The COVID-19 Detection Kits Market is expected to register a CAGR of 8% during the forecast period. This is attributing increasing incidences of COVID-19 and rising geriatric population globally. According to the World Health Organization, COVID- 19 outbreak declared as a pandemic due to the worldwide spread and severity of diseases. It has been declared as a global health crisis with spreading across 184 countries by Mar 2020. The robust spread of disease around the world result in promoting the high demand of diagnostic tests for the disease. Moreover, geriatric population is more prone to acquire this disease due to low immunity levels thus these populations are considered at greater risk of catching coronavirus disease. For instance, as per the World Health Organization (WHO), Around 95% of deaths caused by COVID - 19 were of the people aged 60 years or older. Furthermore, the increasing government & several major player initiatives around the world to deliver much-needed test assays for the detection and diagnosis of COVID-19 will result in propelling the overall market.
Key Market Trends
RT-PCR assay kits in COVID-19 Detection is Estimated to Witness a Healthy Growth in Future.
Reverse transcription-polymerase chain reaction (RT-PCR) assay kits are estimated to witness healthy growth in the future due to its high sensitivity and specificity. This test relies on real-time reverse transcriptase-polymerase chain reaction (rRT-PCR) technology wherein the test sample are collected through nasopharyngeal or oropharyngeal swabs. This test then involves the extraction of viral RNA from the sample and further synthesis of complementary DNA taking place by amplification of the viral genome. This test is a qualitative detection of nucleic acid from SARS-COV-2 in the upper and lower respiratory specimens and time took around 24-72 hours from sample collection to generate the results. Moreover, this test is a specific, simple qualitative assay with adequate sensitivity to help for diagnosing in early infection which makes the RT-PCR backbone method for the detection of coronavirus diseases.
The Immunoassay test strips are also expected to show a lucrative opportunity due to the growing demand for rapid tests. Benefits associated with this test such as easy access and easy to conduct will result in adoption by health care professionals and thus propel the segment growth.
In addition, as per European Centre for Disease Prevention and Control, number of reported cases for COVID-19 as of 20 April 2020 were 2,431,890 with 169,859 deaths included. With such a huge number of populations affected by the diseases will surge the demand for COVID-19 detection kits.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a significant market share in the global COVID-19 detection kits Market due to the rising geriatric population, a large number of COVID-19 infected patients, rising healthcare expenditure and the presence of major COVID-19 detection kits manufacture. For instance, as per Johns Hopkins University of Medicine, approximately United States has 759,086 reported cases by 19 April 2020 and in addition, a company Hologic received the U.S FDA’s Emergency Use Authorization (EUA) for SARS-COV-2 molecular tests. This will result in creating a demand for detection kits and further drive the COVID-19 detect kit market in this region.
The COVID-19 Detection Kits Market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are BGI, Cepheid, Abbott, F. Hoffmann-La Roche Ltd, BioFire Diagnostics, Co-Diagnostics, Inc, GenMark Diagnostics, Inc., Qiagen, and Randox Laboratories Ltd
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1.2 Scope of the Study
4.2 Market Drivers
4.2.1 Increasing incidences of COVID-19
4.2.2 Rising Geriatric Population
4.3 Market Restraints
4.3.1 Lower accuracy of immunoassay- based tests
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1.1 RT-PCR assay kits
5.1.2 Immunoassay Test Strips/Cassettes
5.2 By Specimen
5.2.1 Nasopharyngeal Swab
5.2.2 Nasal Swab
5.2.3 Oropharyngeal Swab
5.3 By End User
5.3.2 Diagnostic Centers
5.4.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.4.4 Rest of World
6.1.4 F. Hoffmann-La Roche Ltd
6.1.5 RayBiotech, Inc
6.1.6 BioFire Diagnostics
6.1.7 Co-Diagnostics, Inc
6.1.8 GenMark Diagnostics, Inc.
6.1.10 Randox Laboratories Ltd
A selection of companies mentioned in this report includes:
- F. Hoffmann-La Roche Ltd
- RayBiotech, Inc
- BioFire Diagnostics
- Co-Diagnostics, Inc
- GenMark Diagnostics, Inc.
- Randox Laboratories Ltd