COVID-19 Detection Kits Market to hit USD 6.1 billion by 2028, Says Global Market Insights Inc.

Major COVID-19 detection kits industry players include Co-Diagnostics, BGI, Abbott Laboratories, Cepheid, BioFire Diagnostics, F. Hoffmann-La Roche, GenMark Diagnostics, Guangzhou Wondfo Biotech and more.

SELBYVILLE, Del., April 6, 2022 /PRNewswire/ -- Global COVID-19 detection kits market value is projected to reach USD 6.1 billion by 2028, according to a new research report by Global Market Insights Inc. Rising awareness among individuals regarding COVID-19 diagnostics and availability of COVID-19 detection kits in developed and developing regions will drive the overall market demand.

Increasing government and leading players initiatives to prevent the spread of the new Coronavirus is estimated to fuel the industry landscape. In order to curb the COVID-19 pandemic various government agencies in different countries are conducting mass testing procedures, such factors are augmenting the COVID-19 detection kits market expansion.

Furthermore, The U.S. is one of the worst-affected countries in the world due to the COVID-19 pandemic. For instance, as per the Centers for Disease Control and Prevention (CDC) report, as of February 9, 2022, there were approximately 77,179,255 COVID-19 cases reported in the U.S. In response, the U.S. government is increasing funding for medical research facilities to speed up the development of COVID-19 diagnostics and broaden the country's testing network.

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Moreover, major market player introducing advanced diagnostic kits based on molecular technologies and incorporating cutting edge innovations in custom NAAT (Nucleic Acid Amplification Tests) devices such as RT-PCR. Such aforementioned factors will propel the demand for COVID-19 detection kits. 

Some of the key findings from the COVID-19 detection kits market report include:

• High risk of infection in geriatric population will stimulate the market progression.
• Increasing adoption of diagnostic tests for detection of COVID-19 will augmenting the market share.
• Leading manufacturers are focusing on developing rapid diagnostic kits and expanding their production capacities these factors are contributing towards the industry expansion.
• Increasing technological advancements in virus detection along with growing healthcare expenditure globally are anticipated to drive the market statistics.
• Various government agencies are contributing funds to increase the production of COVID-19 detection kits will further accelerate the business landscape.
• Increasing number of COVID-19 cases across the globe and growing demand for rapid diagnosis are predicted to boost the market outlook.

Browse key industry insights spread across 190 pages with 293 market data tables & 13 figures & charts from the report, "COVID-19 Detection Kits Market Forecasts By Specimen Type (Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab), Product (RT-PCR Assay Kits, Immunoassay Test Strips/Cassettes {Antigen, Antibody}), End-use (Hospitals, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028" in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/covid-19-detection-kits-market 

COVID-19 detection kits market from RT-PCR assay kits segment is set to cross USD 24.5 billion by 2028. The RT-PCR test is required for qualitative detection of SARS-CoV-2 nucleic acid in respiratory specimen taken from people suspected of having COVID-19. This is attributed to increasing demand for RT-PCR assay kits coupled with leading market players are integrating cutting-edge technologies in custom Nucleic Acid Amplification Tests (NAAT) devices like RT-PCR. Because of its high accuracy and sensitivity, the RT-PCR technique is used in the majority of commercially available kits. Furthermore, increasing awareness about presence of advanced technologies and new product launches will further accelerate the overall market progression.

COVID-19 detection kits market from nasal swab segment accounted for around 11.6% revenue share in 2021 and projected to record a lucrative CAGR in the coming years. This is owing to increasing acceptance and availability of the products and convenience in the sample collection. Moreover, COVID-19 disease can be passed from person to person through the exposure of infectious droplets. People with conditions such as hypertension, cancer, diabetes, old age, and others are more likely to contract severe COVID-19 infection. As a result, it is critical to develop effective nasal swab tests for COVID-19 diagnosis. Hence, the above-mentioned factors will augment the business statistics.

Diagnostic centers segment surpassed USD 10.4 billion in 2021. This is due to increasing availability of COVID-19 detection kits in diagnostic centers. Also, in diagnostic centers has lower risk of contracting infections as compared to hospitals. Additionally, rise in number of diagnostic centers involved in COVID-19 detection tests, and presence of diagnostic centers with advanced diagnostic infrastructure and high capacity to run patient samples will propel the market statistics.

Asia Pacific COVID-19 detection kits market captured 28% business share in 2021 and is poised to witness considerable CAGR during the forecast timeframe. This is attributed to the rapid spread of viruses in densely populated countries such as India and China. These countries created huge demand for COVID-19 detection kits. Additionally, increasing adoption of test kits and growing awareness about diseases diagnosis will boost the regional market expansion.

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Some of the key market players operating in COVID-19 detection kits industry include Cepheid, Co-Diagnostics, BGI, Abbott Laboratories, BioFire Diagnostics, F. Hoffmann-La Roche, GenMark Diagnostics, Guangzhou Wondfo Biotech, Mylab Discovery Solutions, Qiagen, Quidel Corporation, Randox Laboratories, SD Biosensor, Seegene, Shenzhen Bioeasy Biotechnology and Thermo Fisher Scientific. These industry players are adopting various growth strategies to capture maximum share and sustain the market competition.

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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SOURCE Global Market Insights Inc.