COVID-19 Detection Kits Market size to exceed $6.1bn by 2028

COVID-19 Detection Kits Market size is set to surpass USD 6.1 billion by 2028, according to a new research report by Global Market Insights Inc.
 

Technological advancements in COVID-19 detection kits industry in developed region will positively impact the market growth. Furthermore, several COVID-19 detection kit manufacturers have increased the production of immunoassay test strips/cassettes to adequately meet industry demand.
 

High risk of infection in geriatric population will fuel the market progression

Increasing geriatric population base is one of the major factors propelling the market expansion. According to various studies and research geriatric populations, as well as those with underlying comorbidities, are at high risk of infection. This is because of weakened immune systems that rises the probability of infections in aged people. Additionally, most of the elder population is immuno-compromised as it suffers from chronic illnesses like diabetes, cancer, cardiovascular diseases, etc. Thus, rising geriatric population increases the COVID-19 detection kits market statistics.
 

Convenience in use of immunoassay test strips will augment the business demand

Immunoassay test strips/ cassettes segment accounted for around 24% revenue share in 2021 and is set to register a significant CAGR through 2028. This segment is further divided into antigen test and antibody test. This is due to the rising preference towards strips/ cassettes over RT-PCR assay as they are easy to use and are rapid as well as cost-effective. These tests are used for point of care diagnosis as they show results in a couple of minutes or a few hours. Moreover, increasing new product launch and growing technological advancements in immunoassay test strips/ cassettes for virus detection will spur the market trends.
 

Browse key industry insights spread across 190 pages with 293 market data tables & 13 figures & charts from the report, “COVID-19 Detection Kits Market Analysis By Product (RT-PCR Assay Kits, Immunoassay Test Strips/Cassettes {Antigen, Antibody}), Specimen Type (Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab), End-use (Hospitals, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/covid-19-detection-kits-market
 

Ease in the performance of oropharyngeal swabs will boost the industry landscape

COVID-19 detection kits market based on specimen type is classified into nasopharyngeal swab, nasal swab, oropharyngeal swab, and others. The oropharyngeal swab segment surpassed USD 8.7 billion in 2021. The swab is collected from the rear wall of the oropharynx, that is back of the throat and is inserted orally and rotated a few times for sample collection by doctors or trained professionals. This is due to the widespread availability of test swab and ease in the collection of oropharyngeal swab samples. These swabs are more comfortable and a safer method for patients who have certain critical conditions like nose bleeds or polyps. Such factors surge the demand for COVID-19 detection kits.
 

Rising patients’ preference towards hospitals for proper diagnosis and treatment will upsurge the market demand

COVID-19 detection kits market based on end-use is classified into hospitals, diagnostic centers, and others. The hospitals segment accounted for 45% revenue share in 2021 and projected to record a lucrative CAGR in the coming years. This is driven by the increasing healthcare expenditure to provide a proper diagnosis, treatment in hospitals that increases the demand for COVID-19 detection kits.
 

Furthermore, hospitals are well equipped with advanced medical equipment to treat patients in critical conditions and the presence of skilled professionals will further propel the industry expansion. According to the data published by the World Health Organization, in North America approximately 2,575,504 deaths were observed due to COVID-19 infection as of February 2022. Such increasing number of deaths necessitates for proper patient care in hospitals. These factors will accelerate the industry trend.
 

Rising healthcare expenditure in Europe will enhance the industry outlook

Europe COVID-19 detection kits market size accounted for 46% business share in 2021 and is set to register a significant CAGR up to 2028. This is attributed to the rising prevalence of coronavirus infections in Europe. This leads to increasing healthcare expenditure to cater the demand of COVID-19 detection kits. Moreover, increasing government and major player funding in research and development activities will lead to regional market expansion over the coming years.
 

Major leaders are focusing on strategies & launching innovative products to capture a higher market share

Some of the major industry players operating in the COVID-19 detection kits industry are, BGI, Abbott Laboratories, Qiagen, Quidel Corporation, GenMark Diagnostics, Seegene, Shenzhen Bioeasy Biotechnology, BioFire Diagnostics, Guangzhou Wondfo Biotech, F. Hoffmann-La Roche, Mylab Discovery Solutions, Randox Laboratories, Cepheid, Co-Diagnostics, SD Biosensor, and Thermo Fisher Scientific among others.
 

For instance, in January 2022, Mylab Discovery Solutions launched CoviSwift, a high-throughput COVID-19 point of care testing solution. It is approximately 4 times faster and comprises of CoviSwift assay and Compact-Q machines which process 16 samples within 40 minutes. This product launch helped the company to strengthen its market position.