Coronavirus Test Kits Market Analysis Asia, Europe, North America, Rest of World (ROW) - Brazil, US, Russia, China, India - Size and Forecast 2024-2028

Coronavirus Test Kits Market Size 2024-2028

The coronavirus test kits market size is forecast to decrease by USD 6.81 billion at a CAGR of -72.6% between 2023 and 2028.

• The market is experiencing significant growth due to several key factors. One major trend is the increasing adoption of rapid testing solutions, particularly in healthcare settings and point-of-care diagnostics. This is driven by the need for quick results to support timely treatment and containment efforts. Another factor is the rising demand for testing in developing countries with poor healthcare infrastructure, where RT-PCR testing may not be readily available. POC testing solutions include rapid antigen tests and immunoassay test strips. Additionally, the emergence of new technologies such as mRNA vaccines and shorter assay durations are expanding testing capacity and providing financial assistance to healthcare systems. The market is also witnessing an increased focus on obtaining Emergency Use Authorization (EUA) for coronavirus test kits from regulatory bodies to ensure their widespread availability and use. Overall, these trends are shaping the future of the market and driving its growth.

What will be the Size of the Market During the Forecast Period?

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• The market in the United States is witnessing significant growth due to the ongoing pandemic. The demand for these kits is primarily driven by the need for accurate and timely diagnosis of the virus to prevent its further spread. The regulatory bodies in the US, such as the Food and Drug Administration (FDA), have been approving various diagnostic solutions for the detection of coronavirus. These solutions include molecular tests, such as Reverse Transcription Polymerase Chain Reaction (RT-PCR) assay kits, and rapid diagnostic tests, including antigen and antibody tests. The market for in-vitro diagnostic tests, including coronavirus test kits, is expected to experience substantial growth in the coming years. The growth is attributed to the increasing number of diagnostic centers and healthcare facilities offering testing services, as well as the rising number of asymptomatic patients requiring testing.
• Moreover, the market for point-of-care (POC) testing is also gaining traction, as these tests offer faster results and can be conducted at various settings, including hospitals, urgent care centers, and even at home. The specimens used for coronavirus testing include nasopharyngeal swabs, oropharyngeal swabs, and nasal swabs. These swabs are collected from patients and sent to diagnostic laboratories for analysis using the approved diagnostic solutions. The use of coronavirus test kits is essential for patient treatment and management, as early detection and isolation of infected individuals can help prevent the spread of the virus. The market for these kits is expected to remain strong, as long as the pandemic continues to pose a threat to public health. In conclusion, the market in the United States is witnessing significant growth due to the ongoing pandemic. The market is driven by the need for accurate and timely diagnosis of the virus, regulatory approvals, and the increasing number of diagnostic centers and healthcare facilities offering testing services. POC testing solutions, such as rapid antigen tests and immunoassay test strips, are gaining popularity due to their faster turnaround time and convenience. The market is expected to remain strong, as long as the pandemic continues to pose a threat to public health.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• End-user
  • Government
  • Non government
• Type
  • Rapid test kit
  • RT-PCR
  • Others
• Geography
  • Asia
    • China
    • India
  • Europe
  • North America
    • US
  • Rest of World (ROW)

By End-user Insights

• The government segment is estimated to witness significant growth during the forecast period.

The market is experiencing significant growth due to the rising number of confirmed COVID-19 cases worldwide. Government organizations play a crucial role in driving this market, as they offer testing services for SARS-CoV-2. In both developed and developing countries, the adoption of coronavirus test kits is increasing to meet the demands of clinical settings. Nasopharyngeal and oropharyngeal swabs are commonly used for viral sampling in coronavirus testing. The sensitivity, viral load, and detection rate of these tests are critical factors in determining accurate results. In-vitro diagnosis using coronavirus test kits is becoming increasingly essential in identifying infected individuals and controlling the spread of the virus.

Government healthcare organizations are receiving samples from private healthcare providers to conduct tests for SARS-CoV-2. The need for efficient and reliable testing solutions is crucial in clinical settings to ensure timely diagnosis and treatment. The market is expected to continue growing as the pandemic persists and the demand for testing increases.

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The Government segment was valued at USD 10.00 million in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

• Rest of World (ROW) is estimated to contribute 14% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in Asia has experienced substantial growth due to the widespread COVID-19 outbreak in the region between 2020 and 2021. Countries like China, Japan, South Korea, and India have been heavily impacted by the virus, with China reporting 243,822 confirmed cases (4,634 deaths) as of September 2, 2022, Japan recording 18,939,344 cases (39,880 deaths), and India having 44,440,267 cases (527,911 deaths). The escalating number of active cases and fatalities necessitates the use of COVID-19 test kits. In response, Asian companies are introducing new products to cater to the burgeoning demand for these diagnostic solutions. Government testing programs and rapid diagnostics have become essential components of the fight against COVID-19.

This trend is expected to continue as countries work towards containing the spread of the virus and ensuring public health and safety. In summary, the market in Asia has witnessed significant growth due to the increasing number of COVID-19 cases and deaths. Companies are launching new products, including PoC kits and confirmatory tests, to meet the heightened demand for diagnostic solutions. Government testing programs and regulatory approvals are playing a crucial role in facilitating the widespread use of these kits to ensure public health and safety.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in adoption of Coronavirus Test Kits Market?

Rising adoption of rapid coronavirus test kits is the key driver of the market.

• In response to the overwhelming number of coronavirus cases and the resulting strain on healthcare systems, governments worldwide have prioritized expanding their testing capabilities. Home testing kits have emerged as a viable solution for individuals who are self-isolating. For instance, in the UK, millions of rapid home testing kits are being made accessible through e-commerce platforms. These tests, which require a finger prick to produce a blood sample, identify the presence of IgM and IgG antibodies, which appear early in the infection. Molecular tests, such as Polymerase Chain Reaction (PCR), Antigen tests, and Antibody tests, have become essential tools for diagnosing COVID-19. Point-of-care (PoC) testing and real-time diagnostics have gained popularity due to their speed and convenience. Hospitals and urgent care centers have integrated these tests into their diagnostic processes to ensure timely and accurate results. Molecular tests, including Antigen and Antibody tests, play a crucial role in diagnosing COVID-19. Antigen tests detect the presence of the virus itself, while Antibody tests identify the presence of antibodies produced in response to the infection.
• Additionally, Point-of-care (PoC) testing and real-time diagnostics have gained popularity due to their speed and convenience. Hospitals and urgent care centers have integrated these tests into their diagnostic processes to ensure timely and accurate results. The availability of home testing kits has enabled individuals to take charge of their health and reduce the burden on healthcare systems. The tests are easy to use and provide results within minutes, allowing for quick isolation and treatment if necessary. The use of these tests is expected to continue growing as governments and healthcare providers seek to expand testing capabilities and reduce the strain on healthcare systems.

What are the market trends shaping the Coronavirus Test Kits Market?

Increasing demand for point-of-care diagnostics is the upcoming trend in the market.

• The coronavirus pandemic has presented a significant hurdle for healthcare systems worldwide, with organizations such as the World Health Organization (WHO), the European Centre for Disease Prevention and Control (ECDC), and the National Institutes of Health (NIH) working tirelessly to contain its spread and enhance diagnostic capabilities. However, the limited testing infrastructure in numerous countries has impeded these initiatives. In response, coronavirus test kit manufacturers have introduced at-home testing solutions to mitigate infrastructure constraints and provide healthcare professionals with efficient diagnostic tools, regardless of their location. In January 2022, Roche introduced a self-administered COVID-19 test for convenient at-home use. Financial assistance from governments and international organizations has played a crucial role in expanding testing capacity and facilitating the development and distribution of mRNA vaccines.
• Real-time Polymerase Chain Reaction (RT-PCR) testing remains the gold standard for diagnosing coronavirus infections, with assay durations ranging from a few hours to a day. As the healthcare sector grapples with the ongoing pandemic, Emergency Use Authorization (EUA) processes have expedited the approval and implementation of new testing technologies. Healthcare workers on the frontlines continue to rely on these diagnostic tools to identify and isolate infected individuals, thereby reducing the risk of transmission and ensuring the safety of patients and staff. With the ongoing evolution of testing technologies and the increasing availability of at-home testing solutions, diagnostic capabilities are becoming more accessible and efficient, enabling healthcare systems to better respond to the challenges posed by the coronavirus pandemic.

What challenges does Coronavirus Test Kits Market face during the growth?

Poor healthcare settings in developing countries is a key challenge affecting the market growth.

• In developing regions, including Asia and the Middle East and Africa (MEA), there is a significant gap in coronavirus testing due to limited healthcare knowledge and resources. Developing countries, such as Kenya, Algeria, and Bangladesh, face challenges in delivering efficient healthcare services due to a lack of technology, infrastructure, and skilled personnel. This issue is further compounded by the high number of healthcare providers becoming infected with the virus, as seen in Italy with over 26,000 cases since February 2020. These countries struggle to provide adequate testing services, particularly for the Delta variant, due to the shortage of nucleic acid-based testing kits.
• Clinics and emergency rooms in these regions are under immense pressure to diagnose and treat patients, making the availability of testing kits a critical concern. The use of saliva/nasal swab tests could potentially increase testing capacity, but access to these tests remains limited. The Coronavirus Organisation for Research and Diagnosis (COVIRAP) and the Indian Council of Medical Research (ICMR) are among the organizations working to address this challenge by developing and distributing testing kits. However, the demand for these kits far outstrips the supply, highlighting the need for increased investment and collaboration to ensure equitable access to testing services. In the US, the Centers for Disease Control and Prevention (CDC) and various private laboratories offer testing services, but it is essential to prioritize and expand testing efforts to ensure the health and safety of the population, particularly in underserved communities.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, market growth and forecasting, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Abbott Laboratories
• Advaite Inc.
• BGI Group
• Bio Rad Laboratories Inc.
• Biomedomics Inc
• BioMerieux SA
• Cellex Inc.
• Chembio Diagnostics Inc.
• Cue Health Inc.
• Danaher Corp.
• Dynamiker Biotechnology Tianjin Co. Ltd.
• F. Hoffmann La Roche Ltd.
• Mylab Discovery Solutions Pvt Ltd.
• QIAGEN N.V.
• QuidelOrtho Corp.
• Robert Bosch GmbH
• Safecare Biotech Hangzhou Co. Ltd.
• Siemens AG
• Thermo Fisher Scientific Inc.
• Unisys Corp.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

The market is witnessing significant growth due to the ongoing global health crisis. The demand for rapid and accurate diagnostic solutions is surging as governments and healthcare facilities strive to increase testing capacity in clinical settings. POC (Point of Care) kits, including antigen and molecular tests, are gaining popularity for their ability to provide quick results in various clinical settings such as hospitals, urgent care centers, clinics, and emergency rooms. Product approval and financial assistance from governments are crucial factors driving the market growth. Real-time diagnostics, such as RT-PCR assay kits and immunoassay test strips, are in high demand due to their high sensitivity and specificity.

The market is witnessing innovation in test types, including saliva/nasal swab tests, and the emergence of antibody tests for detecting past infections. The market is witnessing the development of new tests to detect the Delta variant and other emerging strains. The use of nasopharyngeal swabs and oropharyngeal swabs for specimen collection is common in clinical settings. The assay duration and detection rate are critical factors influencing the choice of test kits. The market is expected to grow further with the rollout of mRNA vaccines and the need for confirmatory tests for patient treatment.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across Asia, Europe, North America, and Rest of World (ROW)
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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