Market Size of Global COVID-19 Detection Kits Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 8.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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COVID-19 Detection Kits Market Analysis
The COVID-19 Detection Kits Market is expected to register a CAGR of 8% over the forecast period.
The novel coronavirus (COVID-19) was first reported in Wuhan, China, and due to its rapid spread, at the beginning of 2020, WHO declared the COVID-19 outbreak a global pandemic. As the number of COVID-19 infections started to grow outside China, this led to the development and launch of COVID-19 detection kits to curb the spread of the infection. According to the WHO COVID-19 Dashboard, as of January 3rd, 2023, the number of confirmed cases of COVID-19 was approximately 655.7 million, which almost tripled from the beginning of the pandemic. This data shows the high-infectivity rate of the SARS-CoV-2 virus that causes COVID-19 created a demand for COVID-19 detection kits, and it saw a tremendous increase since the pandemic started. Hence, the COVID-19 pandemic had a favorable impact on the market initially; currently, as the pandemic has subsided, the market has lost some traction. However, it is expected to have stable growth during the forecast period of the study.
Factors such as a high incidence of covid-19 and emerging new strains, and increasing product approvals and government initiatives are major contributors to the overall market growth.
According to the Indian Council of Medical Research (ICMR), as of August 29th, 2022, about 885.2 million COVID-19 samples were tested in India. Similarly, as of August 24th, 2022, the total number of COVID-19 tests performed in the United Kingdom stood at about 485.4 million. Hence, the high incidence of COVID-19 is expected to drive the demand for COVID-19 detection kits which is expected to boost market growth over the forecast period of the study.
In addition, the emerging new strains of COVID-19 are expected to play a crucial role in the market growth because these new strains are found to be more infectious and fatal than the earlier ones, for example, the Delta strain which was responsible for the second wave of COVID-19 in many countries. These emerging new strains are expected to propel more investment in developing diagnostics kits and their procurement which is expected to boost the market growth. For instance, according to the April 2022 report of John Hopkins Medicine on the COVID-19 variants, the variants such as alpha, beta, gamma, delta, and omicron are classified as variants of concern, and in November 2021, the omicron variant emerged as one of the most infectious strains. Hence, the emerging COVID-19 strains are expected to drive the demand for COVID-19 detection kits which is expected to fuel market growth over the forecast period.
Moreover, the government initiatives regarding regular testing of COVID-19 and new product approvals are further expected to have a positive impact on the COVID-19 detection kits market. For instance, in July 2021, Abbott launched a COVID-19 home test kit in India called Panbio COVID-19 rapid antigen test for the detection of the SARS-CoV-2 virus in adults and children with or without symptoms for INR 325 for a single test kit pack. Therefore, due to the above-mentioned factors, the COVID-19 detection kits market is expected to grow over the forecast period.
However, the lower accuracy of immunoassay tests is expected to restrain the growth of the COVID-19 detection kits market during the forecast period.
