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COVID-19 Detection Kits Market Size

Report ID: GMI4610
Published Date: Mar 2022
Report Format: PDF

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COVID-19 Detection Kits Market Size

COVID-19 Detection Kits Market size surpassed USD 32.3 billion in 2021 and is expected to witness -17.8% CAGR from 2022 to 2028. The robust spread of coronavirus will increase the cases of infectious disease globally and thus will propel the market statistics.

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Furthermore, the variations in COVID-19 strains have increased its infection rate. Such scenario increases the demand for COVID-19 detection kits and upsurges the market growth. Along with this, introduction of new cutting-edge testing methods to reduce the adverse effects of the ongoing pandemic is expected to boost the market growth.

COVID-19 Detection Kits Market Report Attributes
Report Attribute	Details
Base Year:	2021
COVID-19 Detection Kits Market Size in 2021:	USD 32.3 Billion
Forecast Period:	2022 to 2028
Forecast Period 2022 to 2028 CAGR:	-17.8%
2028 Value Projection:	USD 6.2 Billion
Historical Data for:	2020 to 2021
No. of Pages:	190
Tables, Charts & Figures:	306
Segments covered:	Product, Specimen Type, End-use and Region
Growth Drivers:	Rising incidences of COVID-19 globally High risk of infection in geriatric population Increasing technological advancements in virus detection Increasing government and industry players initiatives
Pitfalls & Challenges:	Increasing number of vaccinations

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The COVID-19 detection kits are intended for in-vitro diagnosis and detection of SARS-CoV-2. These kits provide faster results, within a few minutes or hours and help in proper patient treatment. Thus, help in proper patient care, continuous technological innovations and rising demand for COVID-19 detection kits will boost the market growth over the analysis timeframe. However, as many people are vaccinated in most countries, the number of new COVID-19 cases is decreasing. Such an aspect will limit the market expansion over the coming years.

Authors: Mariam Faizullabhoy

Frequently Asked Questions (FAQ) :

Global market for COVID-19 detection kits exceeded USD 32.3 billion in 2021 and is anticipated to exhibit a CAGR of -17.8% between 2022 and 2028 owing to the increasing cases of infectious diseases across the globe.

RT-PCT assay kits market accounted for nearly 76% of the industry share in 2021 and will grow with an upsurge in the launch of technologically advanced products.

North America market for COVID-19 detection kits held around 17% of the overall industry size in 2021 and is expected to record lucrative growth driven by the presence of sophisticated healthcare facilities in Canada and the U.S.

Leading companies across the COVID-19 detection kits industry include Quidel Corporation, BioFire Diagnostics, Mylab Discovery Solutions, Abbott Laboratories, Thermo Fisher Scientific, GenMark Diagnostics, BGI, and others.