Market Trends of Global COVID-19 Detection Kits Industry
This section covers the major market trends shaping the COVID-19 Detection Kits Market according to our research experts:
RT-PCR Assay Kits Segment Held a Major Market Share and is Estimated to do the Same Over the Forecast Period
Reverse transcription-polymerase chain reaction (RT-PCR) assay kits are expected to hold a significant share of the studied market. Due to their high sensitivity and specificity and a greater number of product launches, the segment witnessed strong growth, and it is expected to continue its growth trend over the forecast period.
The RT-PCR test is designated as a gold standard for COVID-19 testing by many governments across the world, owing to which the RT-PCR tests are being used widely in the accurate detection of COVID-19 samples. As per a press release by the ECDC in January 2022, the RT-PCR test is the "gold standard" for COVID-19 diagnoses and is the most trustworthy approach for COVID-19 testing, and is not the results are not affected by different variants of COVID-19. Thus, the demand for RT-PCR kits demand is growing and is expected to continue to grow over the forecast period.
The test involves the extraction of viral RNA from the test sample and further synthesis of complementary DNA by amplifying the viral genome using the RT-PCR system. This test is a qualitative detection of nucleic acid from SARS-COV-2 in the upper and lower respiratory specimens, and time took around 24-72 hours from sample collection to generate the results. Thus, most of the global and regional market players introduced new kits for PCR tests back-to-back.
For instance, in January 2021, Neuberg Supratech launched a round-the-clock RT-PCR test counter for flyers at Sardar Vallabhbhai Patel International Airport, Gujarat, India. The test is available for all international arrivals and domestic travelers arriving and departing from the airport. In addition, in May 2022, FDA authorized emergency use for the LabCorp Seasonal Respiratory Virus RT-PCR direct-to-consumer (DTC) Test for use without a prescription by individuals two years of age and older with symptoms of respiratory viral infection consistent with COVID-19. The Labcorp Seasonal Respiratory Virus RT-PCR DTC Test can identify and differentiate multiple respiratory viruses at the same time, detecting influenza A and B, respiratory syncytial virus (RSV), and SARS-CoV-2. Hence, due to the above-mentioned factors, the RT-PCR assay kits segment is expected to hold a significant share of the COVID-19 detection kits market over the forecast period.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America region is expected to hold a significant market share in COVID-19 detection kits over the forecast period. Due to the high burden of COVID-19 infections in the region, the availability of advanced and authorized rapid tests, and continuous approval for new products in the region, the market is witnessing growth.
The United States is expected to be a major market in the region during the forecast period owing to the high availability of testing kits, new product approvals, and government initiatives regarding vigorous testing for COVID-19. For instance, according to the September 2021 report by FDA, nearly 400 tests and collection kits were authorized by FDA since the start of the COVID-19 pandemic, of which 235 are molecular, 88 are antibody, and 34 are antigen tests.
In addition. The United States is one of the most affected countries in the world by COVID-19, and as per WHO COVID-19 Dashboard, by the end of January 2023, there were about 99.1 million confirmed COVID-19 cases in the country, which is the highest in the world. Further, according to the source mentioned above, by the end of January 2023, about 4.48 million confirmed cases in Canada and approximately 7.2 million confirmed cases were recorded in Mexico. Further, according to the August 2022 update of the Canadian government, the concerned coronavirus variants in Canada were Alpha (B.1.1.7), Beta (B.1.351), Gamma (P.1), Delta (B.1.617.2), and Omicron (B.1.1.529). Hence, the emerging variants of COVID-19 are further expected to drive the demand for COVID-19 detection kits in the region, which is anticipated to have a significant impact on the market. Hence, due to the high burden of COVID-19 across the countries in the region, the market is expected to grow with the rise in demand for COVID-19 detection kits, thereby, driving the market growth.
Further, according to the January 2022 briefing from the White House Official, 1 billion tests were purchased by the Biden administration and given to Americans for free; online ordering for half a billion tests began on January 19, 2022. Hence, initiatives like these are expected to have a significant impact on the market growth in the region. Therefore, North America is expected to occupy a significant share of the COVID-19 detection kits market over the forecast period.
