Global COVID-19 Detection Kits Market is Likely to Grow at a CAGR Value of -17.20% By 2028

The global COVID-19 Detection Kits market was worth around USD 30,185.4 million in 2021 and is estimated to grow to about USD 9,727 million by 2028, with a compound annual growth rate (CAGR) of approximately -17.20% over the forecast period. The report analyzes the COVID-19 Detection Kits market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the COVID-19 Detection Kits market.

One of the key factors propelling the global COVID-19 detection kits market's expansion is the rise in COVID-19 infections on a global scale. The number of people infected with COVID-19 has multiplied dramatically. Due to the ease of lockdowns around the world, there will be an increase in the need for COVID-19 detection kits. Until February 2022, there were 424,822,073 confirmed cases of COVID-19, according to the WHO. The COVID-19 detection kit market is expected to grow as a result of the rise in COVID-19 cases. Owing to the rise in demand for COVID-19 detection kits, the global COVID-19 detection kits market is estimated to grow at a CAGR of -17.20% during the forecast period.

The growing geriatric population is one of the main factors fueling the market's expansion. This is brought on by weakened immune systems in the elderly, which raises the possibility of infections. A large portion of the older population suffers from immune system problems due to chronic illnesses like diabetes, cancer, cardiovascular diseases, etc. As a result, as the aged population increases, so do the market statistics for COVID-19 detection kits. However, it is projected that a lack of understanding about the necessary precautions among developing nations, a dearth of diagnostic kits, and a paucity of medical personnel who are properly trained about the use of diagnostic kits for the new Covid-19 may hinder the market growth. The adoption of these testing kits is expected to rise due to strong public policies and private sector investments in developing improved diagnostic tests that can accurately identify and support COVID therapy mechanisms. India's government recently announced a 10% GDP increase for the healthcare industry in order to create diagnostic tools.

The global COVID-19 detection kits market is segregated based on product, specimen type, end-use, and region. Based on product, the market is divided into RT-PCR assay kits and immunoassay test strips/cassettes. Among these, the RT-PCR assay kits segment dominated the market and accounted for around 76% market share in 2021. Based on specimen type, the market is divided into nasopharyngeal swab, oropharyngeal swab, nasal swab and others. Over the forecast period, the nasopharyngeal swab segment is expected to develop significantly during the forecast period. This is because more people with COVID-19 infection are becoming asymptomatic, and more innovative products are being introduced that provide quick results using nasopharyngeal swabs, helping drive the market's expansion. Based on end-use, the market is classified into hospitals, diagnostic centers and others.

North America is expected to dominate the global COVID-19 detection kits market in 2021. The existence of modern, well-equipped healthcare institutions in the United States and Canada has contributed to regional growth. Additionally, the market share will increase as a result of growing healthcare costs brought on by increased awareness. Additionally, growing healthcare costs and the increased prevalence of COVID-19 infections are anticipated to improve the market outlook in the years to come. Over the forecast period, the Asia Pacific regional market is expected to grow at a significant rate in 2021. China and India significantly influenced the revenue raised in this region. More than 100 Chinese companies export COVID-19 test kits, making China a significant global supplier of these tests.

Key players functioning in the global COVID-19 detection kits market include BGI, Abbott Laboratories, Qiagen, Quidel Corporation, Shenzhen Bioeasy Biotechnology Guangzhou Wondfo Biotech, BioFire Diagnostics, F. Hoffmann-La Roche, Mylab Discovery Solutions, GenMark Diagnostics, Seegene, Randox Laboratories, Cepheid, Co-Diagnostics, SD Biosensor, and Thermo Fisher Scientific among others.

Recent developments:

• In January 2022, CoviSwift, a high-throughput COVID-19 point of care testing tool, was introduced by Mylab Discovery Solutions. It processes 16 samples in 40 minutes using Compact-Q machines and the CoviSwift assay, which is about 4 times faster. The company's market position was strengthened due to this product launch.
• In September 2020, a RSV, flu, and COVID-19 combination test was introduced by LabCorp. The business has requested permission from the U.S. FDA to use this test in conjunction with its Pixel by LabCorp at-home test collection kit.

Browse the full “COVID-19 Detection Kits Market By Product (RT-PCR Assay Kits and Immunoassay Test Strips/Cassettes), By Specimen Type (Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab and Others), By End-Use (Hospitals, Diagnostic Centers and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028” Report at https://www.zionmarketresearch.com/report/covid-19-detection-kits-market

Global COVID-19 Detection Kits market is segmented as follows:

By Product

• RT-PCR Assay Kits
• Immunoassay Test Strips/Cassettes

By Specimen Type

• Nasopharyngeal Swab
• Oropharyngeal Swab
• Nasal Swab
• Others

By End-use

• Hospitals
• Diagnostic Centers
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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