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APAC COVID-19 Detection Kits Market to Flourish at USD 1.8 Bn by 2026
Published Date: 2020-05-26
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According to the Graphical Research new growth forecast report titled Asia Pacific COVID-19 Detection Kits Market value is set to exceed USD 1.8 billion by 2026. The COVID-19 pandemic is potentially reshaping countries across the globe. The count of positive cases in Asia Pacific countries are seeing a robust growth. The infection has touched every corner in Asia Pacific region impacting public health, politics and economy. As per the World Health Organization (WHO), in Asia Pacific, China stands with the most number of coronavirus cases, followed by India. The huge population and high population density in these countries are a major factor to drive the infectious disease. Thus, the demand for COVID-19 testing kits is also increasing and expected to see a significant growth over the projected timeline. The pandemic has forced several countries of Asia Pacific to take desperate measures to increase the screening and testing capacity. Easy regulations and government support have enabled test manufacturing companies to ramp-up their production capacity. This is expected to boost the market growth throughout the forecast period.
The medical device industry is amidst a change. The extraordinary conditions due to COVID-19 pandemic have prompted robust growth in research leading to the development of innovative testing solutions. The aging population and the increasing prevalence of chronic diseases have propelled the demand for constant innovation in therapeutic as well as diagnostic sector. Many South Korean companies have brought fast and effective testing solutions into the market. These tests provide test results from a few minutes to within an hour. South Korea has seen demand for test kits from more than 100 countries and churning out over a million test units a week, owing to its massive production capacity and compliance with reliable test results. This is expected to highly boast the Asia Pacific COVID-19 detection kits market over the analysis timeframe.
COVID-19 detection kits industry, based on product, is segmented into RT-PCR assay kits and immunoassay test strips or cassettes. The immunoassay test strips or cassettes segment accounted for nearly USD 22 million in 2020 and will witness slow growth over the analysis period. The slow growth is owed to the lack of accuracy in such type of tests that makes it inferior to RT-PCR test. Also, a confirmatory test based on the molecular testing method is always required post-immunoassay-based test that curbs its market growth.
Based on specimen type, the COVID-19 detection kits market is segmented into nasal swab, oropharyngeal swab, nasopharyngeal swab, and others. Nasal swab is expected to grow at around 21% CAGR over the analysis period and will garner a moderate market share. The slow growth of the segment is due to its less specificity and yield as compared to other sample types.
The COVID-19 detection kits industry, based on end-use, is classified into diagnostic centers, hospitals, and others. Hospitals end-user segment is estimated to witness around 17.5% CAGR over the projected timeline. This is due to the fact that hospitals are being mostly contacted for the diagnosis of illness and suspected COVID-19 infected individuals. Hospitals are well equipped with state-of-the-art testing devices for effective COVID-19 testing and having highly skilled medical professionals around makes it easier to give critical care to the patients.
In Asia Pacific region, COVID-19 detection kits industry in China is anticipated to grow at around 25% CAGR during the foreseeable years. Rapidly increasing cases of COVID-19 infection and surging need for critical care and diagnosis throughout the nation are anticipated to drive the demand for the Asia Pacific COVID-19 detection kits market over the analysis timeframe.
Some of the prominent market players in the industry are BGI, Abbott, Co-Diagnostics, BioFire Diagnostics, Cepheid, F. Hoffmann-La Roche, Guangzhou Wondfo Biotech, Mylab Discovery Solutions, Qiagen, Thermo Fisher Scientific, SD Biosensor, Seegene, and Shenzhen Bioeasy Biotechnology. These market participants are undertaking several approaches such as seeking government approvals for their new product launches and collaborations for expansion. For instance, in April 2020,Mylab Discovery Solutions announced a collaboration with Syngene, a prominent global contract research organization, to cater to India’s demand for RT-PCR COVID-19 test kits. This development helped Mylab Discovery Solutions to expand its production and customer base as well.
Asia Pacific COVID-19 Detection Kits Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million and Units from 2020 to 2026, for the following segments:
Market Share, By Product, 2020-2026 (USD Million) (Units)
- RT-PCR assay kits
- Immunoassay test strips/cassettes
Market Size, By Specimen Type, 2020-2026 (USD Million)
- Nasopharyngeal swab
- Oropharyngeal swab
- Nasal swab
Market Value, By End-use, 2020-2026 (USD Million)
- Diagnostic centers
The above information is provided for the following region and countries:
- Asia Pacific
- South Korea
- New Zealand