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The 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 diagnostic tools used to detect the presence of SARS-CoV-2, the virus that causes COVID-19 infection in humans. Key types of products in the market include RT-PCR test kits, rapid antigen test kits, and others. RT-PCR test kits provide reliable detection of COVID-19 and are considered as the gold standard. Rapid antigen test kits provide quick point-of-care diagnosis within 30 minutes.
Market Dynamics:
The market is witnessing growth due to rising need for frequent COVID-19 screening owing to reopening of schools and workplaces. According to World Health Organization (WHO), SARS-CoV-2 virus continues to evolve and new variants and sub-variants are regularly emerging globally. This underscores the importance of ongoing monitoring and detection of new variants through robust genetic sequencing and testing programs. This monitoring requires continuous testing that drives demand for COVID-19 detection kits. However, factors such as declining COVID-19 cases globally owing to rising vaccination rates and herd immunity act as a challenge for market growth.
Segment Analysis
The COVID-19 detection kits market is segmented into molecular tests and antigen tests. The molecular tests segment dominated the market in 2023 and is projected to maintain its dominance over the forecast period. Molecular tests are considered as the gold standard for COVID-19 testing due to their high sensitivity and accuracy. Within molecular tests, RT-PCR kits are the most commonly used for detecting COVID-19 and account for the largest share of the segment.
PEST Analysis
Political: Governments globally have increased approvals and funding for COVID-19 testing kits. For example, the CDC approves new kits within a few weeks in the US.
Economic: The outbreak has boosted the demand and revenue for testing kits companies. However, rising inflation poses risks to spending on testing.
Social: Increased awareness among people regarding importance of testing has boosted the market. However, social stigma associated still remains a challenge.
Technological: Companies are bringing innovative kits like CRISPR and LAMP based kits with superior accuracy, lower cost and ease of use. Portable instruments are boosting accessibility to testing.
Key Takeaways
The global COVID-19 detection kits market is expected to witness high growth, exhibiting CAGR of 2.4% over the forecast period, due to increasing testing requirements for screening, travel and surveillance purposes around the world.
The North American region dominated the market in 2023 due to widespread availability of testing, approval of innovative kits and presence of large diagnostics companies. However, Asia Pacific is anticipated to witness the highest growth over the forecast period supported by initiatives by Indian and Chinese governments to boost local production.
Key players operating in the COVID-19 detection kits market Size 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.
