COVID-19 Detection Test Kits & Consumables Global Market Report 2020-30: COVID 19 Implications and Growth

NEW YORK, July 20, 2020 /PRNewswire/ --

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The global COVID-19 detection kits and consumables market is expected to reach $5.2 billion by the end of 2020 and reach $6.1 billion by 2021 at a compound annual growth rate (CAGR) of 17.3%. The growth is mainly attributed to the COVID-19 outbreak and the urgent need to diagnose and treat the growing number of cases. The growth was significant in the first quarter, however, has slightly declined from the end of April 2020 due to the restrictive containment measures involving social distancing and remote working, and the closure of industries and other commercial activities. Slowdowns in even one large industrial component can have a domino effect throughout the country. The entire supply chain from production to international trade has been impacted. The current demand has outpaced supply. The market is then expected to stabilize and reach $6.8 billion in 2023 at CAGR 9.61%.

The market for COVID19 detection test kits & consumables consists of sales of detection test kits and consumables used for the identification of novel coronavirus (SARS-CoV-2). The market consists of revenue generated by the companies that are manufacturing detection test kits and consumables by the sales of these products.

North America is anticipated to be the largest region in the COVID-19 detection test kits and consumables market by the end of 2020. Asia Pacific is expected to be the fastest-growing region in the forecast period.

In April 2020, Co-Diagnostics, a molecular diagnostics company has signed an agreement with Promega for additional manufacturing capacity for the urgent production of its Logix Smart COVID-19 test. Promega will support Co-Diagnostics with its innovative solutions and technical support by providing test kits of its new Logix Smart COVID-19 test to meet the demand during the pandemic. Logix Smart COVID-19 test uses the Co-Primer technology of Co-Diagnostics to target the RdRp gene of the SARS-CoV-2 virus that causes the disease. The test is currently available to all clinical laboratories certified under Clinical Laboratory Improvement Amendments. Promega Corporation will begin supplying complete test kits for further distribution by Co-Diagnostics. The enhanced partnership enables Co-Diagnostics to reach additional testing facilities while leaning on Promega Corporation's extensive manufacturing capabilities and increased capacity.

The market for COVID19 detection test kits & consumables market covered in this report is segmented by kits into viral load testing kits (qPCR and rt-PCR); virus-neutralizing assay kits; antibody detection kits (ELISA); viral antigen detection test kits; others. It is also segmented by consumables into swabs; tubes; viral transfer media; reagents; other consumables, by specimen type into nose & throat swab; blood; sputum; nasal aspirate and by end-use into hospitals; clinics; public health labs; private and commercial labs; physicians labs; research institutes; others.

Huge demand to increase the capacity combined with a shortage of raw materials used in equipment and a reduced supply of particular reagents and consumables is expected to limit the growth of COVID-19 detection test kits and consumables market. The pandemic outbreak resulted in lockdown all over the world which has brought shortages of raw materials and halted supply chain of the particular reagents and consumables for the manufacturing companies as the countries depend on each other for it. For instance, Mpilo lab, the COVID-19 testing laboratory in Bulawayo has stopped conducting tests due to a critical shortage of consumables. Shortages of raw materials due to the disruption in the supply chain coupled with the high pressure to increase the production capacity to meet the demand is likely to harm the profit margins of COVID-19 detection test kits and consumables market.

CRISPR, a new diagnostic test for COVID-19 is based on CRISPR technology and can run on nasal swabs. CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats) based technologies are genomic editing technologies used for the exact detection of COVID-19 cases in an hour's time. The US FDA has granted Sherlock Biosciences an emergency use authorization (EUA) for the CRISPR test. The Sherlock Biosciences' CRISPR, therefore becomes the first FDA-authorized CRISPR technology on the market. Mammoth Biosciences is another company that is extensively working on this technology.

The escalating demand for cost-effective and quick COVID-19 detection kits coupled with the easing of regulatory processes for COVID-19 detection kits contributed to the growth of COVID-19 detection kits and consumables market. With the increasing incidence of COVID-19 (SARS-CoV-2) worldwide, the outbreak was declared as Public Health Emergency of International Concern (PHEIC) by WHO. The WHO called for research on point of care diagnostics such as Rapid Diagnostic Tests (RTDs), which are small, simple stand-alone tests for use at the community level, and that can be carried out at the site of triage and outside the hospital, by minimally trained staff, round the clock and on single samples, providing test results within 15 minutes. In the support of the research, regulatory bodies such as US FDA have eased COVID-19 detection kits regulatory approval process allowing manufacturers to introduce COVID-19 detection kits in the market on a fast- track basis. Therefore, with the growing number of cases globally and the immense need for rapid diagnosis, the demand for cost-effective and quick COVID-19 detection kits is growing. This factor coupled with ease of the regulatory process for COVID-19 detection kits is driving the market.


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