SAN FRANCISCO, Sept. 15, 2020 /PRNewswire/ -- The global COVID-19 detection kits market size is expected to reach USD 4.63 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 5.05% during the forecast period. The COVID-19 pandemic has posed several challenges to the global healthcare systems. The diagnostics area is recognized as one of the primary elements of efforts to contain the spread and circumvent its adverse impact globally. As a result, companies are ramping up their production process to meet the demand or kits and reagents as well as at-home tests, thereby driving the market revenue.
Key suggestions from the report:
- RT-PCR assay kits are estimated to account for the major revenue share owing to the high usage rate of PCR testing. High reliability of test results is the key contributing factor of high adoption of RT-PCR assays across the globe
- Nasopharyngeal (NP) swabs are estimated to capture maximum revenue share owing to the dependence of RT-PCR assays on NP swabs. Healthcare institutes and testing service providers have collaborated with market participants for the supply of NP swabs to test patients at a large scale
- Centralized testing (Non-PoC) is currently the key mode of testing and thus it is anticipated to maintain its dominance through 2020. Through this mode, healthcare professionals can process a massive number of samples with great efficiency and a high level of automation, thereby driving the segment growth
- In the current market, laboratories is the key revenue-generating end-user segment with a high number of a testing process taking place within laboratory settings
- With a high number of cases and testing, Asia Pacific is anticipated to maintain its dominance throughout the forecast period. Asian countries are focusing on rapid antigen testing as a cost-effective strategy to contain the spread, resulting in the revenue growth of this region
- Some of the key players operating in the COVID-19 detection kits industry include Quidel Corporation; Abbott; Becton, Dickinson and Company, and Thermo Fisher Scientific, Inc.
Read 150 page research report with ToC on "COVID-19 Detection Kits Market Size, Share & Trends Analysis Report By Product, By Sample Type (Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab), By Mode, By End Use, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/covid-19-detection-kits-market
Constantly increasing demand for rapid diagnostic tests that can deliver results in less time coupled with a shortage of testing materials has triggered the development of antibody and antigen test kits. For instance, in August 2020, Abbott Laboratories secured approval for a COVID-19 portable antigen test that can deliver results in 15 minutes.
Despite the time and cost-related challenges, molecular assay remains the key detection method owing to high sensitivity and specificity. As a result, the kits for RT-PCR based molecular assay are witnessing a huge rise in demand across the globe. The continuous growth in the shipping of the molecular test kit depicts the high demand for these kits. For instance, in May 2020, Siemens Healthineers announced its plans to ship more than 2.5 million molecular PCR test kits per month.
Grand View Research has segmented the global COVID-19 detection kits market on the basis of product, sample type, mode, end-use, and region:
- COVID-19 Detection Kits Products Outlook (Revenue, USD Million, 2020 - 2027)
- RT-PCR Assay Kits
- Immunoassay Test Strips/Cassettes
- COVID-19 Detection Kits Sample Type Outlook (Revenue, USD Million, 2020 - 2027)
- Nasopharyngeal (NP) Swab
- Oropharyngeal (OP) Swab
- Nasal Swab
- COVID-19 Detection Kits Mode Outlook (Revenue, USD Million, 2020 - 2027)
- Decentralized or Point-of-Care (PoC) Testing
- Centralized Testing (Non-PoC)
- COVID-19 Detection Kits End-use Outlook (Revenue, USD Million, 2020 - 2027)
- Diagnostic Centers and Clinics
- Others (Research Institutes & Direct-to-Consumers)
- COVID-19 Detection Kits Regional Outlook (Revenue, USD Million, 2020 - 2027)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- South Korea
- Latin America
- The Middle East & Africa (MEA)
- South Africa
- List of Key Players of COVID-19 Detection Kits Market
- F. Hoffman-La Roche Ltd.
- Thermo Fisher Scientific, Inc.
- Perkin Elmer, Inc.
- Veredus Laboratories
- altona Diagnostics GmbH
- Mylab Discovery Solutions Pvt Ltd
- Luminex Corporation
- Quidel Corporation
- Becton, Dickinson and Company.
Find more research reports on Clinical Diagnostics Industry, by Grand View Research:
- COVID-19 Sample Collection Kits Market – The global COVID-19 sample collection kits market size is valued at USD 2.8 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.9% from 2020 to 2027.
- COVID-19 Clinical Trials Market– The global COVID-19 clinical trials market size is valued at 5.0 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.5% from 2021 to 2027.
- COVID-19 Diagnostics Market – The global COVID-19 diagnostics market size is valued at USD 19.8 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.1% from 2021 to 2027.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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