COVID-19 Detection Kits Market Size By product (RT-PCR Assay Kits, Immunoassay Test Strips/Cassettes), By Specimen Type (Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab), By End-use (Hospitals, Diagnostic Centers), Industry Analysis Report, Regional O

COVID-19 Detection Kits Market Size By product (RT-PCR Assay Kits, Immunoassay Test Strips/Cassettes), By Specimen Type (Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab), By End-use (Hospitals, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027

The COVID-19 detection kits market is expected to see exponential growth by 2027 primarily driven by the proliferating demand for COVID-19 testing worldwide. In addition, government mandates requiring COVID-19 negative reports for various purposes, particularly air travel, are also projected to further drive market demand.

After the COVID-19 outbreak, there was a booming need for testing across the globe. Moreover, with the emergence of new variants of the novel coronavirus across different regions has facilitated product development to target newly identified viral mutations.

In order to accommodate the mounting demand for COVID-19 testing, industry players and researchers have been focused on making innovative and cost- and time-efficient detection kits for the COVID-19 infection. As a result, growing emphasis on product development is considerably fostering business outlook.

For instance, in May 2021, Fujifilm Wako Pure Chemical, a Fujifilm Holdings Corp subsidiary, launched a detection kit capable of identifying COVID-19 variants that were initially identified in California and India. The kit employs a research reagent that can detect the L452R mutation at high sensitivity.

In another instance, in May 2021, a research team from the Simon Fraser University approved a faster, cheaper microchip real-time PCR test for the COVID-19 infection that can offer accurate results within 30 minutes. The kit could potentially be deployed in clinics, remote locations, and airports as it is easy-to-use and portable.

The COVID-19 detection kits market has been segmented based on product, specimen type, end-use, and region. On the basis of product, the market has further been divided into RT-PCR assay kits and immunoassay test strips/cassettes.

The immunoassay test strips/cassettes sub-segment held around 29% share in the COVID-19 detection kits market in 2020 and is estimated to observe significant growth by the end of 2027. Proliferating cases of COVID-19 infection and surging need for rapid testing are expected to fuel segmental adoption across the globe over the analysis time period.

In terms of specimen type, the market has been categorized into nasal swab, oropharyngeal swab, nasopharyngeal swab, and others. The oropharyngeal swab sub-segment accounted for about 27% share in the COVID-19 detection kits industry revenue and is estimated to grow at a considerable CAGR through the analysis period due to the widespread availability of test swabs.

From the end-use perspective, the market has been segregated into diagnostic centers, hospitals, and others. In 2020, the hospitals sub-segment contributed to over 46% share in the COVID-19 detection kits market revenue and is projected to see profitable growth by 2027 backed by the increasing availability of advanced facilities for diagnosis.

On the regional spectrum, the Latin America COVID-19 detection kits market valuation reached USD 430 million in 2020 and is speculated to gain a robust footing in the business over 2021-2027. Escalating COVID-19 incidences in Brazil and Mexico are anticipated to drive market demand in the region over the projected timeline.