COVID-19 Detection Kits Market worth over $13bn by 2026
Published Date: September 21, 2020 Authors: Sumant Ugalmugle, Rupali Swain
COVID-19 Detection Kits Market size is set to surpass USD 13 billion by 2026, according to a new research report by Global Market Insights, Inc.
Soaring cases of COVID-19 infection is expected to propel the market growth. Furthermore, technological improvements and less turnaround time are anticipated to develop the demand for rapid COVID-19 detection kits.
Elderly population at high risk will drive the market expansion
The growing geriatric population base will augment the COVID-19 detection kits market demand over the coming years. Geriatric population is at a higher risk of catching COVID-19 disease owing to weakened immunity and decreased body reserves, as well as multiple associated comorbidities like hypertension, diabetes, chronic obstructive pulmonary disease, and chronic kidney disease. It was observed that the mortality rate from SARS-COV-2 infection is significantly higher in the aged population.
For instance, according to the World Health Organization (WHO), more than 95% of all the deaths were people aged 60 years or older. Also, it was estimated that between 2015 and 2050, the proportion of aged people will nearly double from 12% to 22% of total population. Since, countries like Germany and Italy have a high share of the population aged 60 and older, these countries are worst affected. Globally, COVID-19 has impacted several lives and is steadily increasing its reach, especially in countries with dense population base such as India and China.
Advantages of immunoassay test strips/cassettes will fuel the COVID-19 detection kits market demand
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The immunoassay test strips/cassettes segment revenue exceeded USD 4.5 billion in 2020 due to the increasing demand for rapid testing options. The rapid test for COVID-19 disease diagnosis provides qualitative detection of antigen or antibody from human serum, whole blood or plasma in approximately 10 to 15 minutes. These immunoassay-based COVID-19 detection kits are easily accessible, low on cost, and do not require highly experienced professionals to interpret the results. Several COVID-19 detection kits manufacturers have escalated their production capacity for immunoassay-based tests to cater to the soaring demand.
Browse key industry insights spread across 163 pages with 203 market data tables & 16 figures & charts from the report, “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” in detail along with the table of contents:
Diagnostic centers will spur the COVID-19 detection kits market growth trends
The diagnostic centers held over 32.5% market share in 2020 led by advanced lab set-ups, equipment, and availability of experienced professionals in diagnostic centers. Moreover, these centers are often well-equipped and can process a big batches of patient samples efficiently.
High frequency in virus detection in oropharyngeal swab
Oropharyngeal swab segment is predicted to account for more than USD 4 billion valuation in 2020 impelled by easy availability and high sensitivity of oropharyngeal swabs. The specimen collected using these swabs shows increased frequency in respiratory virus detection. The advantages of these swabs are more pronounced for detection of adenovirus, influenza, and parainfluenza. Similar results are shown in case of SARS-CoV-2 virus detection.
Market participants’ strong grip in North America proves beneficial for its market growth
North America COVID-19 detection kits market is projected to witness around -3% growth rate till 2026. Strong foothold of prominent COVID-19 detection kits manufacturers in the U.S. is one of the major factors stimulating the market growth. Additionally, the COVID-19 positive cases had been soaring in the U.S. in past few months creating an escalated the demand for COVID-19 detection kits. Governing bodies such as the World Health Organization, and Centers for Disease Control and Prevention (CDC) are providing all the possible support to manufacturing industries to scale-up their production to cater to the soaring demand.
Increasing research and development activities for bringing innovative COVID-19 detection kits
Some of the prominent players operating in COVID-19 detection kits market include BGI, Cepheid, BioFire Diagnostics, Co-Diagnostics, F. Hoffmann-La Roche, Seegene, Guangzhou Wondfo Biotech, Abbott Laboratories, GenMark Diagnostics, Bio-Rad Laboratories, Mylab Discovery Solutions, Qiagen, Randox Laboratories, Quidel Corporation, SD Biosensor, Thermo Fisher Scientific and Shenzhen Bioeasy Biotechnology among others.
These companies have undertaken several initiatives to meet the demand for low-cost and highly precise COVID-19 detection kits, that will help them to garner major chunk of market share. For instance, in May 2020, Bio-Rad Laboratories received the emergency use authorization for its SARS-CoV-2 droplet digital PCR test kits. This development assisted the company in enhancing its product portfolio and to sustain the market competition.