PUBLISHER: The Business Research Company | PRODUCT CODE: 1426191
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426191
COVID-19 detection test kits and consumables serve the purpose of identifying the novel COVID-19 (SARS-CoV-2) and utilize a laboratory technique known as reverse transcription polymerase chain reaction (RT-PCR) to detect the virus's genetic material.
The market for COVID-19 detection test kits and consumables is segmented into various categories. Kits include viral load testing kits such as qPCR and RT-PCR, virus-neutralizing assay kits, antibody detection kits (ELISA), viral antigen detection test kits, and other variants. Consumables comprise items like swabs, tubes, viral transfer media, reagents, and other consumables. Additionally, specimen types for testing encompass nose and throat swabs, blood samples, sputum, nasal aspirate, and similar materials. These test kits and consumables cater to diverse end-users, including hospitals, clinics, public health laboratories, private and commercial labs, physician labs, research institutes, and other entities involved in the diagnosis and monitoring of COVID-19 infections.
The COVID-19 detection test kits and consumables market research report is one of a series of new reports from The Business Research Company that provides COVID-19 detection test kits and consumables market statistics, including COVID-19 detection test kits and consumables industry global market size, regional shares, competitors with a COVID-19 detection test kits and consumables market share, detailed COVID-19 detection test kits and consumables market segments, COVID-19 detection test kits and consumables market trends and opportunities, and any further data you may need to thrive in the COVID-19 detection test kits and consumables industry. This COVID-19 detection test kits and consumables market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The COVID-19 detection test kits and consumables market size has grown strongly in recent years. It will grow from $7.25 billion in 2023 to $7.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth witnessed in the historical period can be primarily attributed to several key factors. These include the widespread prevalence of COVID-19, escalating demand for early detection and diagnosis of the virus, augmented governmental support initiatives, heightened awareness regarding the critical importance of testing, and the expansion of reimbursement coverage for COVID-19 testing. These factors collectively contributed to the growth and advancement of the market for COVID-19 detection test kits and consumables during that period.
The COVID-19 detection test kits and consumables market size is expected to see strongly grown in the next few years. It will grow to $10.84 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. Anticipated growth in the forecast period is expected to stem from several significant drivers. These include the increasing demand for point-of-care testing, the sustained necessity for ongoing and widespread testing measures, the emergence of new variants prompting continued testing needs, vaccination campaigns driving ongoing surveillance, and the influence of international travel and border controls necessitating testing protocols.
The surge in demand for cost-effective and rapid COVID-19 detection kits, along with streamlined regulatory processes, has significantly bolstered the COVID-19 detection kits and consumables market. The global outbreak of COVID-19, designated a Public Health Emergency of International Concern (PHEIC) by the WHO, prompted a push for point-of-care diagnostics like Rapid Diagnostic Tests (RTDs). These tests, endorsed by the WHO, facilitate quick, on-site testing by minimally trained staff, delivering results within 15 minutes. Regulatory bodies like the US FDA responded by expediting approvals, allowing swift market introduction of COVID-19 detection kits. Consequently, the escalating global cases and the imperative for rapid diagnosis fuel the escalating demand for these efficient and accessible kits, steering the market's growth.
Government initiatives worldwide are anticipated to be a driving force propelling the expansion of the COVID-19 detection test kits and consumables market. Governments play a pivotal role in creating conducive environments for the deployment of these vital tools to manage and mitigate the pandemic's impact. Notably, in September 2023, the US Department of Health and Human Services, through the Administration for Strategic Preparedness and Response (ASPR), announced a $600 million investment among domestic COVID-19 test manufacturers. This significant funding is directed towards distributing free COVID-19 tests nationwide, bolstering test manufacturing capacities, and securing additional over-the-counter tests for federal use. Such initiatives are pivotal in enhancing preparedness and strengthening the market for COVID-19 detection kits and consumables.
CRISPR technology has revolutionized COVID-19 diagnostics, with the emergence of rapid diagnostic tests running on nasal swabs. Sherlock Biosciences received emergency use authorization (EUA) from the US FDA for its CRISPR-based test, marking a breakthrough as the first FDA-authorized CRISPR technology in the market. Mammoth Biosciences is also actively involved in the development of this innovative diagnostic technology.
Prominent companies in the COVID-19 detection kits and consumables market are intensifying their focus on innovative devices like immunoassay kits to gain a competitive edge. Immunoassay kits, diagnostic tools for specific substance detection, are critical in identifying biological molecules in samples. For instance, in February 2021, Agilent Technologies, Inc., introduced the Dako SARS-CoV-2 IgG enzyme-linked immunosorbent assay (ELISA) kit. This two-step indirect ELISA aids in detecting human IgG antibodies to the SARS-CoV-2 S1 RBD protein, assisting in identifying individuals with an adaptive immune response to the virus. The kit is a foundational test aimed at managing COVID-19 in individuals exposed to the virus.
Major companies operating in the COVID-19 detection test kits and consumables market include Cepheid, BGI Genomics, Abbott Laboratories, bioMerieux SA, Bio-Rad Laboratories, F. Hoffmann-La Roche, GenMark Diagnostics, Mylab Discovery Solutions, Qiagen, Quidel Corporation, Randox Laboratories, SD Biosensor, Seegene Inc., Shenzhen Bioeasy Biotechnology, Thermo Fisher Scientific inc., BioMednomics, Getein Biotech, Sensing Self Ltd., Hangzhou Biotest Biotech Co. Ltd., AmonMed Biotechnology Co., Beijing Tigsun Diagnostics Co Ltd., BioMaxima S.A., CTK Biotech, Hunan Lituo Biotechnology Co., Vivacheck Lab, MD Solutions, FastSense Diagnostics, Altona Diagnostics, Siemens AG, Agilent Technologies Inc., Seasun Biomaterials, BTNX Inc., Rapiim, Canon Medical Systems Corporation, Cellspect Co. Ltd., iHealth Labs Inc., InBios International Inc., iXensor Co. Ltd., Jiangsu Medomics medical technology Co Ltd., Maxim Biomedical Inc., Mologic Inc., OraSure Technologies Inc., OSANG LLC, PHASE Scientific International Ltd., Watmind USA, Xiamen Boson Biotech Co. Ltd.
North America was the largest region in the COVID-19 detection test kits and consumables market in 2023. The regions covered in the COVID-19 detection test kits and consumables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the COVID-19 detection test kits and consumables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The COVID-19 detection test kits & consumables market consists of sales of nucleic acid amplification tests (NAATs) and antigen tests. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
COVID-19 Detection Test Kits and Consumables Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on covid-19 detection test kits and consumables market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for covid-19 detection test kits and consumables? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The covid-19 detection test kits and consumables market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.