Covid-19 Detection Kits Market – By Product Type (RT-PCR Assay Kits, Immunoassay Test Strips), By Specimen Type (Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab), By Applications (Hospitals, Diagnostic Centers, and Others), and By Region – Global Industry Analysis and Forecast (2020-2030)

Covid-19 Detection Kits Market size was valued at 3.28 billion USD in 2020 and is expected to grow at a rate of 4.80% CAGR during the forecast period. The robust spread of covid-19 across the globe is the major factor driving the covid-19 detection kits market. Covid-19 first originated in Wuhan, China in 2019 December and within a span of three months has spread across more than 200 countries worldwide. The effect of covid-19 has been massively disastrous and has pushed the healthcare system of even developed countries such as the U.S. and Italy on the brink of collapse. Considering the fact that there is no vaccine available till date for novel coronavirus, the prevalence and incidence rate of covid-19 is expected to rise, which in turn, will drive the COVID-19 detection kits market growth.

Market Dynamics and Factors:

The major factor driving the global covid-19 detection kits market is the rising prevalence of covid-19 pandemic. The increasing cases of novel coronavirus across the globe since its outbreak in December 2019 has attributed to the rising demand for covid-19 detection kits. For instance, according to worldometer, there have been 6.08 million coronavirus cases worldwide till May 2020, out of which there have been 370 thousand deaths. Additionally, the geriatric population is at a significantly higher risk of getting infected to coronavirus. For instance, as per the World Health Organization, more than 95% of the deaths due to covid-19 were of people more than 60 years of age. This has propelled the market of covid-19 detection kits in countries which have a higher percentage of geriatric population such as Italy and Germany.

Market Segmentation:

On the basis of product type, the covid-19 detection kits market can be segmented into RT-PCR Assay kits and Immunoassay test strips. Based on specimen type, the market is classified into nasopharyngeal swab, oropharyngeal swab and nasal swab. According to applications, the market is segregated into hospitals, diagnostic centers, and others. Geographically, the global covid-19 detection kits market can be broadly divided into five regions mainly North America, Europe, Asia Pacific, and ROW.

Regional Analysis

North America is expected to dominate the global covid-19 detection kits market in terms of market share during the forecast period. The increasing prevalence of novel coronavirus disease in the U.S and the strong presence of key manufacturers in the region are the major factors attributing to the covid-19 detection kits market dominance. For instance, according to the data published in worldometer, as of May 2020, the total number of covid-19 positive cases in the U.S. is about 1.81 million, out of which the death toll is around 105 thousands. Furthermore, the U.S is supplying PCR kits to various government testing labs across the globe, which in turn is boosting the covid-19 detection kits market growth in the North American region.

Asia Pacific is expected to witness the fastest growth in the covid-19 detection kits market during the forecast period in terms of covid-19 detection kits market share. The increasing prevalence of covid-19 patients in countries such as China, India, and South Korea has attributed to the rise in the demand for detection kits in the region. For instance, Mylab Discovery Solutions in India developed a test kit which got approved by the Indian Council for Medical Research (ICMR) and is working with Serum Institute of India to manufacture detection kits. Furthermore, in March 2020, Los Angeles city and other county leaders in the U.S. purchased 20,000 covid-19 test kits worth 1.25 million USD from Seegene Technologies, a South Korea based Biotech Company.

Competitive Scenario:

The key players operating in the global covid-19 detection kits industry are Becton, Dickinson and Company, Quidel Corporation, Bio-Rad Laboratories, Akers Biosciences, Inc., Abbott, Thermo Fisher Scientific, Meridian Bioscience, Inc., Cepheid, Inc., OraSure Technologies, Inc., Hologic, Inc., Sinocare, Maccura Biotechnology Co, Roche Diagnostics, RayBiotech, Cardinal Health, Guangzhou Wondfo Biotech, and Creative Diagnostics.

Covid-19 Detection Kits Market Report Scope