PCR Testing is Fastest Growing Segment Fueling the Growth of COVID-19 Detection Kits Market

 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 help in detecting the presence of SARS-CoV-2 virus, which causes COVID-19. Polymerase Chain Reaction (PCR) based testing kit is popular for testing and holds largest market share due to its high sensitivity and specificity.

Market key trends:
The COVID-19 Detection Kits Market is witnessing trend of increasing PCR testing globally due to rising cases of infection. PCR testing method identifies the presence of viral genetic material and is considered gold standard for COVID-19 diagnosis with sensitivity as high as 95%. Additionally, automated PCR equipment with high throughput capabilities allow processing large number of samples simultaneously, allowing scalability and meeting overwhelming testing needs.
Segment Analysis

The COVID-19 detection kits market is segmented based on product type, specimen type, technology, end-user, and region. Based on product type, the market is bifurcated into RT-PCR assay kits, immunoassay test strips/cassettes, and other Products. The RT-PCR assay kits segment currently dominates the market due to their high sensitivity and accuracy in detecting COVID-19. Being the gold standard diagnostic technique recommended by WHO, RT-PCR kits are widely adopted globally.

Key Takeaways

The global COVID-19 detection kits market is expected to witness high growth, exhibiting a CAGR of 2.4% over the forecast period, due to increasing prevalence of COVID-19 infections globally and rising COVID-19 testing rates across both developed and developing countries.

The North American region accounted for over 30% share of the global market in 2023 due to large scale COVID-19 testing in the region especially in the United States. Asia Pacific region is expected to witness fastest growth over the forecast period supported by strong COVID-19 testing in populous countries such as China and India having large population bases.

Key players operating in the COVID-19 detection kits market size include 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 expanding their global presence through partnerships and acquisitions.