Global Statistics Representing COVID-19 Testing Kits Market Scenario
The coronavirus outbreak has compelled the governments, healthcare providers, and manufacturers to develop effective COVID-19 detection kits. Recently, SD Biosensor, South Korea’s diagnostic kit manufacturing firm, initiated manufacturing rapid antibody test kits in Gurugram, Haryana, which has the potential to produce COVID-19 test results in 15 minutes. Similarly, in April, OraSure Technologies, a medical technology firm in Bethlehem, Pa., was funded a USD 710,310 federal contract for an in-home assay test to detect coronavirus antigen in saliva within 20 minutes.
Globally, around 44 countries have recorded a recovery rate of more than 60%, and nearly 24.6million tests have been performed, further driving the demand for effective test kits. The U.S., U.K., Turkey, and Russia have less than 20% recovery rate. India's testing ratio is among the world's lowest at around 400 tests per million people. The country is expected to ramp up testing to 100,000 per day, at least for the next month.
The COVID-19 testing kits market was valued at USD 2,810.90million in 2019 and is expected to grow with a CAGR of 17.4% during the forecast study period.
Active Participation of Prominent Players to Drive the Market Growth
The geriatric population is highly susceptible to the coronavirus due to their weak immune system. Similarly, people with diabetes and cardiovascular disorders are at a higher risk of developing the coronavirus. As per the World Health Organization (WHO), above 95% of the people aged 60 and above died of the pandemic. China, Italy, and Germany have the highest population of geriatrics, further prompting the need for efficient COVID-19 detection kits. In line with this, several organizations and leading players are actively working to develop COVID-19 detective kits across the globe. For instance:
COVID-19 Testing Kits Market: Segmentation
Immunoassay Test Strips / Cassettes Segment to Hold the Highest Market Share
The immunoassay test strips/cassettes segment holds the highest market share during the forecast period. The leading players are actively manufacturing immunoassay test strips/cassettes to cater to the growing demand, further driving the segment growth. The test strips are easily available and eliminate the need for professionals. However, high false-negative results might hamper segment growth.
Easy Availability of Oropharyngeal Swabs
The oropharyngeal swab test segment is valued at USD 920 million and is projected to witness significant growth on account of its easy availability. The oropharyngeal swab can efficiently detect parainfluenza, influenza, adenovirus, and the coronavirus, further driving the segment growth.
Availability of Trained Medical Professionals and Specialized Instruments Drive the Diagnostic Centers Segment
The diagnostic center's segment holds the largest market share on account of the easy accessibility of COVID-19 detection kits in diagnostic centers. Confirmatory tests require trained medical professionals and specialized instruments, which are available in large quantities at diagnostic centers. Currently, the diagnostic centers are providing free of cost tests, further driving the segment growth.
Rising prevalence of COVID-19 to Increase the Demand for Testing Kits in North America
North America is projected to hold a significant market share in the COVID-19 detection kits market during the forecast period. The prevalence of COVID-19 is increasing at a concerning rate, further prompting the need for effective test kits. According to the data published by the Worldometer, as of May 2020, in the U.S., the coronavirus cases have reached around 1,385,834, of which the death toll stands at about 81,795. The country is supplying the PCR kits to the government testing laboratories across the globe, providing an impetus to the regional market growth.
South Korea: A leading Supplier of COVID-19 Testing Kits
Asia-Pacific is projected to witness the fastest growth in the COVID-19 testing kits market on account of the increasing patient pool in India and China. South Korea has tested more than 400,000 people, which are about 15,000 people in a day. The country is speedily becoming a leading supplier of testing kits, exporting products across various Asian and European countries such as Italy and India. South Korea manufactures nearly 100,000 kits every day. Moreover, scientists in Bangladesh have developed a coronavirus test kit at an individual cost of USD 3, which is projected to be available by the coming month.
India confronts a massive shortage of test kits for coronavirus disease (Covid-19), compelling the government to take drastic measures. For instance,Mylab Discovery Solutions, the first Indian company whose test kit was approved by the Indian Medical Research Council (ICMR), is working with the Serum Institute of India to increase operations and speed up the delivery of test kits.
COVID-19 Testing Kits Market Segmentation
By Specimen Type
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