COVID-19 Detection Kits Market Analysis

COVID-19 Detection Kits Market Analysis

Based on the product, the COVID-19 detection kits market is divided into RT-PCR assay kits and immunoassay test strips/cassettes. The RT-PCR assay kits accounted for around 76% market share in 2021. This is owing to increasing advanced product launches due to technological advancements in COVID -19 RT-PCR assay kits. Also, most of the commercially available kits rely on the RT-PCR technique owing to its high specificity and sensitivity.
 

For instance, in June 2021, Thermo Fisher Scientific launched TaqPath COVID-19 Fast PCR Combo Kit 2.0. This kit comprises of advanced assay design that detects and gives an accurate diagnosis of current as well as emerging COVID-19 variants. The kit has turn-around time of two hours along with high-frequency testing. Such innovations in COVID-19 detection kits will propel market size during the forecast period.
 

Key industry players are incorporating advanced technologies in custom Nucleic Acid Amplification Tests (NAAT) devices such as RT-PCR. These devices produce test results in 3 to 4 hours. Furthermore, the Centers for Disease Control and Prevention (CDC) and the U.S. Food and Drug Administration (FDA) have marked these devices as the gold standard for COVID-19 diagnostics due to their high specificity and sensitivity in detecting SARS-COV-2.
 

Based on specimen type the COVID-19 detection kits market is classified into nasopharyngeal swab, oropharyngeal swab, nasal swab, and others. Among them, the nasopharyngeal swab segment accounted for around USD 14 billion in 2021. This is owing to the rising number of asymptomatic patients with COVID-19 infection coupled with rising new product launches that give immediate results via nasopharyngeal swabs further fostering the market growth.
 

For instance, in July 2021, Abbott launched Panbio Covid Antigen Rapid Test in India. This test is used for the detection of COVID-19 infection in adults as well as children. It delivers results in 15 minutes, is 93% sensitive and is used to detect infection in asymptomatic patients.
 

More than 300 million of these tests have been shipped globally. Thus, increased testing demand for new product launches will propel the market expansion. Furthermore, as COVID-19 is a respiratory disorder, most COVID-19 detection tests require a nasopharyngeal specimen for enhanced specificity, boosting the industry landscape.
 

The COVID-19 detection kits market based on end-use is classified as diagnostic centers, hospitals, and others. The diagnostic centers segment accounted for around USD 10.6 billion in 2021. This is owing to the ease of COVID-19 detection in diagnostic centers and the constantly increase in the testing capacity of diagnostic centers.
 

In addition, these centers are well equipped with various reagents and other instruments used for the diagnosis of infection. Also, diagnostic centers have trained experts that ensure accurate diagnosis of infection. Thus, the number of people opting for diagnostic centers is increasing as there are chances of getting an infection within hospitals. Such factors increase the demand for COVID-19 detection kits in diagnostic centers, thereby propelling the overall industry statistics.
 

North America COVID-19 detection business captured 17% market share in 2021. The regional growth is owing to the presence of well-equipped, sophisticated healthcare facilities in the U.S. and Canada. Also, the increasing healthcare expenditure due to rising awareness will augment the market share. Moreover, the increasing prevalence of COVID-19 infections along with rising healthcare spending is expected to boost the market outlook in the forthcoming years.
 

For instance, according to the data published by USA Facts, there were 67,008 confirmed cases of COVID-19 infection on February 25, 2022. This number is increasing every day, thus increasing the demand for COVID-19 detection kits. All these factors along with the technological advancements in virus detection technologies increase the demand for COVID-19 detection kits, thereby propelling the regional market statistics.