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).
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