COVID-19 Detection Kits Market revenue to cross USD 8 Bn by 2027 – GlobeNewswire

Selbyville, Delaware, June 20, 2021 (GLOBE NEWSWIRE) --

According to latest report COVID-19 Detection 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 2027, by Global Market Insights Inc., the market valuation of COVID-19 detection kits will cross $8 billion by 2027. Increasing cases of COVID-19 and rising number of diagnostic tests across the world will propel the market growth.

COVID-19 is a virus that attacks the respiratory system of person in short span of time making it more dangerous if goes undetected. The virus gets transmitted directly from person to person through oral or nasal droplets and indirectly when person gets in contact with infected environment. Due to the nature of the disease, major target population affected by COVID-19 is old age people. It is observed since the outbreak of pandemic, the elderly population is more likely to suffer severe infection as compared to younger population. One of the major reasons for high susceptibility of old people to virus is underlying medical conditions such as diabetes, hypertension, and cardiovascular diseases among others. It is extremely important to diagnose the COVID infection early, especially in old age people. The increasing number of cases and geriatric population has led to high demand for COVID-19 detection kits across the world. The demand for COVID-19 detection kits is likely to grow in the initial years of the assessment period. However, the demand is likely to reduce by the end of the forecast period.

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The RT-PCR assay kits segment dominated more than 71% of the COVID-19 detection kits market share in 2020 led by the high accuracy, reliability and increased adoption of RT-PCR tests. The market of RT-PCR test kits is expected to flourish during initial years of pandemic, however, as the effect of virus subsides, the demand for diagnostic tests is projected to decrease during the forecast timeframe.

The nasal swab segment accounted for around 12% of revenue share in 2020. The growth of this segment is majorly attributed to worldwide acceptance and availability of the products and convenience in the sample collection.

The diagnostic centers segment in the COVID-19 detection kits market exceeded USD 6.6 billion in 2020 on account of the increased number of diagnostic centers involved in COVID-19 detection tests, high capacity to run patient samples, and advanced diagnostic infrastructure.

Asia Pacific COVID-19 detection kits market captured around 34% of revenue share in 2020 impelled by the rapid spread of virus in large populated countries like China and India. These countries generated huge demand for COVID detection kits, thus increasing the revenues. Besides, recurring demand for diagnostic tests in countries during the second wave is likely to drive the market.

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Some of the key players operating in the COVID-19 detection kits market 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 participants are adopting various growth strategies to capture maximum share and sustain the market competition.

Table of Contents (ToC) of the report:

Chapter 3COVID-19 Detection Kits Market Insights

3.1 Industry segmentation

3.2 Industry landscape, 2020 - 2027

3.3 Industry impact forces

3.3.1 Growth drivers

3.3.2 Industry pitfalls & challenges

3.4 Growth potential analysis

3.4.1 By product

3.4.2 By specimen type

3.4.3 By end-use

3.5 COVID-19 detection kits pricing analysis, 2021

3.6 Regulatory landscape

3.7 Porters analysis

3.8 Competitive landscape, 2020

3.9 PESTEL analysis

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About Global Market Insights Inc.

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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COVID-19 Detection Kits Market revenue to cross USD 8 Bn by 2027 - GlobeNewswire