COVID-19 Detection Kits Market statistics, industry trends and growth dynamics to 2027
The COVID-19 detection kits market size will expand lucratively during the forecast timeline due to increasing technological advancements in virus detection.
Delaware , United States – August 5, 2021 /MarketersMedia/ —
As evident from the outbreak statistics worldwide, COVID-19 detection kits market has seen considerable momentum over the past year. The early detection of the virus has become paramount to avoid community spread and escalate prevalent medical conditions, especially among geriatric people. Although the demand for the detection kits may slow down in the coming years as the coronavirus pandemic subsides, the threat of the virus and need to tackle any new variant will sustain the market share to some extent.
People suffering from diseases like CVDs, hypertension and diabetes are said to be more susceptible to the effects of SARS-CoV-2. Elderly population witness the prevalence of these disorders and is fueling the adoption of COVID-19 detection kits for early diagnosis. Since the virus attacks the respiratory system within a short period of time, the need for quick and accurate detection is prominent and has driven the developments in the field.
Global COVID-19 detection kits market size is projected to cross $8 billion in valuation by 2027. Discussed below are some trends that could bolster the industry outlook over the coming years worldwide.
Major adoption of RT-PCR testing kits
RT-PCR assay tests are considered to be highly accurate and reliable, and their demand has only surged since the initial period of the coronavirus outbreak. Diagnostic centers and other smaller medical service providers created a significant demand for the products, as they received a large number of people aiming to get tested as soon as possible. Reportedly, RT-PCR assay kits held over 71% of global COVID-19 detection kits market share during 2020.
The segment also witnessed considerable innovations over the past year due to the gradual emergence of new variants. For example, Eurofins Technologies introduced the GSD NovaType III SARS-CoV-2 RT-PCR assay in June 2021, for the rapid detection of SARS-CoV-2 Variants of Concern, like those emerging across South Africa, India, Brazil and California, U.S.
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Diagnostic centers remain key consumption areas
Diagnostic centers are well equipped to test and identify symptoms among patients, with well-trained staff and dedicated laboratory equipment. Since these facilities only deal with diagnosis and not treatment of people, they become specialized in providing faster and more accurate results to a larger volume of patients across all age groups. COVID-19 detection kits market share from diagnostic centers had reached $6.6 billion in 2020, holding significant potential for the consumption of critical assay and immunoassay kits.
Asia Pacific as a prominent COVID-19 patient base
The novel coronavirus SARS-CoV-2 outbreak significantly hampered economies across the Asia Pacific, affecting manufacturing, hospitality and other key sectors. The detection of the virus became a priority among governments to ensure a faster recovery of the economy. As of 2021, China, India, Indonesia, Japan and South Korea were among the top affected countries during the pandemic. Not surprisingly, APAC region held nearly 34% of global industry share in 2020.
The major names in the COVID-19 detection kits market, who are producing detection kits for tackling the global crisis, include Thermo Fisher Scientific, Mylab Discovery Solutions, Abbott Laboratories, GenMark Diagnostics, Randox Laboratories and Shenzhen Bioeasy Biotechnology, among many others. These companies are providing massive amounts of nasal swabs, nasopharyngeal swabs and oropharyngeal to support rapid detection of the COVID-19 virus. Faster antigen tests have been developed by the companies to facilitate improved response to the pandemic.
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