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North America COVID-19 Detection Kits Market to Reach USD 1.7 Bn by 2026
Published Date: 2020-04-30
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According to the Graphical Research new growth forecast report titled North America COVID-19 Detection Kits Market value is set to exceed USD 1.7 billion by 2026. The rising number of coronavirus positive cases will serve to a key impact rendering factor for North America COVID-19 detection kits market growth over the forecast period. After China and Italy, U.S. rapidly climbed the ladder to become the epicenter of global COVID-19 pandemic, with the highest number of COVID-19 positive cases. With the rapidly spreading COVID-19 disease throughout the continent, the demand for COVID-19 detection kits is expected to witness robust growth over the forecast timeframe.
To tackle the rapidly spreading COVID-19 disease spread, the government is increasing the testing capacity to screen more people. As there is no cure for COVID-19 infection, rapid and accurate diagnosis is the only option to identify and quarantine infected patients in order to curb the spread of the disease. With the exponentially rising cases of COVID-19 infections in North America region, the demand for COVID-19 detection kits will witness robust growth over the forecast timeframe.
COVID-19 infection is most fatal for geriatric population due to weakened immunity and the presence of co-morbidities such as hypertension, COPD or diabetes. North America region is expected to witness a rapid expansion of the geriatric population segment over the forecast period. As the geriatric population base expands, the demand for accurate and early diagnosis of COVID-19 infection will rise to render a significant positive impact on industry growth. However, low accuracy of immunoassay-based detection kits will impede the North America COVID-19 detection kits market growth to some extent over the forecast timeframe.
Based on product, the COVID-19 detection kits market is bifurcated into RT-PCR assay kits and immunoassay test strips/cassettes. RT-PCR assay kits segment will account substantial revenue share in 2020 and is estimated to witness more than 21% CAGR over the analysis timeframe. The robust growth is attributed to the superiority of RT-PCR test kits in terms of specificity and sensitivity compared to immunoassay-based tests. Immunoassay based tests provide rapid results. However, a confirmatory RT-PCR based test is required after initial immunoassay-based test in most of the cases.
Based on specimen type, the market is classified into nasopharyngeal swab, oropharyngeal swab, nasal swab and others. Oropharyngeal swab accounted for around 28% revenue share in 2020 and will witness robust growth over the forecast period. The ease of use associated with the oropharyngeal swab coupled with reasonable sensitivity for COVID-19 viruses will augment the demand for oropharyngeal swabs over the forecast timeframe.
Based on end-use, the COVID-19 detection kits market is segmented into hospitals, diagnostic centers and others. Hospital end-user segment is estimated to experience around 17% CAGR over the forecast timeframe. Hospitals are well equipped with trained professionals and advanced equipment such as ventilators necessary for effective treatment of COVID-19 infection. As a result, a greater portion of the patient population is approaching to hospital premises for diagnosis and treatment of coronavirus infection. This should augment the segment growth considerably over the forecast period.
The U.S. COVID-19 Detection Kits market is estimated to experience around 21% CAGR during the forecast years. A strong foothold of leading industry players in the U.S. will ensure the adequate and uninterrupted supply of COVID-19 detection kits. Moreover, rapidly increasing cases of COVID-19 infections throughout the country will drive the regional demand over the foreseeable future.
Major market players in North America COVID-19 Detection Kits market are Abbott Laboratories, BioFire Diagnostics, Cepheid, Co-Diagnostics, Inc, F. Hoffmann-La Roche AG, GenMark Diagnostics, Qiagen, and Thermo Fisher Scientific. These market players are undertaking various strategies such as product launch for business expansion. For instance, in March 2020, Abbott received FDA approval for the launch of its portable and point of care molecular tests for diagnosis of novel coronavirus infection.
North America 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 Growth, By End-use, 2020-2026 (USD Million)
- Diagnostic centers
- Research Institutes
The above information is provided for the following region and countries:
- North America