Asia Pacific COVID-19 Detection Kits Market Share was valued at over USD 600 million in 2020 and is expected to witness around 20% CAGR from 2020 to 2026.
COVID-19 detection kit is used to detect the causative agent of COVID-19 disease, SARS-CoV-2, in a potentially infected person. Laboratory molecular testing involves the evaluation of patient’s blood, oral or nasal sample through nucleic acid amplification method. Immunochromatography test detects antibodies produced in the body in response to the COVID-19 infection.
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The unprecedented circumstances due to COVID-19 pandemic and its robust transmissible nature have led the government of several nations to provide funds to medical kit manufacturing firms. Additionally, to meet the soaring market demand for testing, several COVID-19 detection kits manufacturers have ramped up their production, thereby propelling market growth. Also, regulatory bodies of several Asia Pacific countries have eased the testing kit approval process. For instance, approval systems in India have been fast-tracked. According to Indian Council of Medical Research (ICMR), after receiving approval from National Institute of Virology (NIV), Indian medical device companies are allowed to manufacture and supply diagnostic kits to government and private laboratories, even if they do not have approval from the U.S. FDA or European CE. This is expected to boost the Asia Pacific COVID-19 detection kits industry growth.
The robust spread of the infection and the resulting increase in the incidences of COVID-19 infection is expected to augment the COVID-19 detection kits market growth over the forecast period. The outbreak of the novel coronavirus in Wuhan, China witnessed positive cases spread throughout the Asia Pacific. As per the World Health Organization (WHO), more than 84 thousand confirmed cases of COVID-19 were reported. Also, the total number of COVID-19 positive cases in India were reported to be more than 42 thousand as of 30th April. Thus, the accelerating number of COVID-19 infections have increased the market demand for accurate and effective COVID-19 detection kits, thereby propelling market growth.
Asia Pacific Market Share, By Product
COVID-19 detection kits industry, based on product, is segmented into immunoassay test strips or cassettes and RT-PCR assay kits. The RT-PCR assay kits are anticipated to grow at around 20% CAGR over the analysis timeframe, due to the high sensitivity and specificity of the method to detect the presence of SARS-COV-2 virus in the patient’s sample. Immunoassay based tests are quick to provide results. However, a post confirmatory test using RT-PCR is required, thereby boosting the segmental growth.
Asia Pacific Market Size, By Specimen Type
COVID-19 detection kits industry, based on specimen type, is classified into nasal swab, nasopharyngeal swab, oropharyngeal swab, and others. Though any of the oropharyngeal, nasal, or nasopharyngeal swab is used in molecular testing methods, the nasopharyngeal swab segment accounted for around 45% market share in 2020, the highest share-cut among all other sample types. It will continue to experience significant growth over the projected timeline due to its high specificity and good yield.
Asia Pacific Market Value, By End-use
COVID-19 detection kits industry is categorized into diagnostic centers, hospitals, and others, based on end-use. Diagnostic centers end-use segment accounted for around USD 200 million in 2020 and the growth is expected to augment over the projected timeline. After hospitals, diagnostic centers are mostly being contacted for COVID-19 testing. Testing a huge number of samples requires advanced equipment and skilled operators that are available in diagnostic centers. This is expected to considerably boost the segment growth over the forecast period.
Asia Pacific Market Forecast, By Country
India COVID-19 detection kits market is anticipated to grow at around 28% CAGR during the analysis timeframe, attributed to the augmenting cases of positive COVID-19 patients, nationwide. A substantial number of the patients are going through adverse health condition due to infection and the cases are still counting. The country has incurred a heavy death-toll due to the pandemic. It has increased the need for effective and timely analysis of COVID-19 infection. Government support for many start-ups that are coming up with innovative and effective tests for novel coronavirus will also boost market growth in the country.
Competitive Market Share
Some of the eminent market players in Asia Pacific COVID-19 Detection Kits Market include Abbott, BGI, BioFire Diagnostics, Cepheid, Co-Diagnostics, F. Hoffmann-La Roche, Guangzhou Wondfo Biotech, Mylab Discovery Solutions, Qiagen, Thermo Fisher Scientific, SD Biosensor, Seegene, and Shenzhen Bioeasy Biotechnology. These firms are exercising various business strategies that will help them to make a mark on Asia Pacific COVID-19 detection kits market. For instance, in April 2020, Seegene announced to receive the U.S. FDA-EUA approval for its real-time RT-PCR test, Allplex 2019-nCoV Assay. This approval helped the company to cater the increasing demand of testing kits in Asian countries and as a result helped the company to increase its customer base.
The entire world is confronting tremendous public health emergencies and loss due to the COVID-19 infection. COVID-19 is a profoundly intense respiratory infection. The infection is caused due to contracting SARS-CoV-2, a novel coronavirus. The infection is primarily transmitted between individuals through respiratory droplets and contact routes such as exposed surfaces in the immediate environment or with objects used on the infected person. The total count of COVID-19 positive cases in several countries of Asia Pacific is witnessing a robust rise. This is driving the need for effective and quick measures to curb and contain the spread of the virus. In the wake of this, COVID-19 testing has become of prime importance. Numerous medical device manufacturing companies in countries such as India, China, South Korea, and others are participating in the development and production of COVID-19 detection kits. In addition, several countries are providing funds in support of COVID-19 testing kits production. This will propel the Asia Pacific COVID-19 Detection Kits Market growth over the projected timeframe.