Covid-19 Detection Kits Market Forecast 2026 | BGI, Abbott Laboratories, F. Hoffmann-La Roche, Guangzhou Wondfo Biotech, Qiagen, Seegene

The global COVID-19 detection kits market is projected to foresee tremendous revenues over the coming years due to the rapidly increasing demand for highly accurate and efficient RT-PCR based COVID-19 detection kits. Additionally, the high risk of COVID-19 infection in geriatric population would drive the demand for COVID-19 detection kits further. According to a WHO situation report, the coronavirus infects individuals of all ages. However, up to date evidence suggests that two demographics are at a much higher risk of contracting a severe form COVID-19. These demographics include older people; and people with underlying medical conditions.

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As per the most recent count, over 32.7 million coronavirus cases and over 991,000 fatalities have been reported. In the week of 21st to 27th September 2020, over 2 million new cases and more than 36,000 new deaths were reported. Considering the significant weekly case counts, the demand for effective testing kits is likely to stay strong over the coming years.

A new Global Market Insights Inc., research report estimates that the COVID-19 detection kits market would likely surpass a valuation of $13 billion by 2026.

On the basis of product, the market is bifurcated into immunoassay cassettes/test strips and RT-PCR assay kits. Among these, the test strips or immunoassay cassettes segment is appraised to hold more than 29% industry share in 2020. The consistently growing demand for immunoassay based COVID-19 detection kits owing to their low manufacturing costs is fueling the segment growth. Additionally, these tests are also easier to conduct, which makes them a preferred choice over other available alternatives. Furthermore, these tests are also capable of detecting past infections. The test strips essentially detect infections by examining the immune response of a patient at the time of as well as post-COVID-19 infection, which is majorly augmenting its demand in the market.

With respect to end-use, the overall market landscape is categorized into hospitals and diagnostic clinics. Among these, hospitals segment is slated to register the most noteworthy growth as hospitals effectively manage healthcare spending, offer better access to quality care, and also improve recovery rate in patients, which is majorly augmenting the segment share. In addition, increasing competition among hospitals to offer better quality services at low prices is another factor augmenting the business-scape. The hospital segment is projected to hold more than 46% of the overall industry share in 2020.

Geographically, the APAC COVID-19 detection kits industry is projected to expand at a CAGR of approximately -2.2% through the forecast timespan. This projected growth is ascribed to the number of favorable government-sponsored initiatives for early diagnosis and treatment of COVID-19 across highly affected nations like India, China, and others. Citing an instance, NIV (National Institute of Virology) has recently developed new immunological assay ELISA test kit for COVID-19 antibody detection. In addition, the strong presence of key companies in the region that are focusing on the development of new products would further impel the market expansion. Recently, Mylab became the first Indian firm to get approval from NIV for their coronavirus RT-PCR test kit.

Meanwhile, the launch of new solutions for coronavirus diagnostics should also augment the overall market share through the analysis period. Taking July 2020 for instance, BATM, a renowned real-time technology provider for medical laboratory systems and network solutions, reportedly launched three new diagnostic kits to substantially advance the detection of the novel coronavirus as well as other respiratory illnesses. The three tests include a COVID-19 antigen test, a COVID-19 serologic test, and a molecular diagnostics test.

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The competitive landscape of the COVID-19 detection kits market is inclusive of players such as SD Biosensor, Randox Laboratories, Bio-Rad Laboratories, Quidel Corporation, Mylab Discovery Solutions, Cepheid, BioFire Diagnostics, Thermo Fisher Scientific, BGI, F. Hoffmann-La Roche, Seegene, Co-Diagnostics, GenMark Diagnostics, Qiagen, and Abbott Laboratories among others.

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This release was published on openPR.