According to the latest study titled ‘COVID-19 Detection Kits Market Size By Product, By Specimen Type, By End-use (Hospitals, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report, global COVID-19 detection kits market is anticipated to amass massive revenues by the year 2026.
 

Drastic rise in coronavirus cases is boosting the demand for rapid testing, in turn propelling the growth of COVID-19 detection kits market. As per credible sources, the incubation period of the infection is 15 days, which makes it difficult to identify the symptoms and take precautions, leading to uncontrolled spread.
 

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Rapid test kits for COVID-19 assist in diagnosis of SARS-CoV-2 infection using serological epidemiological investigations. Notably, there are two types of tests, first involves detection of virus in RNA with swabs taken from mouth or nose using RT-PCR technique. While the second one measures the response of antibody against virus in blood serum.
 

High vulnerability to COVID-19 infection among geriatric population, surging initiatives by government as well as private organizations, and numerous technological advancements for virus detection are impelling the growth of COVID-19 detection kits market. However, lower precision of immunoassay-based test may act as a restraint for overall market.
 

Speaking of product terrain, immunoassay test strips/cassettes segment is projected to grow with a CAGR of 14% through 2026, owing to rising cases of coronavirus and increasing preference for adopting rapid testing solutions.
 

As per specimen type, oropharyngeal swab segment held 28% share of COVID-19 detection kits market in 2020 and is poised to grow further, on account of widespread availability of these swabs. Oropharyngeal swabs are applied for throat specimen which is collected from posterior tonsillar and pharynx area.
 

Considering end-use spectrum, global COVID-19 detection kits market share from hospitals is anticipated to grow at 15% CAGR during 2020-2026. The growth is attributed to the presence of advanced diagnostics solutions in hospitals.
 

Regionally, COVID-19 detection kits market in Latin America was remunerated at USD 71 million in 2020, pertaining to rapidly rising cases of coronavirus in Mexico and Brazil.
 

Key contenders in COVID-19 detection kits market are Thermo Fisher Scientific, Shenzhen Bioeasy Biotechnology Co. Ltd., Seegene Inc., SD Biosensor Inc., Randox Laboratories Ltd., Quidel Corp., Qiagen, Mylab Discovery Solutions Pvt. Ltd., Guangzhou Wondfo Biotech Co. Ltd., GenMark Diagnostics, F. Hoffmann-La Roche AG, Co-Diagnostics Inc., Cepheid Inc., BioFire Diagnostics, BGI Group, and Abbott Laboratories.