COVID-19 test kits market revenue to cross USD 13 bn by 2026

According to the latest report “COVID-19 Test Kits Market by Product (RT-PCR Assay Kits, Immunoassay Test Strips/Cassettes), Specimen Type (Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab), End-use (Hospitals, Diagnostic Centers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of COVID-19 test kits will cross $13 billion by 2026. The high efficiency and accuracy of RT-PCR based COVID-19 detection kits for the detection of virus will augment the market growth.

With the current pandemic of COVID-19, the demand for COVID-19 test kits is anticipated to upsurge in near future. The count for the total number of COVID-19 cases is increasing rapidly across the globe. The resuming of industrial and economic activities in the high burden countries including India are further expected to drive the number of COVID-19 cases.

The immunoassay cassettes or test strips segment held over 29% COVID-19 test kits market share in 2020 due to the surging demand for immunoassay based COVID-19 detection kits, as these tests have less manufacturing costs and are easy to perform. Immunoassays can detect past infections by examining the immune response of the patient during as well as after the COVID-19 infection.

The hospitals segment dominates around 46% of the COVID-19 test kits market share in 2020. Hospitals provide convenient access to quality care, manage healthcare spending and improve recovery. Competition among hospitals is continuously rising for providing better quality services at low prices.

The nasal swab segment accounted for more than USD 1.8 billion revenue in 2020, owing to the wide availability and easy operation of nasal swab specimens. Wellness and health company Everlywell’s at-home COVID-19 examining kit has received authorization from the U.S. FDA that allows individuals to collect a nasal sample at home. Such home testing kits increase patient access to tests and protect from other potential exposure.

Asia Pacific COVID-19 test kits market size will showcase the growth of -2.2% till 2026. The regional growth is attributed to the favorable government initiatives for the early treatment and diagnosis of novel coronavirus disease in highly affected countries such as China, India as well as others. For instance, the National Institute of Virology (NIV) has developed immunological assay ELISA test kit for antibody detection of COVID-19. The presence of market players in the APAC region aims on developing novel products, boosting the market revenue.

Some of the prominent companies operating in the COVID-19 test kits market include Abbott Laboratories, Qiagen, GenMark Diagnostics, Co-Diagnostics, Seegene, F. Hoffmann-La Roche, BGI, Thermo Fisher Scientific, BioFire Diagnostics, Cepheid, Mylab Discovery Solutions, Quidel Corporation, Bio-Rad Laboratories, Randox Laboratories, SD Biosensor, and others.

These industry leaders are focusing on developing innovative and advanced products that help them maintain their financial stability across the globe. For instance, in March 2020, Qiagen released their QIAstat-Dx test kit across the United States as a first syndromic test for detection of SARS-CoV-2 coronavirus. This launch helped the company cater to the growing demand for COVID-19 detection kits, expanding their revenue generation. PR NewsWire