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Market Foresight

COVID-19 detection kits remain dynamic market

The global COVID-19 detection kits market size is valued at USD 3.28 billion in 2020 and is expected to grow at a CAGR of 5.05 percent from 2021 to 2027. Several nations are engaged in the development of kits and apps along with tracking programs for mass testing.

RT-PCR assay kits are estimated to account for the maximum revenue share of 67 percent in 2020, by product. Most of the commercially available kits rely on the reverse transcription-PCR technique owing to its high specificity and sensitivity. Nasopharyngeal swabs are estimated to dominate the revenue share with more than 45 percent in 2020 owing to the high usage of NP swabs for molecular testing, by sample type. The service providers are expanding their testing capabilities by signing an agreement with swab manufacturers for a bulk supply of swabs. On the contrary, the development of new serology tests that rely on blood specimens is anticipated to spur the usage of kits. By mode, detection kits for centralized or laboratory testing are currently dominating the COVID-19 detection kits market with a revenue share of around 68 percent in 2020. PoC testing, such as rapid antigen tests, is relatively less reliable in terms of result accuracy owing to their low sensitivity. However, the constant increase in fatality rate is anticipated to catalyze the decentralized testing mode, particularly in the emerging markets with the most fragile and underfunded healthcare systems. This is expected to significantly foment the use of antibody testing strips and rapid antigen testing kits. Thus, both testing modes play a vital role in mitigating the adverse impact of the pandemic.

Asia Pacific is estimated to dominate the market with a revenue share of 36.88 percent in 2020. North America is anticipated to witness the fastest growth rate during the forecast period. The U.S. is the worst-hit country with the highest number of COVID-19 cases globally accounting for more than 6 million cases in the first week of September 2020. Due to this, regulatory bodies, such as the U.S. FDA and Health Canada, are continuously granting the emergency use authorizations to coronavirus test kits to boost the testing capacity, which fuels the region’s growth.

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