COVID-19 Detection Kits Market To Surpass US$ 5.2 Bn By 2030 - Coherent Market Insights

Global COVID-19 Detection Kits Market, By Product Type  (RT-PCR Assay Kits, and Immunoassay Test Strips/Cassettes), By Specimen Type (Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab, Sputum, and Others), By End User (Hospitals, Diagnostic Centers, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.

Key market players are focusing on adopting growth strategies such as partnerships, which will drive the global COVID-19 detection kits market. For instance, on April 18, 2023, Thermo Fisher Scientific, an American supplier of analytical instruments, life sciences solutions, specialty diagnostics, laboratory, pharmaceutical, and biotechnology services, launched the first of 37 CE-IVD-marked real-time PCR assay kits, mostly for infectious diseases, that it plans to roll out this year, providing users of its QuantStudio Dx series of instruments with a menu of company-branded test kits for the first time.

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

The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.

COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of things from one place to another.

COVID-19 had a positive impact on the global COVID-19 detection kits market. For instance, In September 2020, Bill & Melinda Gates Foundation, a non-profit organization, entered into an agreements with rapid diagnostic test (RDT) producers Abbott and SD Biosensor. These two arrangements will make available to LMICs 120 million antigen rapid diagnostic tests (Ag RDTs) – priced at a maximum of US$ 5 per unit – over a period of six months. These tests provide results in 15–30 minutes, rather than hours or days, and will enable expansion of testing, particularly in countries that do not have extensive laboratory facilities or trained health workers to implement molecular (polymerase-chain reaction or PCR) tests.

Global COVID-19 Detection Kits Market: Key Developments

In May 2021, Cipla Limited, an India multinational pharmaceutical company, launched ‘ViraGen’, a polymerase chain reaction (RT-PCR) test for COVID-19 in India. The commercialization of the test kit ‘ViraGen’ in completed in partnership with Ubio Biotechnology Systems Pvt. Ltd., a diagnostic device manufacturer. ViraGen is a real-time detection kit approved by the ICMR (Indian Council of Medical Research) and is based on multiplex PCR technology. It helps to identify and the detect SARS CoV-2 N gene and the ORF Lab gene with a sensitivity of 98.6% and a specificity of 98.8% as compared to a standard ICMR test.

In April 2020, India-based biotech startup Bione, a DNA and gut microbiome testing company, launched a rapid COVID-19 at-home screening test kit. The company claims that the kit, priced between US$24.2 and US$36.3 (₹2,000 and ₹3,000) depending on global supply, is easy to use and displays accurate results within minutes. The screening kit is available for sale on its platform, bione.in, after approval from the requisite medical regulatory authorities. It added that, under normal circumstances, the kits can be received within 2-3 days of placing the order via their platform.

Browse 27 Market Data Tables and 26 Figures spread through 201 Pages and in-depth TOC on “Global COVID-19 Detection Kits Market”- Forecast to 2030, Global COVID-19 Detection Kits Market, By Product Type  (RT-PCR Assay Kits, and Immunoassay Test Strips/Cassettes), By Specimen Type (Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab, Sputum, and Others), By End User (Hospitals, Diagnostic Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/covid-19-detection-kits-market-3839

Key Takeaways of the Global COVID-19 Detection Kits Market:

• The global COVID-19 detection kits market is expected to exhibit a CAGR of 4% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global COVID-19 detection kits market.
• Among product type, the RT-PCR assay kits segment is expected to hold a dominant position in the global COVID-19 detection kits market during the forecast period, and this is attributed to the new launches for the new variant of the Corona virus in the field of COVID-19 detection kits. For instance, in December 2022, HiMedia Laboratories, an India based Bioscience company, announced that the company’s RT-PCR kits are capable of detecting the recently discovered BF.7 SARS-CoV-2 variant. The portfolio includes MBPCR243, a 4 Gene COVID-19 Multiplex Detection Kit, and MBPCR255, a Hi-PCR Triplex COVID-19 Detection Kit. The company tested the impact of the variant on their Triplex PCR Kit. Mutations, especially in RNA viruses, are expected, and SARS-CoV-2 is no exception.
• Among region, North America is expected to be the dominant region in the global COVID-19 detection kits market, owing to the key players focus on organic strategies to start new product launches. For instance, in November 2022, F. Hoffmann-La Roche Ltd., a biotechnology company, announced a new name and brand for the COVID-19 At-Home Test: Pilot COVID-19 At-Home Test. With a relative sensitivity of 93.2% and a relative specificity of 100%, the Pilot COVID-19 At-Home Test can help you determine your next step, such as self-isolation for COVID-19, seeking further testing and pursuing advice from a healthcare professional about treatment options, or ending isolation with two confirmed negative results.
• Major players operating in the global COVID-19 detection kits market 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..