COVID-19 DETECTION KITS MARKET ANALYSIS

The global COVID-19 detection kits market is estimated to be valued at US$ 4.4 Billion in 2023 and is expected to exhibit a CAGR of 2.4% during the forecast period (2023-2030).

Analysts’ Views on Global COVID-19 Detection Kits Market:

The COVID-19 Rapid Antigen Self Test is an in vitro diagnostic test intended for qualitative detection of SARS-CoV-2 antigen from human nasal samples. It provides results within 15 minutes, making it a convenient and efficient tool for rapid screening and early detection of COVID-19. The test is designed to be user-friendly, allowing individuals to perform the test themselves in the comfort of their own homes. The COVID-19 Rapid Antigen Self  Test kit includes all necessary components and clear instructions for accurate and reliable results. This self-testing option not only reduces the burden on healthcare systems but also promotes early identification of infected individuals, helping to prevent further spread of the virus in communities.

Figure 1. Global COVID-19 Detection Kits Market Share (%), By Product Type, 2023

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Global COVID-19 Detection Kits Market– Drivers

• New technology introduction by the key players for the detection of new variant virus: The introduction of new technology for the detection of a new variant of the Corona virus brings hope for more accurate and efficient identification and containment measures. These advancements in technology have the potential to revolutionize the way we tackle the spread of infectious diseases. By providing quicker and more reliable results, we can promptly implement targeted interventions and minimize the impact on public health. For instance, on January 26, 2023, Bharat Biotech, a bio-therapeutics company, launched the world's first made-in-India intranasal vaccine. iNCOVACC is a recombinant replication-deficient adenovirus vectored vaccine with a pre-fusion-stabilized SARS-CoV-2 spike protein. This vaccine candidate was evaluated in phases I, II and III clinical trials with successful results. iNCOVACC has been specifically formulated to allow intranasal delivery through nasal drops. The nasal delivery system has been designed and developed to be cost-effective in low- and middle-income countries.

Figure 2. Global COVID-19 Detection Kits Market Share (%), By Region, 2023

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Global COVID-19 Detection Kits Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global COVID-19 detection kits market over the forecast period. North America is estimated to hold 44% of the market share in 2023. The global COVID-19 detection kits market is expected to witness significant growth in the coming years, due to involvemne of government authority for the market expansion. For instance, on April 20, 2023, it was reported that approximately one-third of American families used the free COVID-19 at-home test site that the Biden administration developed.

Global COVID-19 Detection Kits Market– Impact of Coronavirus (COVID-19) Pandemic

• Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.
• COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, are facing problems with the transportation of things from one place to another.
• However, the COVID-19 pandemic had a positive impact on the global COVID-19 detection kits market, owing to an increase in the demand for the kits by people to avoid visits to diagnostic centers or hospitals. This surge in demand for COVID-19 detection kits also led to significant growth in the market as manufacturers ramped up production to meet the needs of the population. Additionally, the pandemic prompted governments and healthcare organizations to invest heavily in research and development of more efficient and accurate detection kits, further driving market growth. 

Global COVID-19 Detection Kits Market Segmentation:

The global COVID-19 detection kits market report is segmented by product type,  specimen type, end user and region.

• By product type, the market is segmented into RT-PCR assay kits and immunoassay test strips/cassettes. Out of which, the RT-PCR assay kits is expected to hold a dominant position in the global COVID-19 detection kits market during the forecast period, and this is attributed to more launches of the product in this segment.
• By specimen type, the market is segmented into nasopharyngeal swab, oropharyngeal swab, nasal swab, sputum, and others. Out of which, nasopharyngeal swab is expected to dominate the market over the forecast period, and this is attributed to increasing patient choice for the testing.
• By end user, the market is segmented into hospitals, diagnostic centers, and others. Out of which, diagnostic centers is expected to dominate the market over the forecast period, and this is attributed to an increase in the COVID test result for confirmation.

Among all the segments, the product segment is expected to dominate the market over the forecast period, and this is attributed to increasing COVID-19 detection kits product launches by the key players.

Global COVID-19 Detection Kits Market- Cross Sectional Analysis:

Key players, along with U.S. government research institutes, are making COVID-19 detection kits with advanced technology, which is expected to boost demand for the COVID-19 detection kits market. For instance, on June 25, 2023, Gennova Biopharmaceuticals, a biotechnology company, launched Gemcovac, the country's first indigenously made coronavirus vaccine that uses the mRNA method. The vaccine, branded Gemcovac, was developed with funding from DBT and the Biotechnology Industry Research Assistance Council (BIRAC).

Global COVID-19 Detection Kits Market: Key Developments

In December 2021, QRX Pharma, a clinical-stage specialty pharmaceutical company, in collaboration with Healthians.com, a leading health test at home service offering company, launched rapid testing kits for COVID-19 that can provide instant credible results in 30 minutes, offering much faster turnaround times than the conventional RT-PCR testing kits currently in use.

Global COVID-19 Detection Kits Market: Key Trends

• Introduction of COVID-19 detection kits with advanced technology: The introduction of COVID-19 detection kits with advanced technology in the market is expected to drive the growth of the global COVID-19 detection kits market over the forecast period. For instance, in December 2021, Angstrom Biotech Pvt. Ltd., an India device manufacturer, launched the India's first saliva-based home testing kits for COVID-19. The kit has received approval from the Indian Council of Medical Research (ICMR), New Delhi, India, which stands testament to its effectiveness and certifies it as a legitimate tool for COVID-19. It can detect all types of COVID-19 strains, including Omnicron, Delta, and others, and show a COVID-19 positive result if any are detected.

Global COVID-19 Detection Kits Market: Restraint

• False result by the COVID-19 detection kits : The false results of the COVID-19 detection kits have caused significant confusion and panic among the public. This misinformation has led to distrust in the accuracy of testing methods and raised concerns about the reliability of the healthcare system. As a result, individuals may be hesitant to get tested or may question the validity of their test results, further complicating efforts to control the spread of the virus. For instance, in December 2022, Detect, Inc., a diagnostic company, recalled three lots of the Detect COVID-19 Test. A total of 11,102 tests shipped to customers from July 26, 2022, to August 26, 2022, have been recalled. There are over 20 versions of at-home COVID test kits approved by the U.S. FDA.

Therefore, now key players are not focusing on product development and the integration of new technology and methods to avoid the false-result issue.

Global COVID-19 Detection Kits Market - Key Players

Major players operating in the global COVID-19 detection kits market include 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.