COVID-19 Detection Kits Market 2020 By Industry Trends & Regional Forecast To 2026

COVID-19 Detection Kits Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

The demand for COVID-19 detection kits is expected to grow at a fast pace owing surging cases of coronavirus infections worldwide. COVID-19 is an extremely contagious respiratory disease which is yet to receive a permanent vaccine. As a precautionary method, health authorities have advised people to stay indoors and get tested if they exhibit any symptoms related to the virus. Frequent testing is necessary at this point to curb the spread of the novel coronavirus. 

Several countries around the world are depending on COVID-19 testing kits that offer prompt clinical results, a factor that could broaden the industry outlook for COVID-19 detection kit manufacturers. According to GMI, the COVID-19 detection kits market could cross USD 13 billion by the year 2026.

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On the basis of product, the market is bifurcated into immunoassay cassettes/test strips and RT-PCR assay kits. Among these, the test strips or immunoassay cassettes segment is appraised to hold more than 29% industry share in 2020. The consistently growing demand for immunoassay based COVID-19 detection kits owing to their low manufacturing costs is fueling the segment growth. Additionally, these tests are also easier to conduct, which makes them a preferred choice over other available alternatives. Furthermore, these tests are also capable of detecting past infections. The test strips essentially detect infections by examining the immune response of a patient at the time of as well as post-COVID-19 infection, which is majorly augmenting its demand in the market.

With respect to end-use, the overall market landscape is categorized into hospitals and diagnostic clinics. Among these, hospitals segment is slated to register the most noteworthy growth as hospitals effectively manage healthcare spending, offer better access to quality care, and also improve recovery rate in patients, which is majorly augmenting the segment share. In addition, increasing competition among hospitals to offer better quality services at low prices is another factor augmenting the business-scape. The hospital segment is projected to hold more than 46% of the overall industry share in 2020.

Geographically, the APAC COVID-19 detection kits industry is projected to expand at a CAGR of approximately -2.2% through the forecast timespan. This projected growth is ascribed to the number of favorable government-sponsored initiatives for early diagnosis and treatment of COVID-19 across highly affected nations like India, China, and others. Citing an instance, NIV (National Institute of Virology) has recently developed new immunological assay ELISA test kit for COVID-19 antibody detection. In addition, the strong presence of key companies in the region that are focusing on the development of new products would further impel the market expansion. Recently, Mylab became the first Indian firm to get approval from NIV for their coronavirus RT-PCR test kit.

Meanwhile, the launch of new solutions for coronavirus diagnostics should also augment the overall market share through the analysis period. Taking July 2020 for instance, BATM, a renowned real-time technology provider for medical laboratory systems and network solutions, reportedly launched three new diagnostic kits to substantially advance the detection of the novel coronavirus as well as other respiratory illnesses. The three tests include a COVID-19 antigen test, a COVID-19 serologic test, and a molecular diagnostics test.

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The competitive landscape of the COVID-19 detection kits market is inclusive of players such as SD Biosensor, Randox Laboratories, Bio-Rad Laboratories, Quidel Corporation, Mylab Discovery Solutions, Cepheid, BioFire Diagnostics, Thermo Fisher Scientific, BGI, F. Hoffmann-La Roche, Seegene, Co-Diagnostics, GenMark Diagnostics, Qiagen, and Abbott Laboratories among others. 

Partial Chapter of the Table of Content 

Chapter 4.    COVID-19 detection kits Market, By Product

4.1. Key segment trends

4.2. RT-PCR assay kits

4.2.1.    RT-PCR assay kits market, by region, 2020 - 2026 (USD Million)

4.2.2.    RT-PCR assay kits market, by region, 2020 - 2026 (Units)

4.3. Immunoassay test strips/cassettes

4.3.1.    Immunoassay test strips/cassettes market, by region, 2020 - 2026 (USD Million)

4.3.2.    Immunoassay test strips/cassettes market, by region, 2020 - 2026 (Units)

Chapter 5.    COVID-19 detection kits Market, By Specimen Type

5.1. Key segment trends

5.2. Nasopharyngeal swab

5.2.1.    Nasopharyngeal swab market, by region, 2020 - 2026 (USD Million)

5.3. Oropharyngeal swab

5.3.1.    Oropharyngeal swab market, by region, 2020 - 2026 (USD Million)

5.4. Nasal swab

5.4.1.    Nasal swab market, by region, 2020 - 2026 (USD Million)

5.5. Others

5.5.1.    Others market, by region, 2020 - 2026 (USD Million)

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