The COVID Testing Kit Market Size was valued at USD 75.23 billion in 2023 and is projected to grow from USD 81 billion in 2024 to USD 141.80 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.31 % during the forecast period (2024 - 2032). The increasing number of COVID-19 cases, government & private funds as well as support for research & development are driving the market growth. Additionally, the rising number of emergency use authorizations for diagnostic kits & devices, and developments & support by non-medical device/diagnostic companies also boost the market.
COVID-19 is an infectious disease that first started in December 2019 in China and then spread throughout the globe. The number of cases of this disease has been increasing ever since. According to the latest data released by the World Health Organization (WHO), there were 663,248,631 confirmed cases of COVID-19 in January 2023. Due to these increasing numbers of cases, there is a growing demand for more COVID-19 testing kits and devices, hence driving the market's growth.
Moreover, the government authorities are strict about the labs' following the testing protocol. Several protocols in different countries suggest testing a patient more than once for accurate results in the case of discrepancies. Also, it suggests the testing of healthcare workers (HCWs), as they are in direct contact with positive patients. Moreover, to keep the figures under control, economies are emphasizing identifying individuals with respiratory illnesses and tracing and testing any contacts. There have been reported cases of COVID-19 patients testing positive after having fully recovered from the disease. World Health Organization (WHO) in a statement took note of this, with the release of WHO guidelines that a clinically recovered patient should test negative for the virus twice with a test conducted after 24 hours. All of the aforementioned factors contribute to an increase in the number of tests, resulting in market growth.
Moreover, the players operating in the market are launching a variety of innovative diagnostic kits. For instance, in June 2022, Genes2Me (India), an IVD solutions manufacturer in India, launched the CoviEasy Self-Test Rapid Antigen Test Kit for COVID-19 diagnosis that gives results in 10 minutes. Additionally, Mylab Discovery Solutions Pvt. Ltd. (India), a molecular biology company, launched CoviSwift, a point-of-care testing solution kit for use in hospital labs, small labs, and airports. This is also fueling the growth of the COVID-19 testing kit market revenue.
The COVID testing kit market segmentation, based on type, includes immunoassay test strips, RT-PCR assay kits, and others. The RT-PCR assay kits segment held the majority share in 2021. The COVID-19 testing kits are an essential part of efforts to contain and control the COVID-19 pandemic. The rapid spread of COVID-19 has drastically increased the demand for testing kits around the world. This is primarily owing to the technological advancements in RT-PCR assay kits as well as their high sensitivity and specificity.
May 2022 The U.S. Food and Drug Administration authorised the Laboratory Corporation of America Holdings’ US) Respiratory Virus RT-PCR DTC Test for COVID-19 diagnosis as well as flu and respiratory syncytial virus (RSV) infection.
May 202 Cipla (India) partnered with Genes2Me (India) to launch the COVID-19 RT-PCR testing kit in India.
Figure 2 COVID Testing Kit Market, by Type, 2021 & 2030 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Moreover, the accuracy of the RT-PCR assay kits is higher than that of other methods. It can detect the severity of COVID-19 infection as well as be less prone to contamination, which limits the margin of error during the test. This is boosting segment growth.
The COVID testing kit market segmentation, based on specimen, includes nasopharyngeal swab, oropharyngeal swab, and nasal swab. The nasopharyngeal swab segment dominated the market in 2021. This is due to a significantly higher COVID-19 detection rate and reduced droplet production during swabs. Nasopharyngeal swabs are considered the highest-yield sample for diagnostic testing for respiratory viruses, including SARS-CoV-2. The nasal swab segment is projected to be the fastest-growing segment during the forecast period, 2022–2030. This is due to significantly higher mean viral load, significantly higher positivity rate, and the launch of new rapid COVID-19 detection kits with nasal swabs by the players in the market.
January 2022 Roche Diagnostics India has introduced the COVID-19 At-Home Test Kit for the diagnosis of COVID-19. This test requires a swab from the front area of the nose instead of the nasopharynx.
July 2021 Abbott (US) launched the Panbio COVID-19 Antigen Self-Test Kit for over-the-counter use in children and adults, without or with symptoms. This test shows results with a nasal swab and delivers results in 15 minutes.
Based on End User, the COVID testing kit industry has been segmented into hospitals and clinics, diagnostic laboratories, and others. The hospitals and clinics segment accounted for the largest market share owing to the high adoption of advanced diagnostic technologies among healthcare professionals. Also, increasing support from government authorities for hospitals is set to drive the growth of the hospital segment. For instance, in April 2020, Germany's health ministry announced that it would invest Euro 500 million (USD 564 million) to develop the links between hospitals and laboratories for COVID-19 testing. This network will also be used to analyze data on all COVID-19 patients and to build a database of their medical backgrounds. Such factors drive the growth of the hospitals and clinics segment.
By Region, the study segments the market into North America, Europe, Asia-Pacific, and Rest of the World. Europe accounts for the largest market share due to the significant surge in the incidence of COVID-19 and the immense requirement of diagnostic kits to control the outbreak.
Further, the major countries studied are The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3 COVID TESTING KIT MARKET SHARE BY REGION 2021 (%)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
The Europe COVID testing kit market accounts for the largest market share due to the significant surge in the incidence of COVID-19, the immense requirement of diagnosis kits such as RT-PCR kits to control the outbreak, and technological advancements. The European countries and their respective governments are focusing on increasing testing capabilities to curb the COVID-19 pandemic leads to increasing demand for testing kits in the region. Further, the Germany COVID testing kit market held the largest market share and was the fastest-growing market in the European region. Additionally, the Spain COVID testing kit market held a significant market share in the European region.
The Asia-Pacific COVID testing kit market is expected to grow with a significant share. This is due to the increasing number of COVID-19 cases, and government & private funding for R&D for effective diagnosis. Moreover, India COVID testing kit market held the largest market share and was the fastest-growing market in the Asia-Pacific region. Similarly, Australia COVID testing kit market held a significant share in the Asia-Pacific region.
For instance, in April 2020, the Department of Science and Technology (DST) of India announced that it would provide approximately USD 26.42 million to various scientific institutions, industries, and startups to build innovative solutions to fight against the COVID-19 pandemic. These solutions include rapid & accurate diagnosis kits (paper-based and other point-of-care devices) and other treatment solutions, protection equipment, and other necessary solutions.
COVID Testing Kit Key Market Players & Competitive Insights
The COVID testing kit market is characterized by the presence of many , regional, and local vendors catering to the demand created by a large patient pool suffering from COVID-19. The market is highly competitive, with players competing and collaborating to gain a substantial market share in the COVID testing kit market. Expansion into newer, untapped markets, novel product launches, and decisions undertaken to achieve operational efficiency are key factors that aid market growth. Our analysis revealed that market players have adopted different strategies and innovative research & development techniques to expand their businesses and secure their positions in the COVID testing kit market. In recent years, strategic collaborations by major players for product development and regional expansion into untapped markets have been used as a strategy to obtain operational efficiency.
The growth of market vendors is dependent on market conditions and industry development. Thus, vendors should focus on geographical expansion and product improvement. It has also been predicted that an improvement in the economic scenario, combined with efforts to enhance infrastructure, can fuel market growth, making it an ideal time to launch new products and increase the footprint. Therefore, manufacturers develop new products with refined features to increase favorability and stay ahead of their competitors.
Bio-Rad Laboratories, Inc. (US) provides the healthcare industry with innovative and useful products that help life science researchers accelerate the discovery process, and medical diagnostic labs obtain faster & better results. The company provides instruments, software, consumables, reagents, and content for the areas of cell biology, gene expression, protein purification, and protein quantitation. It also offers products for drug discovery & manufacture, food safety, environmental quality testing, and science education. For instance, in May 2020, Bio-Rad received FDA Emergency Use Authorization (EUA) for the Droplet Digital PCR SARS-CoV-2 Test Kit for the detection of COVID-19.
Also, Danaher Corporation (Danaher) designs, manufactures and markets professional, medical, industrial, and commercial products & services all over the world. The company operates in three major business segments, namely, life sciences, diagnostics, and environmental and applied solutions. Its life sciences segment provides laser scanning, compound, surgical, and other stereo microscopes. For instance, in March 2020, Cepheid, a subsidiary of Danaher, received Emergency Use Authorization (EUA) from the FDA for the Rapid SARS-CoV-2 Test.
Key Companies in the COVID Testing Kit market includes
COVID Testing Kit Industry Developments
September 2021 Thermo Fisher Scientific (US) launched new TaqPath Covid-19 RNase P 2.0 assay kit for the detection of COVID-19 infection by identifying the presence of any one of eight gene targets from the virus.
February 2021 Siemens AG (Germany) received special approval from the German Federal Office for Drugs and Medical Devices (BfArM) for the CLINITEST Rapid COVID-19 Antigen Self-Test.
September 2020 QIAGEN acquired NeuMoDx Molecular, Inc. (US) to strengthen its leadership position in automated molecular testing.
COVID Testing Kit Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 75.53 billion |
| Market Size 2024 | USD 81 billion |
| Market Size 2032 | USD 141.80 billion |
| Compound Annual Growth Rate (CAGR) | 7.31% (2024-2032) |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Specimen, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Abbott (US), F. Hoffmann-La Roche AG (Switzerland), Danaher Corporation (US), Bio-Rad Laboratories, Inc. (US), Thermo Fisher Scientific Inc. (US), Qiagen (Germany), BioMérieux SA (France), Siemens AG (Germany), GenMark (US) and BGI Group (China) |
| Key Market Opportunities | Development of quick, accurate, and affordable tests |
| Key Market Dynamics | Increasing number of COVID-19 cases Government & private funds as well as support for research & development Rising number of emergency use authorizations for diagnostic kits & devices Developments & support by non-medical device/diagnostic companies |
COVID Testing Kit Market Highlights:
Frequently Asked Questions (FAQ) :
The COVID-19 testing kit market is anticipated to reach USD 122.82 billion at a CAGR of 7.31% during the forecast period of 2024 to 2032.
The U.S COVID-19 testing kit market share is 25-30% during the forecast period of 2024 to 2032
The COVID-19 testing kit market is expected to register a CAGR of 7.31% during the forecast period of 2024 to 2032.
Europe held the largest market share in the COVID testing kit market
Abbott (US), F. Hoffmann-La Roche AG (Switzerland), Danaher Corporation (US), Bio-Rad Laboratories, Inc. (US), Thermo Fisher Scientific Inc. (US), Qiagen (Germany), BioMérieux SA (France), Siemens AG (Germany), GenMark (US) and BGI Group (China)
The RT-PCR assay kit segment held the majority share in 2023
Nasopharyngeal segment held the largest market share in the COVID Testing Kit market
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
