid, Co-Diagnostics, F. Hoffmann-La Roche, GenMark Diagnostics, Guangzhou Wondfo Biotech, Mylab Discovery Solutions, Qiagen, Quidel Corporation, Randox Laboratories, SD Biosensor, Seegene, Shenzhen Bioeasy Biotechnology and Thermo Fisher Scientific.

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Premium Report Details

  • Published Date: Apr 2020
  • Pages: 170
  • Tables: 206
  • Charts / Figures: 10
  • Companies covered: 16
  • Countries covered: 39

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