The global COVID-19 Detection Kits Market is estimated to be valued at US$ 4.4 Bn in 2023 and is expected to exhibit a CAGR of 2.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
COVID-19 detection kits are medical devices used to detect the presence of SARS-CoV-2, the virus that causes COVID-19 disease, from respiratory specimens via direct viral RNA detection or antigen detection. They allow mass testing and rapid detection of the virus for quick clinical decisions.
Market key trends:
One of the key trends in the COVID-19 detection kits market is the development of rapid antigen detection kits. Antigen tests are fast and widely available for screening purposes. For example, Qiagen’s new SARS-CoV-2 Antigen rapid test can detect the virus with high accuracy in 15 minutes from nasal swabs. This has significantly increased the volume of screening and helped manage the spread of the virus. Growing accessibility of innovative rapid antigen tests with higher sensitivity is expected to drive the market during the forecast period.
Market key trends:
The COVID-19 detection kits market has witnessed significant growth in the recent past due to rising cases of COVID-19 infections globally. With the outbreak of successive variants such as Delta and Omicron, the demand for rapid and accurate diagnostic kits has increased substantially. Various technological advancements in Covid testing kits such as higher sensitivity and specificity, decentralization of testing with fast point-of-care kits, and integration with digital tools for quick reporting of results are expected to continue driving the market during the forecast period.
SWOT Analysis
Strengths: Early and accurate detection of the virus, Aid in quick isolation and treatment, Rapid results enabling fast decision making.
Weaknesses: Low accuracy of some rapid antigen kits, Skewed results if not used or stored properly, Requires skilled personnel for accurate testing.
Opportunities: Untapped emerging markets, Scope for development of affordable and highly accurate home use testing kits.
Threats: Threat from other emerging pathogens, Declining cases may reduce demand, Supply chain and production challenges.
Key Takeaways
The global COVID-19 detection kits market was valued at US$ 4.4 Bn in 2023 and is expected to witness high growth, exhibiting a CAGR of 2.4% over the forecast period, due to increasing demand for rapid testing amid rising cases of new variants.
The North America region currently dominates the COVID-19 detection kits market Growth owing to the high adoption of rapid testing and presence of top market players. Asia Pacific region is expected to witness the highest growth over the coming years led by countries like India, Japan and China on account of rising production of testing kits, large population & higher susceptible to the virus.
Key players operating in the COVID-19 detection kits market are Co-Diagnostics, Inc., F. Hoffmann-La Roche AG, Siemens Healthineers AG, Thermo Fisher Scientific, Abbott Laboratories, BGI, Cepheid Inc., BioFire Diagnostics, GenMark Diagnostics, Qiagen, Quidel Corporation, Randox Laboratories Ltd., SD Biosensor, INC., Shenzhen Bioeasy Biotechnology Co., Ltd., Seegene Inc., JOYSBIO Biotechnology, Cipla Limited, Bione, Virax Biolabs Group Limited, SD BioSensor, Inc., NanoSpot.ai, J. Mitra & Co. Pvt. Ltd., Genes2Me, Ubio Biotechnology Systems Pvt Ltd, Bharat Biotech, Gennova Biopharmaceuticals, QRX Pharma, Angstrom Biotech Pvt. Ltd., and Detect, Inc.