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.
COVID-19 detection kits are used for the qualitative detection of SARS-CoV-2 antigens or transcripts in human specimens like nasal swab, oropharyngeal swab, nasopharyngeal swab, sputum, lower respiratory specimen, bronchioalveolar lavage, tracheal aspirate and bronchoalveolar lavage) specimens. These kits help in rapid diagnosis of COVID-19 infection which is crucial in pandemic situations to curb the spread of the disease.
Market key trends:
The COVID-19 detection kits market is expected to witness significant growth during the forecast period, owing to rising demand for rapid and accurate testing. Rising cases of COVID-19 globally has increased the demand for testing kits. Development of innovative RT-PCR and rapid antigen testing methods with high sensitivity and specificity have aided early detection and increased testing capacity. Furthermore, home testing kits are gaining popularity as they enable self-testing and decentralized testing to cope with periodic surge in cases. Large-scale production and deployment of testing infrastructure along with increasing government funding is also expected to support the market growth during the forecast period.
Threat of new entrants: Low, as large capital investment is required to enter the market and established players have considerable brand loyalty.
Bargaining power of buyers: Moderate, as buyers have several options available from different manufacturers.
Bargaining power of suppliers: Low, as raw materials used in test kits manufacturing are available from numerous suppliers.
Threat of new substitutes: Low, as there are limited substitutes available for COVID-19 detection.
Competitive rivalry: High, as key players competing on the basis of test accuracy, affordability, and availability.
Strength: Established distribution channel and brand loyalty gives advantage to large players. Rapid tech advancement leading to development of reliable and affordable kits.
Weakness: Require skilled professionals for test administration and result interpretation. Complex regulatory landscape and requirements.
Opportunity: Growing demand for frequent mass testing due to ongoing pandemic and new variants. Penetration in developing markets offers scope.
Threats: Supply chain disruptions affecting production. Lower profit margins pressure companies to cut prices.
The global COVID-19 Detection Kits Market is expected to witness high growth at a CAGR of 2.4% over the forecast period due to growing need for frequent mass testing amid ongoing pandemic. The market size is estimated to reach US$ 4.4 Bn by 2023.
North America dominates the market currently due to rapid spread of infection and advanced healthcare facilities for mass testing. Asia Pacific is expected to witness fastest growth over coming years led by India, China and Japan on back of rising cases, governments’ focus on improving diagnostic infrastructure and presence of prominent players.
Key players operating in the COVID-19 Detection Kits market share 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.