Global COVID-19 Detection PoC Kits Market is valued approximately USD 3.45 billion in 2021 and is anticipated to grow with a healthy growth rate of more than -7.7% over the forecast period 2022-2028. The rising product approvals by regulatory bodies, the enormous demand for quick diagnostics, and government testing for coronavirus are the primary factors driving the COVID-19 market expansion.
There has been an upsurge in demand for diagnostic solutions since the outbreak of the new coronavirus illness. Confirmatory tests detect viruses quickly and aid in avoiding spread by isolating a patient. The WHO had authorized almost 400 tests and collection kits as of July 2022, including 235 molecular, 88 antibody, and 34 antigen assays. Furthermore, the paradigm change toward PoC testing is projected to boost the market for COVID-19 detection PoC kits forward.
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PoC testing provides accurate, real-time, lab-quality diagnostic findings in patient care environments such as hospitals, urgent care centres, clinics, and emergency rooms. In response to the SARS-CoV-2 pandemic, various diagnostic test inventors have been working on cheap and speedy PoC COVID-19 diagnostic assays to allow testing outside of laboratory settings. IIT Kharagpur will introduce COVIRAP, a nucleic acid-based proof-of-concept diagnostic device for viral diseases such as SARS-CoV-2, in April 2021.
This proof-of-concept gadget created by main researcher Dr. Arindam Mondal, prof. Suman Chakraborty, and their research team has been licensed for commercialization by Bramerton Holdings LLC in the United States and the Rapid Diagnostic Group of Companies in India. This gadget provides results in 45 minutes utilizing saliva/nasal swab samples. Furthermore, a rise in financing and investment by various commercial and governmental entities to accelerate the development of POC SARS-CoV-2 diagnostic tests is expected to enhance the growth of the COVID-19 detection PoC kit market. Various groups, for example, banded together to aid Africa in its fight against COVID-19. The World Bank announced plans to deliver USD 39 billion in financial support to African countries in April 2021. It also announced a USD 2.9 billion investment for the acquisition and deployment of mRNA vaccines in 41 African nations. The development of COVID-19 Vaccines, on the other hand, stifles market growth throughout the projection period of 2022-2028.
The key regions considered for the Global COVID-19 Detection PoC Kits Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Europe held a significant revenue share of the market.
This is due to the large number of COVID-19 cases combined with the quick scaling of COVID-19 testing in the region. According to statistics provided by the WHO in June 2022, the number of daily COVID-19 cases in the region has increased by 6%. The European Centre for Disease Prevention and Control predicts a fresh wave of omicron infection that will spread across the EU. As with earlier waves, an increase in coronavirus infections might lead to an increase in hospitalizations and fatalities. This would expand testing in the region, increasing demand for COVID-19 diagnostic technology.
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ByMajor market player included in this report are:
Abbott Laboratories
Mylab Discovery Solutions Pvt. Ltd.
Convergent Technologies
Thermo Fisher Scientific, Inc.
F. Hoffmann-La Roche
Cepheid
BGI
Cue health Inc.
SD Biosensor Inc.
Quest Diagnostics
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Sample Handling:
RNA Extraction System
Rapid Testing Kits
RT-PCR Testing
By Sample Type:
Nasopharyngeal (NP) swab
Oropharyngeal (OP) swab
Nasal Swabs
Saliva
By End-use:
Hospitals
Home Care
Diagnostic Centers and Clinics
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Here is an overview of the different factual statements covered by the study:
- The learn about consists of an area that breaks down strategic traits for the primary gamers in present and upcoming R&D, new product launches, collaborations, regional expansion, and mergers & acquisitions.
- The lookup focuses on essential market traits such as revenue, product cost, potential and utilization rates, import/export rates, supply/demand figures, market share and CAGR.
- The learn about is a series of analyzed records and a variety of barrels of house bought via a mixture of analytical equipment and an inside look up process.
- The Market can be divided into 4 areas in accordance to the regional breakdown: North American Markets, European Markets, Asian Markets and Rest of the World.
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