COVID-19 DETECTION KITS MARKET ANALYSIS

COVID-19 Detection Kits MarketSize and Trends

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).

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

Market- Trends
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.

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.