The global COVID-19 detection kits market is projected to foresee tremendous revenues over the coming years due to the rapidly increasing demand for highly accurate and efficient RT-PCR based COVID-19 detection kits. Additionally, the high risk of COVID-19 infection in geriatric population would drive the demand for COVID-19 detection kits further. According to a WHO situation report, the coronavirus infects individuals of all ages. However, up to date evidence suggests that two demographics are at a much higher risk of contracting a severe form COVID-19. These demographics include older people; and people with underlying medical conditions.
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COVID-19 detection kits at hospitals will capture more than 46% of the global share in 2020. Hospitals render convenience of quality care and advanced medical infrastructure which ensures fast recovery. The availability of skilled professionals and high competition among various hospitals to provide better medical infrastructure will facilitate patients with exceptional medical assistance and lower hospital stay.
The product classification of the global COVID-19 detection kits market is comprises reverse transcription-PCR (RT-PCR) assay kit and immunoassay test strips. The immunoassay-based method provides quick results, easy to perform, and has a considerably low manufacturing cost. The immunoassay tests have a unique ability that can even detect the past infection by analyzing the immune response of a patient.
Reportedly, the immunoassay strip or cassettes segment was expected to be valued at more than 29% of the total market share in 2020. In a recent development, researchers of the University of Cambridge have also found that using combined antibody and the PCR (point-of-care) testing for SARS-CoV-2 infection is a superior approach to detect the coronavirus and could play a vital role for rapidly identifying patients with moderate to severe COVID-19 infection.
Geographically, the APAC COVID-19 detection kits market 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.
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.
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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)
5.5.1. Others market, by region, 2020 - 2026 (USD Million)
Chapter 6. COVID-19 detection kits Market, By End-use
6.1. Key segment trends
6.2.1. Hospitals market, by region, 2020 - 2026 (USD Million)
6.3. Diagnostic centers
6.3.1. Diagnostic centers market, by region, 2020 - 2026 (USD Million)
6.4.1. Others market, by region, 2020 - 2026 (USD Million)
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