Home Healthcare IT COVID-19 Testing Kits Market Size, Share and Forecast to 2031

COVID-19 Testing Kits Market

COVID-19 Testing Kits Market Size, Share & Trends Analysis Report By Product (RT-PCR assay kits, Immunoassay test strips/cassettes),  By Specimen Type (Nasopharyngeal swab, Oropharyngeal swab, Nasal swab), By End-User (Hospitals, Diagnostic centers) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Report Code: SRHI805DR
Study Period 2020-2032 CAGR 17.4%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD XX Billion
Forecast Year 2032 Forecast Year Market Size USD XX Billion
Largest Market North America Fastest Growing Market Asia-Pacific
The sample report only takes 30 secs to download, no need to wait longer.

Market Overview

The COVID-19 testing kits market was valued at USD 2,810.90 million in 2019 and is expected to grow with a CAGR of 17.4% during the forecast study period.

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.

Market Dynamics

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:

  • Roche Diagnostics shipped about 400,000 medical kits to the U.S. per week
  • BRIEF-Curetisprovide COVID-19 test kits all across Europe
  • The FDA approved the test kits developed by the scientists from the University of Philippines
  • Japan's Kurabo Industries Ltd launched a novel range of testing kit that is evaluated to deliver results in 15 minutes
  • Australian Regulators approved the rapid Covid-19 testing kits manufactured by Melbourne-based company and are expected to export 50,000 kits in its initial shipment
  • In South Korea, around 4 test kit manufacturing firms have been assisting medical workforces and testing about 20,000 people daily.
  • PishtazTeb Zaman, an Iranian Company, produces about 80,000 kits weekly

Regional Analysis

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.

Report Scope

Report Metric Details
Segmentations
By Product
  1. RT-PCR assay kits
  2. Immunoassay test strips/cassettes
 By Specimen Type
  1. Nasopharyngeal swab
  2. Oropharyngeal swab
  3. Nasal swab
By End-User
  1. Hospitals
  2. Diagnostic centers
Company Profiles Abbott Laboratories BGI BioFire Diagnostics Cepheid, F Hoffmann-La Roche GenMark Diagnostics Guangzhou Wondfo Biotech Mylab Discovery Solutions Qiagen Quidel Corporation Randox Laboratories SD Biosensor Seegene Shenzhen Bioeasy Biotechnology Thermo Fisher Scientific
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports

Segmental Analysis

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.

Market Size By Product

Recent Developments

  • In April 2020, Hemics Biotechnologies Inc. was awarded a USD 638,000.00 contract by the Biomedical Advanced Research and Development Authority (BARDA) for the development of a Bluetooth-connected, point-of-care COVID-19 test kit
  • In April 2020, United Global Alliance entered into an agreement with Acumen Research Laboratories to supply the test kits to governments and health-care institutions across the globe
  • In March 2020, Thermo Fisher Scientific announced to gear up their RT-PCR based COVID-19 detection kits production to meet the U.K.'s demand for 100,000 tests per day
  • In March 2020, Abbott announced it has been granted a U.S. Food & Drug Administration (FDA) Emergency Use Authorization (EUA) for molecular testing of novel coronavirus (COVID-19). The company is using m2000TM RealTimesystem to produce quick results at numerous locations

Top Key Players

COVID-19 Testing Kits Market Share of Key Players

Abbott Laboratories BGI BioFire Diagnostics Cepheid, F Hoffmann-La Roche GenMark Diagnostics Guangzhou Wondfo Biotech Mylab Discovery Solutions Qiagen Quidel Corporation Randox Laboratories SD Biosensor Seegene Shenzhen Bioeasy Biotechnology Thermo Fisher Scientific

Frequently Asked Questions (FAQs)

What is the estimated growth rate (CAGR) of the COVID-19 Testing Kits Market?
COVID-19 Testing Kits Market size will grow at approx. CAGR of 17.4% during the forecast period.
Some of the top prominent players in COVID-19 Testing Kits Market are, Abbott Laboratories, BGI, BioFire Diagnostics, Cepheid, F, Hoffmann-La Roche, GenMark Diagnostics, Guangzhou Wondfo Biotech, Mylab Discovery Solutions, Qiagen, Quidel Corporation, Randox Laboratories, SD Biosensor, Seegene, Shenzhen Bioeasy Biotechnology, Thermo Fisher Scientific, etc.
In the COVID-19 Testing Kits Market, North America has established itself as the market leader with a significant market share.
The Asia-Pacific region is projected to exhibit the highest rate of growth in the COVID-19 Testing Kits Market.
The global COVID-19 Testing Kits Market report is segmented as follows: By Product, By Specimen Type, By End-User


We are featured on :