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North America COVID-19 Detection Kits Market Growth By Specimen Type (Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab), By Product (RT-PCR Assay Kits, Immunoassay Test Strips/Cassettes), By End-use (Hospitals, Diagnostic Centers), Industry Analysis Report, Regional Outlook (U.S., Canada), Application Potential, Competitive Market Share & Forecast, 2020 - 2026

Published Date: April 2020 | Publisher: Graphical Research Report ID: GR1345 | Delivery : PDF

Industry Trends

North America COVID-19 Detection Kits Market Value was valued at over USD 556 million in 2020 and is expected to witness around 21% CAGR from 2020 to 2026.

COVID-19 detection kits are used to identify the SARS-CoV-2 virus presence, the causative agent of COVID-19 infection in humans. The detection involves a patient’s oral, nasal or blood sample and conducted through a molecular method that detects SARS-CoV-2 nucleic acid or immunology method that detect antibodies produced in the body in response to infection.

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The U.S. is highly affected country due to COVID-19 infection and the pandemic is pushing its healthcare system to the brink of collapse. This is attributable to the high share of population aged 60 and older in the U.S. The COVID-19 disease seems to be more progressive and intense in case of aged population due to their diminishing body reserves and immunity. Old age population are at a high risk of discovering serious malady following COVID-19 infection, prompting higher death rate. For instance, as per the World Health Organization (WHO), over 90% of considerable deaths were individuals aged 60 years or more. This will augment the COVID-19 detection kits demand in North America.

Robust transmission of SARS-COV-2 and the resulting increase in incidences of the infection will bolster the COVID-19 detection kits market growth during the forecast period. For instance, according to the WHO, around 3 million positive cases of COVID-19 were reported in a short span of five months between December 2019 and April 2020. Additionally, around 1 million confirmed cases were recorded in the U.S. only. This has augmented COVID-19 detection kits market demand in North America. However, due to the high cost of custom nucleic acid amplification equipment and shortage of necessary supplies to make assay kits the market growth is slowed down.

North America Market Share, By Product

Based on product, the COVID-19 detection kits market is bifurcated into immunoassay test strips/cassettes and RT-PCR assay kits. The immunoassay test strips/cassettes is expected to experience around 13% CAGR over the forecast period, due to the rising demand for rapid diagnostic options. The increasing demand for immunoassay-based kits is also attributed to easy accessibility and simple to perform test procedures that do not necessarily need highly skilled operators. This is expected to propel the segmental growth.

North America Market Size, By Specimen Type

Based on specimen type, the COVID-19 detection kits market is segmented into nasal swab, nasopharyngeal swab, oropharyngeal swab, and others. The nasopharyngeal swab segment is anticipated to experience around 43% market share in 2020. The segmental growth is due to the higher yield and accuracy of nasopharyngeal specimens than nasal swab or oral samples. Additionally, since the COVID-19 is a respiratory infection, most COVID-19 detection kits require nasopharyngeal specimen due to its high specificity, thereby bolstering the segmental growth.

North America Market Trends, By End-use

Based on end-use, the COVID-19 detection kits market is segmented into hospitals, diagnostic centers, and others. The diagnostic centers is expected to account for over USD 187.5 million market value in 2020. The growth of diagnostic centers is owed to the easy availability of COVID-19 detection kits and developing infrastructure, thus propelling market growth. Also, diagnostic centers are usually well equipped with essential resources needed to process a large batch of patient specimens effectively, thus bolstering the segmental growth.

North America Market Forecast, By Country

Canada COVID-19 detection kits market is poised to exceed USD 164.5 million by the end of 2020, owing to the growing healthcare infrastructure in the country. Increasing cases of COVID-19 will fuel the COVID-19 detection kits market demand. According to the WHO, the confirmed cases of COVID-19 in Canada stands at over 45 thousand cases and counting. Government agencies are taking initiatives to provide access to the COVID-19 detection kits for the healthcare givers. This has increased the demand for COVID-19 detection kits, that will foster regional growth.

Competitive Market Share

Some of the major industry players involved in North America COVID-19 detection kits market include BioFire Diagnostics, Abbott Laboratories, Co-Diagnostics, Inc., Cepheid, F. Hoffmann-La Roche AG, GenMark Diagnostics, Qiagen, and Thermo Fisher Scientific. These companies are adopting various market strategies to tackle the shortage of COVID-19 detection kits in North America. It will enable them to advance as driving organizations in the COVID-19 detection kits market. For instance, in March 2020, Hologic’s novel coronavirus SARS-CoV-2 molecular test obtained the U.S. FDA’s Emergency Use Authorization (EUA) certificate. This development will support the firm to cater to a large patient population and to sustain the industry competition.

North America COVID-19 Detection Kits Market Background

COVID-19 is a respiratory disease. Transmission of its causative agent, SARS-CoV-2 virus, occurs fast through direct contact with an infected person or indirect contact with exposed surfaces in the immediate environment. Nations with a high number of COVID-19 cases are facing huge public health problems. This has propelled the need for COVID-19 detection kits. Considering the current circumstances, government bodies such as the U.S. FDA announced to make the regulatory process easy for newly developed COVID-19 detection kits via Emergency Use Authorization (EUA) certification. Under EUA regulation, the COVID-19 detection kit manufacturing companies are allowed to launch their testing kits in the market on a fast-track basis. This is expected to boost the COVID-19 detection kits market growth.

Frequently Asked Question(FAQ) :

COVID-19 detection kits are used to identify the SARS-CoV-2 virus presence, the causative agent of COVID-19 infection in humans. The detection involves a patient’s oral, nasal or blood sample and conducted through a molecular method that detects SARS-CoV-2 nucleic acid or immunology method that detect antibodies produced in the body in response to infection.
According to Graphical Research, North America COVID-19 Detection Kits Market Growth By Specimen Type (Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab), By Product (RT-PCR Assay Kits, Immunoassay Test Strips/Cassettes), By End-use (Hospitals, Diagnostic Centers), Industry Analysis Report, Regional Outlook (U.S., Canada), Application Potential, Competitive Market Share & Forecast, 2020 – 2026.
Some of the major industry players involved in North America COVID-19 detection kits market include BioFire Diagnostics, Abbott Laboratories, Co-Diagnostics, Inc., Cepheid, F. Hoffmann-La Roche AG, GenMark Diagnostics, Qiagen, and Thermo Fisher Scientific.

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North America COVID-19 Detection Kits Market Share 2020 | Report


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