COVID-19 Detection Kits Market Size, Share, Trends, Growth and Forecast 2028

Industry Perspective:

The global COVID-19 detection kits market was worth USD 30,185.4 million in 2021 and is estimated to grow to USD 9,727.0 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 their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the COVID-19 Detection Kits market.

COVID-19 Detection Kits Market: Overview

The coronavirus, which is currently a global pandemic, was first identified in Wuhan, China. It is sometimes referred to as COVID-19, a coronavirus disease. Testing kits for the COVID-19 detection test, which identifies the SARS-CoV-2 virus, use RT-PCR, isothermal nucleic acid amplification, antibody detection, and other methods. In addition, serological tests are used for population surveillance, diagnosis, and the detection of antibodies. The global COVID-19 detection kit market will rise as a result of technological developments in developed regions. Additionally, to appropriately fulfil market demand, a number of COVID-19 detection kit producers have boosted their output of immunoassay test strips and cassettes. One of the key factors driving the market's rise is the rising elderly population. This is due to decreased immune systems in older individuals, which increases the risk of infections. The majority of the elderly population also has immune system issues because they have chronic conditions, including diabetes, cancer, cardiovascular disorders, etc. As a result, the market statistics for COVID-19 detection kits are growing as the elderly population grows. The development of the market, however, is anticipated to be hampered by a lack of awareness among developing nations regarding the precautions that must be taken, a shortage of diagnostic kits, and a lack of medical professionals who are sufficiently knowledgeable about the use of diagnostic kits for the new Covid-19.

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COVID-19 Impact:

One of the primary factors driving the growth of the COVID-19 detection kits market is the global increase in COVID-19 infections. The number of people infected with COVID-19 has risen dramatically. In addition, the increasing number of patients due to the ease of lockdowns around the world will drive up demand for COVID-19 detection kits. Until February 2022, the WHO reported 424,822,073 confirmed cases of COVID-19. An increase in COVID-19 cases necessitates the purchase of more COVID-19 detection kits, pushing market estimates.

Key Insights

• As per the analysis shared by our research analyst, the global COVID-19 detection kits market market is estimated to grow annually at a CAGR of around -17.20% over the forecast period (2022-2028).
• In terms of revenue, the global COVID-19 detection kits market market size was valued at around USD 30,185.4 million in 2021 and is projected to reach USD 9,727.0 million, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• The rising prevalence of coronavirus disease fuels demand for COVID-19 detection kits market growth.
• By specimen type, the nasopharyngeal swab segment dominated the market in 2021.
• By end-user, the diagnostic center segment dominated the market in 2021.
• North America dominated the global COVID-19 detection kits market in 2021.

COVID-19 Detection Kits Market: Growth Drivers

Need for test kits in hospitals likely to pave the way for global market growth

With the emergence of the coronavirus, the demand for coronavirus test kits has increased. Identification of coronaviruses with the help of test kits is now more important than ever to stop the infection's spread and expand the market. The serology and molecular tests included in this kit can only be performed by specialized labs with the necessary licenses. The worldwide coronavirus outbreak has increased demand for the sector. The demand for test kits to diagnose patients with symptoms is rising along with the number of patients being treated in hospitals, which is fueling the market's expansion.

COVID-19 Detection Kits Market: Restraints

Time required for the result is more than 24 hours may hamper the global market growth

The fact that it takes more than 24 hours to get a result will serve as a barrier to the global COVID-19 detection kits market's expansion throughout the forecast period. One of the main disadvantages of quick testing is the rise of false-positive and false-negative outcomes. A set of COVID-19 test kits included both false positive and false negative results. Individuals with COVID-19 symptoms tested both positive and negative when validated with alternative COVID-19 tests. These occurrences led to a decrease in the usage of COVID-19 rapid test kits in various countries.

COVID-19 Detection Kits Market: Opportunities

Technological advancements in COVID-19 rapid testing to bring up several growth opportunities

Innovative rapid testing kits, such as cups, cards, and smart test kits, were developed by vendors. Saliva samples were used in kits for quick, painless testing. Additionally, test kits with quicker results have been made available for purchase. Due to these advancements, rapid testing is preferable to previous COVID-19 testing kits.

COVID-19 Detection Kits Market: Segmentation

The global COVID-19 detection kits market is segregated based on product, specimen type, end-use, and region.

By 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. This is due to an increase in the release of high-end products as a result of COVID -19 RT-PCR assay kit technological developments. Additionally, due to the RT-PCR technology's high specificity and sensitivity, most commercially available kits use it. These kits include cutting-edge assay technology that accurately diagnoses both known and newly discovered COVID-19 variations. In addition, the kit includes high-frequency testing and a two-hour turnaround time. Such advancements in COVID-19 detection kits would increase market size during the projection period.

By 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 at a significant rate 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. These tests are used to find COVID-19 infections in both adults and children. It is used to find infections in asymptomatic patients and provides results in 15 minutes. It is 93% sensitive. Worldwide, more than 300 million of these tests have been distributed. Thus, the market's rise will be fueled by increased demand for testing new products.

Based on end-use, the market is classified into hospitals, diagnostic centers and others.

Recent Developments

• In February 2021, launched the CE-IVD-Marked TaqPath COVID-19 HT Kit by Thermo Fisher Scientific. It is an accurate and dependable high-throughput COVID-19 diagnostic assay that is compatible with the Amplitude platform. This product launch assisted the business in increasing its market share.
• In July 2020, the launch of the Pathocatch COVID-19 antigen fast testing kit by Mylab Discovery Solutions. Together with Gujarat-based LabCare Diagnostics, this kit was created. Such a development improved the company's standing in the market.

Report Scope:

Regional Landscape

Rising number of COVID-19 cases is likely to help North America dominate the global market

North America dominated the COVID-19 Detection Kits Market in 2021. Both the United States and Canada have contemporary, well-equipped healthcare facilities, which has aided in regional development. In addition, a rise in healthcare costs driven by more awareness will also increase market share. The market outlook is also expected to improve in the next years as a result of rising healthcare costs and an increase in COVID-19 infections. For instance, the data made public by USA Facts indicates that on February 25, 2022, there were 67,008 confirmed cases of COVID-19 infection. The need for COVID-19 detection kits is rising as a result of this number's daily increase. All of these elements, combined with the advances in viral detection technology, drive up demand for COVID-19 detection kits, driving up regional market growth.

Over the forecast period, Asia Pacific regional market is expected to grow at a significant rate in the COVID-19 detection kits market. China and India greatly impact the money raised in this area. China is a prominent global source of COVID-19 test kits, with more than 100 Chinese businesses exporting test kits. The demand for speedy, accurate, and trustworthy diagnoses is expanding along with the incidence of infectious infections, and Asia Pacific is accelerating the use of antigen diagnostic tests as a result.

Competitive Landscape

• 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
• Thermo Fisher Scientific among others.

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