Market Size of Global COVID-19 Detection Kits Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
CAGR | 8.00 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
COVID Testing Kit Market Analysis
The COVID-19 Detection Kits Market is expected to register a CAGR of 8% over the forecast period.
The novel coronavirus (COVID-19) was first reported in Wuhan, China, and due to its rapid spread, at the beginning of 2020, WHO declared the COVID-19 outbreak a global pandemic. As the number of COVID-19 infections started to grow outside China, this led to the development and launch of COVID-19 detection kits to curb the spread of the infection. According to the WHO COVID-19 Dashboard, as of January 3rd, 2023, the number of confirmed cases of COVID-19 was approximately 655.7 million, which almost tripled from the beginning of the pandemic. This data shows the high-infectivity rate of the SARS-CoV-2 virus that causes COVID-19 created a demand for COVID-19 detection kits, and it saw a tremendous increase since the pandemic started. Hence, the COVID-19 pandemic had a favorable impact on the market initially; currently, as the pandemic has subsided, the market has lost some traction. However, it is expected to have stable growth during the forecast period of the study.
Factors such as a high incidence of covid-19 and emerging new strains, and increasing product approvals and government initiatives are major contributors to the overall market growth.
According to the Indian Council of Medical Research (ICMR), as of August 29th, 2022, about 885.2 million COVID-19 samples were tested in India. Similarly, as of August 24th, 2022, the total number of COVID-19 tests performed in the United Kingdom stood at about 485.4 million. Hence, the high incidence of COVID-19 is expected to drive the demand for COVID-19 detection kits which is expected to boost market growth over the forecast period of the study.
In addition, the emerging new strains of COVID-19 are expected to play a crucial role in the market growth because these new strains are found to be more infectious and fatal than the earlier ones, for example, the Delta strain which was responsible for the second wave of COVID-19 in many countries. These emerging new strains are expected to propel more investment in developing diagnostics kits and their procurement which is expected to boost the market growth. For instance, according to the April 2022 report of John Hopkins Medicine on the COVID-19 variants, the variants such as alpha, beta, gamma, delta, and omicron are classified as variants of concern, and in November 2021, the omicron variant emerged as one of the most infectious strains. Hence, the emerging COVID-19 strains are expected to drive the demand for COVID-19 detection kits which is expected to fuel market growth over the forecast period.
Moreover, the government initiatives regarding regular testing of COVID-19 and new product approvals are further expected to have a positive impact on the COVID-19 detection kits market. For instance, in July 2021, Abbott launched a COVID-19 home test kit in India called Panbio COVID-19 rapid antigen test for the detection of the SARS-CoV-2 virus in adults and children with or without symptoms for INR 325 for a single test kit pack. Therefore, due to the above-mentioned factors, the COVID-19 detection kits market is expected to grow over the forecast period.
However, the lower accuracy of immunoassay tests is expected to restrain the growth of the COVID-19 detection kits market during the forecast period.
COVID Testing Kit Industry Segmentation
As per the scope, the COVID-19 detection kits are used to detect severe acute respiratory syndrome coronavirus-2 (SARS-COV-2) infection. The COVID-19 Detection Kits Market is Segmented by Product (RT-PCR Assay Kits and Immunoassay Test Strips/Cassettes), Specimen (Nasopharyngeal Swab, Nasal Swab, Oropharyngeal Swab, and Others), End User (Hospitals, Diagnostic Centers, and Others) and Geography (North America, Europe, Asia-Pacific, and Rest of World). The report offers the value (in USD million) for the above segments.
By Product | |
RT-PCR Assay Kits | |
Immunoassay Test Strips/Cassettes |
By Specimen | |
Nasopharyngeal Swab | |
Nasal Swab | |
Oropharyngeal Swab | |
Others |
By End User | |
Hospitals | |
Diagnostic Centers | |
Others |
Geography | ||||||||
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Rest of World |
Global COVID-19 Detection Kits Market Size Summary
The COVID-19 Detection Kits Market is poised for stable growth over the forecast period, driven by factors such as the high incidence of COVID-19, the emergence of new strains, and increasing product approvals and government initiatives. Initially, the pandemic created a surge in demand for detection kits, but as the situation has stabilized, the market has experienced a slight decline in momentum. However, the ongoing presence of new variants, which are often more infectious, continues to stimulate investment in diagnostic kit development and procurement. This dynamic is further supported by government efforts to promote regular testing and the introduction of new products, such as home test kits, which are expected to positively influence market growth.
The market is characterized by a significant share held by reverse transcription-polymerase chain reaction (RT-PCR) assay kits, recognized as the gold standard for COVID-19 testing due to their high sensitivity and specificity. The demand for these kits is bolstered by their widespread use and the introduction of new variants, which necessitate accurate detection methods. North America, particularly the United States, is anticipated to maintain a substantial market share, driven by the high burden of COVID-19 infections and the availability of advanced testing solutions. The competitive landscape features major players like Abbott, F. Hoffman-La Roche, and Becton, Dickinson and Company, with ongoing innovations and new entrants expected to further disrupt the market.
Global COVID-19 Detection Kits Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 High Incidence of COVID-19 and Emerging New Strains
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1.2.2 Increasing Product Approvals and Government Initiatives
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1.3 Market Restraints
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1.3.1 Lower Accuracy of immunoassay-based Tests
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1.4 Porter Five Forces
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Product
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2.1.1 RT-PCR Assay Kits
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2.1.2 Immunoassay Test Strips/Cassettes
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2.2 By Specimen
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2.2.1 Nasopharyngeal Swab
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2.2.2 Nasal Swab
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2.2.3 Oropharyngeal Swab
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2.2.4 Others
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2.3 By End User
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2.3.1 Hospitals
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2.3.2 Diagnostic Centers
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2.3.3 Others
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Rest of World
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Global COVID-19 Detection Kits Market Size FAQs
What is the current Global COVID-19 Detection Kits Market size?
The Global COVID-19 Detection Kits Market is projected to register a CAGR of 8% during the forecast period (2024-2029)
Who are the key players in Global COVID-19 Detection Kits Market?
Abbott, F.Hoffmann-La Roche, Becton, Dickinson and Company, bioMerieux and BGI are the major companies operating in the Global COVID-19 Detection Kits Market.