COVID-19 Detection PoC Kits Market Size Worth $1,777.1 Million by 2030: Grand View Research, Inc.
SAN FRANCISCO, Oct. 19, 2022 /PRNewswire/ -- The global COVID-19 detection PoC kits market size is expected to reach USD 1,777.1 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of -7.7% from 2022 to 2030. The high prevalence of COVID-19, combined with the rising government initiative to tackle the COVID-19 pandemic around the globe is pushing the demand for POC COVID-19 kits for rapid COVID-19 detection, which is likely to drive the market.
Key Industry Insights & Findings from the report:
- By sample handling, the RT-PCR testing segment held the largest share of the market. This is attributed to the majority of the SARS-CoV-2 detection tests being based on RT-PCR technology for quantification of RNA in the samples of patients infected with coronavirus, which in turn is likely to anticipate market growth.
- The PoC testing devices/kits segment is expected to grow lucratively during the forecast period. Advancements in PoC technology for diagnosis of SARS-CoV-2 virus infection are aimed at minimizing assay duration and enhancing testing capacity to prevent further transmission of the disease.
- The introduction of various molecular diagnostic tests requiring nasopharyngeal swab samples is expected to boost nasopharyngeal swab segment growth.
- The hospitals segment accounted for the maximum revenue share in 2021 and is expected to dominate the market during the forecast period. This can be attributed to the increasing number of SARS-CoV-2 tests being conducted to prevent the transmission of infection.
- North America held a significant share in the market in 2021 due to the presence of key payers focused on developing diagnostic tests by incorporating several technologies, and the presence of high R&D investment in the region.
- In Asia Pacific, the market is expected to grow considerably in the future owing to the high prevalence of the coronavirus and the presence of key players.
Read 168-page market research report, "COVID-19 Detection PoC Kits Market Size, Share & Trends Analysis Report By Sample Handling {RNA Extraction System (Rapid Testing Kits, RT-PCR Testing)}, By Sample Type, By End-use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
COVID-19 Detection PoC Kits Market Growth & Trends
Transitioning focus of emerging players towards PoC and at-home testing and integration of advanced techniques has been witnessed in the last two years. This factor is expected to enhance patients' convenience with time-consuming lab-based COVID-19 testing. For instance, in June 2021, Mylab Discovery Solutions, an Indian start-up, launched a new COVID-19 home test kit. This novel kit uses a nasal swab sample and a QR code to connect to a mobile app that offers results in 15 minutes.
Increasing government support and a rise in testing in the country are expected to positively impact the market. As of July 2022, SAHPRA approved 129 molecular test kits for coronavirus detection. Furthermore, in 2020, African CDC launched the Partnership to Accelerate COVID-19 Testing (PACT), which aims to treat, trace, and test COVID-19 cases that would further minimize the impact of the pandemic.
With a high number of coronavirus cases, increasing demand for time-efficient testing was observed. The key players in the market focus on developing time-efficient and accurate testing kits. For instance, in June 2021, Roche's SARS-CoV-2 Antigen Self-Test Nasal obtained a CE mark for at-home coronavirus testing. The test is expected to be available through pharmacies and other locations in compliance with local guidelines & testing strategies.
Certain factors such as an increase in vaccination improved strategies to counter the pandemic, and natural immunity from previous infections, resulting in a mild response to SARS-CV-2 are responsible for a decline in deaths. The health authorities along with regional governments are focusing on intensifying vaccinations around the globe to tackle the present and future possibilities of coronavirus infections. These factors are expected to hamper the market growth in the coming years.
COVID-19 Detection PoC Kits Market Segmentation
Grand View Research has segmented the global COVID-19 detection PoC kits market based on sample handling, sample type, end-use, and region:
COVID-19 Detection PoC Kits Market - Sample Handling Outlook (Revenue, USD Million, 2020 - 2030)
- RNA extraction systems
- Rapid Testing Kits
- Point-Of-Care Testing Devices
- RT-PCR testing
COVID-19 Detection PoC Kits Market - Sample Type Outlook (Revenue, USD Million, 2020 - 2030)
- Nasopharyngeal (NP) swab
- Oropharyngeal (OP) swab
- Nasal Swabs
- Saliva
COVID-19 Detection PoC Kits Market - End-use Outlook (Revenue, USD Million, 2020 - 2030)
- Hospitals
- Home Care
- Diagnostic Centers and Clinics
- Others
- Government Settings
- NGOs
COVID-19 Detection PoC Kits Market - Regional Outlook (Revenue, USD Million, 2020 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- South Korea
- Bangladesh
- Sri Lanka
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- South Africa
- Kenya
- Tanzania
- Uganda
- Ethiopia
- Nigeria
List of Key Players in the COVID-19 Detection PoC Kits Market
- Abbott Laboratories
- Mylab Discovery Solutions Pvt. Ltd.
- Convergent Technologies
- Thermo Fisher Scientific, Inc.
- F. Hoffmann-La Roche
- Cepheid
- BGI
- Cue health Inc.
- SD Biosensor Inc.
- Quest Diagnostics
Check out more related studies published by Grand View Research:
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- Mutation Detection Kit In Genome Editing Market - The global mutation detection kits in genome editing market size is expected to reach USD 455.1 million by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 17.3% from 2021 to 2028. Technological advancements in gene modification technologies, growing adoption of personalized medicine, and increasing demand for synthetic genes and GMOs have majorly driven the market.
- Molecular Biology Enzymes, Reagents And Kits Market - The global molecular biology enzymes, reagents and kits market size is expected to reach USD 29.3 billion by 2027, expanding at a CAGR of 11.0%, according to a new report by Grand View Research, Inc. The molecular biology field holds great potential to advance the medical treatments based on increasing scientific knowledge of cellular processes coupled with improving access to proteomics and genomics data.
Browse through Grand View Research's Biotechnology Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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