Covid-19 Detection Kits Market

Report Description
Table of Contents

Report Description

The global COVID-19 detection kits market size is estimated to be USD 3,896.3 million in 2021 and is expected to witness a CAGR of 6.24% during the forecast period. Surge in the prevalence of COVID-19 pandemic globally is a key driver for the growth of the global COVID-19 detection kits market. Moreover, increasing approvals of immunoassay tests by major agencies and continuing seroprevalence studies to assess the infection rate are some of the other drivers propelling the market growth. However, increasing concerns related to accuracy of devices and rising concerns due to hygiene are expected to restrain the global market growth.

Global COVID-19 Detection Kits Market Size (USD Million), 2021-2029

Source: Erevna Healthcare

By Product

Based on product, the market is segmented into immunoassay test strips/cassettes and RT-PCR assay kits. In 2021, the RT-PCR assay kits segment accounted for a substantial revenue share and is expected to grow with a lucrative CAGR during the forecast period. This is attributed to high sensitivity and specificity along with the fact that these kits are available commercially worldwide. Immunoassay test strips/cassettes segment is anticipated to grow at a profitable CAGR during the forecast period. This is attributed to the numerous benefits offered by these products, such as no prerequisite for expensive tools and chemicals coupled with the qualified specialists that help make these tests more reasonable and easily available as Point-of-Care (POC) tests.

By Sample Type

Based on sample type, the market is segmented into oropharyngeal (OP) swab, nasopharyngeal (NP) swab, nasal swabs, and others. In 2021, the nasopharyngeal (NP) swab segment accounted for a substantial revenue share and is expected to grow with a lucrative CAGR during the forecast period. This is attributed to rise in application of NP swabs for molecular testing during the pandemic worldwide. Nasal swabs segment is expected to grow at a profitable CAGR during the forecast period. This is attributed to the introduction of innovative technologies and increasing use of the nasal swabs to get the initial diagnosis for COVID 19 globally.

By Mode

Based on mode, the market is categorized into centralized testing (Non-PoC) and decentralized or point-of-care (PoC) testing. In 2021, the centralized testing (Non-PoC) segment accounted for a substantial revenue share and is expected to grow with a lucrative CAGR during the forecast period. This is due to the application of automatic high output laboratory platforms enabling the laboratories to perform competently worldwide. The decentralized or point-of-care (PoC) testing segment is anticipated to grow at a profitable CAGR during the forecast period, due to the continuous increase in casualty rate is expected to catalyze the point-of-care testing mode, mainly in the emerging markets.

By End User

Based on end user, the market is categorized into diagnostic centers and clinics, laboratories, hospitals, and others. In 2021, the laboratories segment held a considerable revenue share and is expected to grow with a lucrative CAGR during the forecast period. This is due to the continuous rise in laboratory capability by the development of testing portfolios worldwide. The diagnostic centers and clinics segment is anticipated to grow at a profitable CAGR during the forecast period, due to the continuous surge in fatality rate and abundant efforts embarked on by several entities globally.

Regional Insights

In 2021, Asia-Pacific accounted for the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This is attributed to the unceasing increase in corona virus cases, increase in the number of diagnostic amenities, employment of mass testing programs, accessibility of technological advanced products in the region. North America market is expected to exhibit the fastest CAGR over the forecast period owing to the increasing fatalities due to the rising incidence of COVID-19, growing government and corporate investment in healthcare sector, increasing demand for COVID-19 detection kits.

Competitor Insights

Some of the key players in the COVID-19 detection kits market are F. Hoffmann-La Roche AG (Switzerland); Thermo Fisher Scientific, Inc. (U.S.); Perkin Elmer, Inc. (U.S.); Veredus Laboratories (Singapore); DiaSorin (Italy); altona Diagnostics GmbH (Germany); Mylab Discovery Solutions Pvt Ltd. (India); Abbott Laboratories (U.S.); Luminex Corporation (U.S.); Becton Dickinson And Company (U.S.); and Quidel Corporation (U.S.). The leading players operating in the COVID-19 detection kits industry are adopting various strategies including R&D investments, adaption of advanced techniques, new technology launches, mergers & acquisitions, and regional expansions to capture a maximum revenue share.

This exhaustive research report focuses on market size and forecast at global, segmental, regional and country level along with key market trends and dynamics from 2021 to 2029. The COVID-19 detection kits market report is categorized into the following segments and subsegments: