June 12, 2020
As per the report titled ‘COVID-19 Detection Kits Market Size By Product, By Specimen Type, By End-use, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global COVID-19 detection kits market is projected to see remunerative growth through 2026.
Global COVID-19 detection kits market is primarily driven by mounting cases of coronavirus disease across the globe, which is bolstering the demand for rapid testing to curb the infection spread.
As per the medical studies, incubation period for COVID-19 is 14 days, making it hard to minimize the spread of coronavirus among people before the symptoms start to emerge. Health authorities advise to perform molecular based tests on individuals with COVID-19 symptoms or on the ones who have arrived from a severely infected country.
Rapid test kits for COVID-19 are lateral flow tests for detecting IgG and IgM antibodies to SARS-CoV-2 in plasma, whole blood, or serum samples. These kits are designed to aid in the identification of SARS-CoV-2 infections and for investigating serological epidemiologic.
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There are two ways for confirming the SARS-CoV-2 infection. The first method involves the use of RT-PCR products which detects RNA of the virus by looking for small virus particle in the swabs taken from the insides of mouth or nose of a suspected individual. The second method uses immunoassay test strips or cassettes to measure the response of antibody to virus in blood serum.
Based on the product type, the market is bifurcated into RT-PCR assay kits and immunoassay test strips/cassettes, wherein the latter segment is slated to register a CAGR of 14% through 2026, fueled by the demand for rapid testing of COVID-19 cases.
Elaborating on the specimen type, oropharyngeal swab segment held 28% market share in 2020, attributable to the wide availability of test swabs. These swabs are used for collecting throat specimen by swabbing out the tonsillar area and posterior pharynx of a patient.
Speaking of the end-use spectrum, COVID-19 detection kits market is categorized into diagnostic centers, hospitals, and others. Hospitals segment is predicted to expand with a CAGR of 15% over the forecast period, owing to the availability of advanced diagnostics facilities and skilled professionals in these settings.
Considering the regional outlook, Latin America COVID-19 detection kits market accrued USD 71 million in 2020, due to escalating COVID-19 cases in Brazil and Mexico.
Key players in global COVID-19 detection kits market are BGI, Guangzhou Wondfo Biotech Co., Ltd., Abbott Laboratories, BioFire Diagnostics, Co-Diagnostics, Inc., Cepheid, F. Hoffman-La Roche AG, GenMark Diagnostics, Mylab Discovery Solutions Pvt. Ltd., Quidel Corp., Qiagen, Randox Laboratories Ltd., Seegene Inc., SD Biosensor, Inc., Thermo Fisher Scientific, and Shenzhen Bioeasy Biotechnology Co., Ltd.