Coronavirus Test Kits Market to Decline by USD 6.8 Billion from 2024-2028, but AI Adoption Is Transforming the Landscape - Technavio Report

NEW YORK, Oct. 7, 2024 /PRNewswire/ -- Report with market evolution powered by AI- The global coronavirus test kits market  size is estimated to grow by USD -6.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  -72.6%  during the forecast period.  Rising adoption of rapid coronavirus test kits is driving market growth, with a trend towards increasing demand for point-of-care diagnostics. However, poor healthcare settings in developing countries  poses a challenge. Key market players include 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., and Unisys Corp..

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Key Market Trends Fueling Growth

The coronavirus disease has presented a significant challenge to healthcare systems worldwide, necessitating increased diagnostic capabilities. Authorities, including the World Health Organization (WHO), European Centre for Disease Prevention and Control (ECDC), and National Institutes of Health (NIH), are working to strengthen surveillance and laboratory diagnostics. However, limited testing infrastructure in many countries hinders these efforts. To address this issue, coronavirus test kit manufacturers are introducing at-home test kits, allowing for self-testing and expanding diagnostic capabilities. In January 2022, Roche launched an at-home COVID-19 test, enabling users to test with a nasal swab anytime and anywhere. The availability of advanced point-of-care test kits is boosting market growth by increasing adoption among end-users. 

The Coronavirus Test Kits market is witnessing significant trends in detection methods, with a focus on Point of Care (PoC) kits for rapid diagnostics. Product approval for PoC testing is increasing, enabling real-time diagnostics in hospitals, urgent care centers, clinics, and emergency rooms. Molecular tests, such as RT-PCR, remain the gold standard for confirmatory tests, while antigen and antibody tests offer quicker results. Government testing initiatives, like COVIRAP, are expanding testing capacity with financial assistance for nucleic acid-based tests using saliva/nasal swabs. The Delta variant's emergence has heightened the need for accurate and sensitive tests, with ICMR focusing on improving assay duration and testing capacity. Healthcare workers rely on various diagnostic solutions, including RT-PCR assay kits and immunoassay test strips, to diagnose both symptomatic and asymptomatic patients. Specimen types, such as nasopharyngeal swabs, oropharyngeal swabs, and nasal swabs, play a crucial role in the diagnostic process. Diagnostic centers and healthcare facilities are essential in ensuring patient treatment through in-vitro diagnosis. The market continues to evolve, with the development of mRNA vaccines and advancements in RT-PCR testing technology. 

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Market Challenges

• The coronavirus test kits market faces challenges in developing regions due to limited access to healthcare facilities and insufficient financial resources. Developing countries, such as Kenya, Algeria, and Bangladesh, lack the necessary technology, infrastructure, and policies for efficient healthcare service delivery. The shortage of skilled healthcare personnel further impedes the provision of quality healthcare services, including coronavirus testing. Italy, for instance, has experienced a significant impact on its healthcare workforce, with over 26,000 healthcare providers infected since February 2020. This trend has nearly doubled the percentage of health workers infected in the country. The high mortality and morbidity rates caused by COVID-19, combined with the shortage of financial resources and weak healthcare infrastructure, may hinder the growth of the global coronavirus test kits market during the forecast period.
• The Coronavirus Test Kits market is facing significant challenges in meeting the demand for COVID-19 testing, particularly in emergency rooms. COVIRAP and nucleic acid-based tests, such as RT-PCR, remain the gold standard for detection. However, the emergence of the Delta variant and the need for rapid testing have led to an increase in the use of saliva/nasal swab antigen rapid tests. ICMR and healthcare facilities require financial assistance to expand testing capacity and obtain Emergency Use Authorization for new tests. Industry players are developing RT-PCR Assay Kits and Immunoassay Test Strips with high specificity and sensitivity for various specimen types, including nasopharyngeal, oropharyngeal, and nasal swabs. The challenge of ensuring high detection rates, short assay durations, and accurate results in clinical settings remains crucial for effective patient treatment. Diagnostic centers and healthcare facilities must balance the need for rapid testing with the importance of maintaining high sensitivity and specificity to minimize false positives and false negatives. Asymptomatic patients and healthcare workers require regular testing to prevent the spread of the virus. Overall, the Coronavirus Test Kits market must continue to innovate and adapt to meet the evolving needs of the healthcare industry.

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Segment Overview 

This coronavirus test kits market report extensively covers market segmentation by

1. End-user 
• 1.1 Government
• 1.2 Non government
2. Type 
• 2.1 Rapid test kit
• 2.2 RT-PCR
• 2.3 Others
3. Geography 
• 3.1 Asia
• 3.2 Europe
• 3.3 North America
• 3.4 Rest of World (ROW)

1.1 Government-  The coronavirus test kits market is experiencing significant growth due to the increasing number of government organizations providing testing services for SARS-CoV-2. This trend is driven by the rising adoption of test kits in both developed and developing countries. With the spread of COVID-19 continuing to expand globally, the demand for testing suspected cases is increasing. As a result, government healthcare organizations are receiving samples from private healthcare players for coronavirus testing. For instance, the World Health Organization (WHO) manufactured and delivered 250,000 test kits to 159 public laboratories worldwide in March 2020. This initiative aimed to support countries that lack the capability to produce their own test kits. However, the market growth in 2023 was lower than in previous years due to the implementation of large-scale vaccination drives, which will contribute moderately to the market's growth during the forecast period.

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Research Analysis

The Coronavirus Test Kits market has experienced significant growth due to the ongoing global health crisis. Detection of the virus relies on various diagnostic solutions, including Point of Care (PoC) kits, rapid diagnostics, and confirmatory tests. Molecular tests, such as RT-PCR Assay Kits, and antibody tests, like Immunoassay Test Strips, are commonly used for diagnosis. PoC testing and real-time diagnostics enable quick results, making them essential in hospitals, urgent care centers, diagnostic centers, and healthcare facilities. The specimen type used in testing includes nasopharyngeal swabs, oropharyngeal swabs, and nasal swabs. Government testing and patient treatment have also increased the demand for these kits. Asymptomatic patients are now being tested, further expanding the market. The industry players continue to innovate and seek product approval for new and improved test kits to meet the increasing demand.

Market Research Overview

The Coronavirus Test Kits market has seen significant growth due to the ongoing pandemic. Detection of the virus relies on various diagnostic solutions, including PoC kits, rapid diagnostics, molecular tests, and antibody tests. Product approval and financial assistance from governments have accelerated the availability of these tests in clinical settings such as hospitals, urgent care centers, clinics, and emergency rooms. Rapid antigen tests and PoC testing have gained popularity for their convenience and quick results. Real-time diagnostics using nucleic acid-based tests like RT-PCR are confirmatory tests with high sensitivity and specificity. Saliva/nasal swabs are commonly used specimen types for these tests. Major challenges include the emergence of new variants like Delta and the need for large-scale testing capacity. ICMR and other regulatory bodies have played a crucial role in ensuring the quality and accuracy of these tests through rigorous approval processes and Emergency Use Authorization. Healthcare workers are prioritized for testing, but efforts are being made to expand testing to asymptomatic patients. The market includes various industry players offering RT-PCR assay kits, immunoassay test strips, and other diagnostic solutions. The success of mRNA vaccines has added to the demand for diagnostic tests to monitor viral load and detection rate.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Government
• Non Government
• Type
• Rapid Test Kit
• RT-PCR
• Others
• Geography
• Asia
• Europe
• North America
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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