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Global COVID-19 Test Kits Market to Surpass USD 13 Billion by 2026

By LabMedica International staff writers
Posted on 23 Sep 2020

Illustration

The global COVID-19 test kits market with a current market value of USD 15.4 billion in 2020 is expected to record revenue of more than USD 13 billion by 2026, driven primarily by the high efficiency and accuracy of RT-PCR based COVID-19 detection kits for the detection of the SARS-CoV-2 virus.

Given the ongoing COVID-19 pandemic, the demand for COVID-19 test kits is anticipated to surge in the near future. The number of COVID-19 cases is increasing rapidly across the globe. The resumption of industrial and economic activities in high burden countries is expected to drive a further increase in the number of COVID-19 cases. These are the latest findings of Global Market Insights, Inc. (Selbyville, DE, USA), a global market research and consulting service provider.

On the basis of product, the immunoassay cassettes or test strips segment held a share of over 29% in the global COVID-19 test kits market in 2020 due to the surging demand for immunoassay-based COVID-19 detection kits, as these tests have less manufacturing costs and are easy to perform. Immunoassays can detect past infections by examining the immune response of the patient during as well as after the COVID-19 infection. On the basis of specimen type, the nasal swab segment accounted for revenue of more than USD 1.8 billion in 2020, owing to the wide availability and easy operation of nasal swab specimens.

Based on end-use, the hospitals segment dominated the global COVID-19 test kits market in 2020 with a share of around 46% Hospitals provide convenient access to quality care, manage healthcare spending and improve recovery. Competition among hospitals is continuously rising for providing better quality services at low prices.

Geographically, the COVID-19 test kits market in Asia Pacific will record a growth of -2.2% until 2026, driven by favorable government initiatives for the early treatment and diagnosis of COVID-19 in highly affected countries such as China, India as well as others. The presence of market players in Asia Pacific who are developing novel products will also boost the growth of the COVID-19 test kits market in the region.

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