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COVID-19 Detection Test Kits and Consumables Market Size, Emerging Trends, Growth Rate, Business Opportunities And Forecast To 2033
COVID-19 Detection Test Kits and Consumables Market Size
According to The Business Research Company's, The covid-19 detection test kits and consumables market size has grown strongly in recent years. It will grow from $7.25 billion in 2023 to $7.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to high prevalence of covid-19, rising demand for early detection and diagnosis, increasing government support, growing awareness of the importance of testing, expanding reimbursement coverage.
The covid-19 detection test kits and consumables market size is expected to see strongly grown in the next few years. It will grow to $10.84 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to growing demand for point-of-care testing, ongoing need for testing, emerging variants, vaccination campaigns, international travel and border controls. Major trends in the forecast period include multiplex testing, home testing kits, digital health integration, antibody tests for immunity.
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Market Drivers and Trends:
The escalating demand for cost-effective and quick COVID-19 detection kits coupled with the easing of regulatory processes for COVID-19 detection kits contributed to the growth of the COVID-19 detection kits and consumables market. With the increasing incidence of COVID-19 (SARS-CoV-2) worldwide, the outbreak was declared a Public Health Emergency of International Concern (PHEIC) by WHO. The WHO called for research on point-of-care diagnostics such as Rapid Diagnostic Tests (RTDs), which are small, simple stand-alone tests for use at the community level, and that can be carried out at the site of triage and outside the hospital, by minimally trained staff, round the clock, and on single samples, providing test results within 15 minutes. In support of the research, regulatory bodies such as the US FDA have eased the COVID-19 detection kits regulatory approval process allowing manufacturers to introduce COVID-19 detection kits in the market on a fast-track basis. Therefore, with the growing number of cases globally and the immense need for rapid diagnosis, the demand for cost-effective and quick COVID-19 detection kits is growing. This factor coupled with the ease of the regulatory process for COVID-19 detection kits is driving the COVID-19 detection test kits and consumables market.
CRISPR, a new diagnostic test for COVID-19 is based on CRISPR technology and can run on nasal swabs. CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats) based technologies are genomic editing technologies used for the exact detection of COVID-19 cases in an hour. The US FDA has granted Sherlock Biosciences an emergency use authorization (EUA) for the CRISPR test. The Sherlock Biosciences' CRISPR, therefore becomes the first FDA-authorized CRISPR technology on the market. Mammoth Biosciences is another company that is extensively working on this technology.
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Major Key Players of the Market:
Cepheid; BGI Genomics; Abbott Laboratories; bioMérieux SA; Bio-Rad Laboratories; F. Hoffmann-La Roche; GenMark Diagnostics; Mylab Discovery Solutions; Qiagen; Quidel Corporation; Randox Laboratories; SD Biosensor; Seegene Inc.; Shenzhen Bioeasy Biotechnology; Thermo Fisher Scientific inc.; BioMednomics; Getein Biotech; Sensing Self Ltd.; Hangzhou Biotest Biotech Co. Ltd; AmonMed Biotechnology Co.; Beijing Tigsun Diagnostics Co Ltd.; BioMaxima S.A.; CTK Biotech; Hunan Lituo Biotechnology Co.; Vivacheck Lab; MD Solutions; FastSense Diagnostics; Altona Diagnostics; Siemens AG; Agilent Technologies Inc.; Seasun Biomaterials; BTNX Inc.; Rapiim; Canon Medical Systems Corporation; Cellspect Co. Ltd.; iHealth Labs Inc.; InBios International Inc.; iXensor Co. Ltd.; Jiangsu Medomics medical technology Co Ltd.; Maxim Biomedical Inc.; Mologic Inc.; OraSure Technologies Inc.; OSANG LLC; PHASE Scientific International Ltd.; Watmind USA; Xiamen Boson Biotech Co. Ltd.
COVID-19 Detection Test Kits and Consumables Market 2024 Key Insights:
• The covid-19 detection test kits and consumables market size will grow to $10.84 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
• Elevated Demand And Regulatory Facilitation Propel Growth In The Covid-19 Detection Kits And Consumables Market
• Sherlock Biosciences Pioneers Rapid Covid-19 Detection With FDA-Authorized Crispr Technology
• North America was the largest region in the COVID-19 detection test kits and consumables market in 2023
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