The global Coronavirus Real-time Detection Kits market worth USD 37.38 billion by 2029, growing at a CAGR of 19.8%
Coronavirus or COVID-19 is an infectious disease caused by SARS-CoV-2 (severe acute respiratory syndrome coronavirus 2) that can trigger a respiratory tract infection. It affects the upper respiratory tract including sinuses, nose, and throat or lower respiratory tract including windpipe and lungs. The production and demand for diagnostic test kits has surged ever since the World Health Organization (WHO) declared infections caused by SARS-CoV-2 a pandemic in March. The spike in the number of coronavirus cases has further led to increase the demand for coronavirus real-time detection kits across the globe. Furthermore, growing elderly population, and those with underlying medical problems such as cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more likely to develop this serious illness. Thus, there is rapid demand for early detection of the disease which is expected to fuel the growth of the market in the future. However, low sensitivity of immunoassay based test will hinder the growth of the market in the next few years.
The aim of the report is to estimate the market size for coronavirus real-time detection kits and the future growth potential of the market for coronavirus real-time detection kits across various segments, such as product, sample type, and end-users.
The market has been studied for historic years from 2018 and 2019, with the base year of estimation as 2019 and forecast from 2020 to 2028. Factors such as growing prevalence of COVID-19 worldwide, along with increase in prevalence of chronic diseases such as diabetes, asthma, cancer, and cardiac diseases, rise in geriatric population susceptible to these diseases are the key drivers of the coronavirus real-time detection kits market.
By product, real-time PCR assay kits held substantial share of the global coronavirus real-time detection kits market owing to its high sensitivity and specificity. RT-PCR is a gold standard frontline test for detection of coronavirus. A RT-PCR assay test is a real-time reverse transcription polymerase chain reaction test for qualitative detection of nucleic acid from SARS-CoV-2 in lower and upper respiratory specimens.
Asia Pacific dominated the global coronavirus real-time detection test kits market in 2019. The dominant share is attributable to continuously increasing incidence of coronavirus cases in developing countries such as China and India. For instance, there were 217,606 coronavirus cases in India, as of June 2020. Moreover, presence of local manufacturers offering real-time PCR test kits is expected to fuel growth of the market in the region. For instance, in March 2020, Mylab Discovery became the first company in India to earn approval for its COVID-19 diagnostic kits. The kits, also known as RT-PCR assay kits have received CDSCO (Central Drugs Standard Control Organization) approval.
North America is projected to witness lucrative growth over the coming years owing to large number of COVID-19 infected patients in the U.S. and Canada. For instance, as of June 2020, the U.S. had more than 1.8 million coronavirus cases and around 105,000 deaths whereas Canada had 93,000 cases and about 7,400 deaths due to coronavirus. This is likely to augment the growth of the market in the region.
It is known that the major players in the industry are making heavy investments in research projects, which is expected to ensure market growth during the forecast period. Industry players are focused on developing novel diagnostic test kits which in the coming years will further increase the overall growth of the market.
Coronavirus Real-time Detection Kits Market Scope
|Revenue forecast in 2029
|USD 37.38 billion
|CAGR of 19.8% during 2019-2029
|By Test Type, Sample Type, End-User, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Qiagen (Germany), F.Hoffmann-La Roche Ltd (Switzerland), Seegene Inc (South Korea), SolGent Co. Ltd (South Korea), Curetis (Germany), KURBO INDUSTRIES LTD. (Japan), Devex (U.S.), Thermo Fisher Scientific Inc (U.S.), Mylab Discovery Solutions Pvt. Ltd (India), Abbott (U.S.), Getein Biotech, Inc (China), Biomaxima SA (Poland), CTK Biotech, Inc (U.S.), CDC (U.S.), BGI (China), Luminex Corporation (U.S.), Avellino.com (U.S.), PerkinElmer Inc (U.S.)
Key Segments of the Global Coronavirus Real-Time Detection Kits Market
Product Overview, (USD Million)
- RT-PCR Assay Kits
- Immunoassay Test Strips/Cassettes
Sample Type Overview, (USD Million)
- Nasopharyngeal Swab
- Oropharyngeal Swab
- Nasal Swab
End-user Overview, (USD Million)
- Diagnostic Centers & Clinics
Regional Overview, (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Important Companies in Global Coronavirus Real-Time Detection Kits Market
- Thermo Fisher Scientific
- Perkin Elmer, Inc.
- F. Hoffmann-La Roche Ltd.
- Luminex Corporation
- Abbott Laboratories
- Quidel Corporation
- Becton, Dickinson and Company
- Veredus Laboratroies
- TaKara Bio Inc.
- Mylab Discovery Solutions Pvt Ltd.
Reasons for the study
- Increase in incidence of COVID-19 across the globe
- Surge in geriatric population worldwide
What does the report include?
- The study on the global coronavirus real-time detection kits market includes qualitative insights such as drivers, restraints, challenges and opportunities
- Additionally, the market has been evaluated using the Porter’s Five Forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of product, sample type, and end-user. Moreover, the study on coronavirus real-time detection kits market provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players operating in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global coronavirus real-time detection kits market is suitable for all the players across the value chain including raw material suppliers, hospitals, laboratories, diagnostic centers, medical device manufacturers, clinics, healthcare organizations, distributors, suppliers and technology geeks
- Venture capitalists and investors looking for more information on the future outlook of the global coronavirus real-time detection kits market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global coronavirus real-time detection kits market