The global COVID-19 Detection Kits Market was valued at USD 30.2 Billion in 2022 and it is anticipated to grow up to USD 2.2 Billion by 2032, at a CAGR of -23.2 % during the forecast period.
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The novel coronavirus is a single-stranded RNA coronavirus that resembles existing SARS-CoV and bat coronaviruses. As this spreads by close contact with an infected individual and is largely spread through respiratory droplets produced by coughing and sneezing. COVID-19 Detection Kit is a one-step real-time RT-PCR test intended for the qualitative detection of nucleic acid from SARS-CoV-2 in oropharyngeal and nasopharyngeal swab specimens, anterior nasal and mid-turbinate nasal swabs, nasopharyngeal washes/aspirates or nasal aspirates, as well as bronchoalveolar.
Market Trends and Drivers
High risk of infection in geriatric population will fuel the market progression
Increasing geriatric population base is one of the major factors propelling the market expansion. According to various studies and research geriatric populations, as well as those with underlying comorbidities, are at high risk of infection. This is because of weakened immune systems that rises the probability of infections in aged people. Additionally, most of the elder population is immuno-compromised as it suffers from chronic illnesses like diabetes, cancer, cardiovascular diseases, etc. Thus, rising geriatric population increases the COVID-19 detection kits market statistics.
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The advent of new cutting-edge testing technologies to mitigate the adverse impact of the current pandemic is anticipated to foment the organic revenue growth of players engaged in supplying detection kits. For instance, a large-scale next-generation sequencing (NGS) technology exhibits the potential to run up to 100,000 pooled samples in a single instrument within 8 to 12 hours, which escalates the testing capacity. Although these technologies are still in the research phase, they provide lucrative opportunities for market progression in the forthcoming years.
Market Restraints and Challenges
Some of the market obstacles include a scarcity of experienced specialists and significant investment costs, as well as legal and ethical concerns about the market methods and outcomes in numerous nations.
The report analyses the global COVID-19 Detection Kits Market based on product, specimen type, end-use, and region.
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Major Players in the Global COVID-19 Detection Kits Market
The key players in the COVID-19 Detection Kits Market are GI, Abbott Laboratories, Qiagen, Quidel Corporation, GenMark Diagnostics, Seegene, Shenzhen Bioeasy Biotechnology, BioFire Diagnostics, Guangzhou Wondfo Biotech, F. Hoffmann-La Roche, Mylab Discovery Solutions, Randox Laboratories, Cepheid, Co-Diagnostics, SD Biosensor, and Thermo Fisher Scientific among others.
Global COVID-19 Detection Kits Market Segmentation
- RT-PCR Assay Kits
- Immunoassay Test Strips/Cassettes
By Specimen Type
- Nasopharyngeal Swab
- Oropharyngeal Swab
- Nasal Swab
- Diagnostic Centers
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