COVID-19 Testing Kit Market Overview
COVID Testing Kit Market Size was USD 75.23 Billion in 2023. It is expected to grow to USD 141.80 Billion by 2032. This represents a 7.31 per cent compound annual growth (CAGR) during the forecast period. Market growth is driven by the increasing number of COVID-19 patients, government and private funding as well as research and development support. The market is also boosted by the increasing number of emergency use approvals for diagnostic devices & kits, as well as the developments and support from non-medical companies.
Coronavirus Testing Kits Market Size
The COVID-19 Detection Kits Market is projected to grow at a CAGR of -17.8% from 2022-2028. Globally, the spread of the coronavirus is expected to increase infectious diseases and therefore propel market statistics.
The COVID-19 infection rate has also increased due to the variation in strains. This scenario will increase the demand for COVID-19 testing kits, and boost the market. The market is also expected to grow due to the introduction of cutting-edge testing techniques to help reduce the negative effects of the pandemic.
The COVID-19 kits are designed for the in-vitro detection and diagnosis of SARS-CoV-2. These kits can provide results in a matter of minutes or even hours, and they help with proper patient treatment. The market will grow over the next few years due to the increasing demand for COVID-19 kits, the continuous technological innovation, and the help provided in the proper treatment of patients. As more people in the majority of countries are being vaccinated, COVID-19 is becoming less common. This will hurt the growth of the market in the future.
COVID-19 Detection Kits Market Trends
COVID-19 infection is on the rise in many countries. This growth is driving the COVID-19 testing kits market. The number of COVID-19 infections has risen exponentially. As lockdowns become easier around the world, COVID-19 kits will be in greater demand. According to the WHO, there were 424.822.073 confirmed COVID-19 cases until February 2022. This increase in COVID-19 causes a demand for more COVID-19 detector kits, which will drive the market forecasts.
Even though vaccination rates are high, people who are infected can still spread the disease, thereby accelerating transmission. Virus mutations continue to cause changes in the viral structure, which makes vaccines less effective. These scenarios will increase the demand for COVID-19 kits, which will boost the market growth.
The COVID-19 test kits market can be divided into two categories: RT-PCR kits and immunoassay strips/cassettes. In 2021, the RT-PCR test kits accounted for around 76% of the market. The increase in product launches is due to the technological advances made with COVID-19 RTPCR assay kits. Most commercially available kits rely heavily on the RTPCR technique due to its high sensitivity and specificity.
In June 2021 for example, Thermo Fisher Scientific will launch the TaqPath CoVID-19 Fast-PCR Combo Kit 2.0. This kit is a combination of an advanced assay that can detect and accurately diagnose COVID-19 variants, both current and emerging. This kit is available in two hours and includes high-frequency testing. These innovations in COVID-19 detector kits will drive market size over the forecast period.
Key players in the industry are incorporating advanced technology into custom Nucleic Acid Amplification tests (NAAT) such as RT PCR. These devices provide test results within 3 to 4 hours. The Centers for Disease Control and Prevention and the U.S. Food and Drug Administration have also designated these devices the gold standard for COVID-19 diagnosis due to their high sensitivity and specificity in detecting SARS-COV-2.
The COVID-19 market can be classified based on the type of specimen. These include nasopharyngeal, oropharyngeal, nasal, and other types. The nasopharyngeal swab market segment is expected to reach USD 14 billion by 2021. The market is growing due to an increasing number of COVID-19-infected patients who are asymptomatic. New products that provide immediate results using nasopharyngeal samples also contribute to this growth.
For instance, in July 2021, Abbott launched the Panbio Covid Antigen Rapid Test in India. This test can be used to detect COVID-19 in both adults and children. The test is highly sensitive, delivers results within 15 minutes and can be used to detect infections in asymptomatic patients.
Globally, more than 300 million of these tests were shipped. The market will expand as a result of the increased demand for testing in new product launches. COVID-19 being a respiratory disorder requires a nasopharyngeal sample for most COVID-19 tests. This will boost the market landscape.
COVID-19 detection kits are classified by end-use into diagnostic centres, hospitals and others. Diagnostic centers accounted for USD 10.6 billion by 2021. This is due to the ease with which COVID-19 can be detected in diagnostic centres and the constant increase in testing capacity in diagnostic centres.
These centres also have a wide range of reagents, instruments and other equipment that are used to diagnose infection. Diagnostic centres also have experts who ensure an accurate diagnosis. As a result, more people are opting to go to diagnostic centres as they have a higher chance of contracting an infection in hospitals. These factors drive the overall statistics of the industry, increasing the demand for COVID-19 kits in diagnostic centres.
North America COVID-19 detected business captured 17% of the market in 2021. The U.S., Canada and other developed countries have well-equipped healthcare facilities that are driving regional growth. The market will also grow due to the rising healthcare costs as a result of increased awareness. In addition, rising healthcare expenditures and the growing prevalence of COVID-19 are expected to improve the market outlook over the next few years.
According to USA Facts data, on February 25, 2022, there will be 67,008 cases of COVID-19 confirmed infection. This number increases every day, increasing the demand for COVID-19 testing kits. These factors, along with technological advances in virus detection technology, increase the demand for COVID-19 kits.
COVID-19 Detection Kits Market Share
The following are some of the key players in the COVID-19 market:
- BGI
- Abbott Laboratories
- Qiagen
- Quidel Corporation
- GenMark Diagnostics
- Seegene
- Shenzhen Bioeasy Biotechnology Guangzhou Wondfo Biotech
- BioFire Diagnostics, F
- Hoffmann-La Roche
- Mylab Discovery Solutions
- Randox Laboratories
- Cepheid
- Co-Diagnostic
- SD Biosensor
- Thermo Fisher Scientific
They are using various growth strategies such as mergers and purchases, collaborations, launches, and product enhancements to maintain market competition for the COVID-19 detection kit industry. In January 2022, Roche Diagnostics India launched the COVID-19 at-home test kit to detect all SARS-CoV-2 variants, including Omicron. The launch of this product helped the company increase its revenue by strengthening its product portfolio.