July 21, 2024

Rising Health Concerns Amid COVID-19 Pandemic to Boost Demand for COVID-19 Detection Kits Market

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The global COVID-19 Detection Kits Market is estimated to be valued at US$ 4.4 Bn in 2023 and is expected to exhibit a CAGR of 2.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

COVID-19 detection kits are medical devices or reagents used to detect the presence of SARS-CoV-2 virus in a human sample (such as nasal swab, throat swab etc.). These kits are based on various techniques such as polymerase chain reaction (PCR), isothermal amplification, antigen, and antibody tests to qualitatively detect the presence of coronavirus nucleic acids or antibodies in a sample. Rising number of COVID-19 cases globally along with mass testing requirements is expected to drive the demand for COVID-19 detection kits over the forecast period.

Market key trends:

One of the major trends observed in the COVID-19 detection kits market is the increasing preference for point-of-care testing. Point-of-care tests offer quick results and do not require sophisticated laboratory setup. This has propelled research towards developing faster and easy-to-use point-of-care COVID-19 detection kits. For instance, companies like Abbott developed rapid COVID-19 antigen tests that can provide results within 15 minutes. Further, growing focus on home testing kits is another trend as they allow self-testing and avoid visiting testing centers or labs amid pandemic. Companies like Co-Diagnostics and SD Biosensor are offering affordable and easy-to-use home testing kits for mass self-testing.
Porter’s Analysis

Threat of new entrants: Low, as setting up large scale production facilities and obtaining regulatory approvals require substantial investments and time.

Bargaining power of buyers: Moderate, as demand for COVID-19 detection kits is rising globally due to ongoing pandemic. However, presence of numerous players limits bargaining power of individual buyers.

Bargaining power of suppliers: Low, as raw materials required for production of COVID-19 detection kits such as reagents and packaging materials have abundant supply globally.

Threat of new substitutes: Low, as there are limited substitutes available for molecular and immunoassays based detection kits used for COVID-19 diagnostics.

Competitive rivalry: High, as the market is dominated by global players leading to acute competition.

Key Takeaways

The global COVID-19 Detection Kits market is expected to witness high growth, exhibiting CAGR of 2.4% over the forecast period 2023 to 2030, due to increasing prevalence of COVID-19 infections globally.

North America is expected to dominate the global COVID-19 Detection Kits market Share over the forecast period owing to high incidence of COVID-19 cases and increasing focus on screening and testing by government authorities in the region. Asia Pacific is anticipated to exhibit fasted growth during the analysis period attributed to rising demand from densely populated countries like China and India experiencing high COVID-19 burden.

Key players operating in the 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. Key players are focusing on new product launches and strategic collaborations for growth in the highly competitive market.