COVID-19 Detection Kits Market worth over $8bn by 2027
Published Date: June 18, 2021 Authors: Sumant Ugalmugle, Rupali Swain
COVID-19 Detection Kits Market size is set to surpass USD 8 billion by 2027, according to a new research report by Global Market Insights, Inc.
Rising number of COVID-19 cases across the world is projected to propel the market growth. Increase in number of companies involved in the development and manufacturing of COVID-19 detection kits is likely to drive the revenue growth. Additionally, technological advancements in terms of improved diagnostic outcomes and reduced turnaround time increase the demand for rapid COVID-19 detection kits.
Growing number of coronavirus cases all around the world will create growth opportunities for COVID-19 detection kits
COVID-19 hit the city in China in December 2019, and it quickly spread across the world affecting millions of people. The virus was soon declared a pandemic and countries around the world started acting in response to stop the infectious disease from spreading. The most important aspect of managing the diseases is its early detection. Many companies such as Thermo Fisher Scientific, and Qiagen among others were involved in the development of diagnostic tests and COVID-19 detection kits. The increasing number of patients worldwide led to increased demand for COVID-19 detection kits. Thus, increasing demand for COVID-19 detection kits and rapidly growing sales is poised to fuel the industry growth.
Benefits of RT-PCR will accelerate the COVID-19 detection kits market expansion
Get more details on this report - Request Free Sample PDF
The RT-PCR assay kits segment accounted for around USD 14.5 billion in 2020 led by the key market players operating in the industry that are incorporating cutting edge innovations in custom NAAT (Nucleic Acid Amplification Tests) devices such as RT-PCR. These devices take around 3 to 4 hours to show test results. Also, owing to the high sensitivity and specificity of these devices in the detection of SARS-COV-2, the U.S. FDA and the Centers for Disease Control and Prevention (CDC) have recognized it as the ‘gold-standard’ for diagnostics of COVID-19.
Browse key industry insights spread across 163 pages with 202 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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
High yield of nasopharyngeal swab will boost the market revenue
The nasopharyngeal swab segment in the COVID-19 detection kits market exceeded USD 8.7 billion in 2020 on account of the accuracy and higher yield of nasopharyngeal samples than throat or nasal swab specimens. Moreover, since the COVID-19 is a respiratory disease, most COVID-19 detection kits require nasopharyngeal specimen for its increased specificity, thereby spurring the overall industry expansion.
Hospitals segment will experience a notable market progression
The hospital end-use segment was valued at USD 9.4 billion in 2020 impelled by high number of coronavirus infected patients admitting to the government-affiliated hospitals. Hospitals are well equipped with trained medical professionals and advanced equipment such as ventilators necessary for effective treatment of COVID-19 infection. As a result, a greater portion of the patient population is approaching to hospital premises for diagnosis and treatment of COVID-19 infection.
Favorable regulations provide lucrative market growth opportunities in the European region
Europe COVID-19 detection kits market captured 35% of revenue share in 2020 due to the increasing government spending on healthcare to provide patients with easy access to COVID-19 detection kits. A large number of the patients are suffering from adverse health owing to infection and the number is still counting. Numerous fatalities have also been reported in the European territories. This has increased the demand for critical care and effective COVID-19 testing in the region. In addition, European regulatory bodies have fast-tracked the regulations pertaining to obtain CE mark for COVID-19 detection kits to provide widen accessibility and availability of COVID-19 testing.
Focus of market players on introducing innovative COVID-19 detection kits will offer several growth opportunities
Few of the prominent companies operating in the COVID-19 detection kits market include Co-Diagnostics, Abbott Laboratories, BGI, Guangzhou Wondfo Biotech, BioFire Diagnostics, Cepheid, Quidel Corporation, F. Hoffmann-La Roche, Thermo Fisher Scientific, GenMark Diagnostics, SD Biosensor, Mylab Discovery Solutions, Seegene, Qiagen, Randox Laboratories and Shenzhen Bioeasy Biotechnology. These market participants have undertaken several business strategies to cope with the shortage of COVID-19 detection kits in the industry. This will help them evolve as leading leaders in the industry.