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How Will the COVID-19 Detection Test Kits and Consumables Market Grow Over the Forecast Period Based on Its Expected CAGR?

In recent times, there has been a significant expansion in the market size of COVID-19 detection test kits and consumables. The market is expected to escalate from a value of $7.79 billion in 2024 to an estimated $8.35 billion in 2025, representing a compound annual growth rate (CAGR) of 7.2%. The driving factors behind this increase during the historic period include the escalating prevalence of COVID-19, a surge in the requirement for early detection and diagnosis, increased support from government bodies, a rise in the understanding of the significance of testing, and broader reimbursement coverage.

The market size for COVID-19 detection test kits and consumables is projected to witness significant expansion in the upcoming years. The market is anticipated to reach $11.96 billion in 2029, growing at a compound annual growth rate (CAGR) of 9.4%. The growth during the predicted period can be credited to the increasing demand for point-of-care testing, continuous requirement for testing, emergence of new variants, immunisation drives, international travel, and border controls. Key trends during this forecast period comprise multiplex testing, at-home testing kits, integration of digital health, and immunity tests using antibodies.

What Are the Primary Drivers Supporting the Growth of the COVID-19 Detection Test Kits and Consumables Market?

The rising need for affordable and rapid COVID-19 testing kits, along with a more streamlined regulatory process, has led to an expansion in the market for COVID-19 detection kits and related supplies. The surge in global occurrences of COVID-19, a virus of the SARS-CoV-2 family, led to the World Health Organization designating it a Public Health Emergency of International Concern (PHEIC). The WHO has urged further research on point-of-care diagnostics like Rapid Diagnostic Tests (RTDs). These are compact, easy to use tests meant for community-level application and can be administered on-site at the triage area, outside the hospital premises, by staff with minimal training, round-the-clock, for individual samples, delivering results within a quarter of an hour. To aid this research, bodies like the US FDA have simplified the approval processes for COVID-19 detection kits, enabling manufacturers to quickly release them into the market. Thus, as the global case count increases and the need for speedy diagnoses becomes ever more urgent, the demand for affordable and swift COVID-19 detection kits grows. This, along with the more streamlined regulatory process, is fuelling the market growth for COVID-19 detection test kits and supplies.

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Who Are the Dominant Players Expanding Their Reach in the COVID-19 Detection Test Kits and Consumables Market?

Major companies operating in the COVID-19 detection test kits and consumables market include Cepheid, BGI Genomics, Abbott Laboratories, bioMérieux SA, Bio-Rad Laboratories, F. Hoffmann-La Roche, GenMark Diagnostics, Mylab Discovery Solutions, Qiagen, Quidel Corporation, Randox Laboratories, SD Biosensor, Seegene Inc., Shenzhen Bioeasy Biotechnology, Thermo Fisher Scientific inc., BioMednomics, Getein Biotech, Sensing Self Ltd., Hangzhou Biotest Biotech Co. Ltd, AmonMed Biotechnology Co., Beijing Tigsun Diagnostics Co Ltd., BioMaxima S.A., CTK Biotech, Hunan Lituo Biotechnology Co., Vivacheck Lab, MD Solutions, FastSense Diagnostics, Altona Diagnostics, Siemens AG, Agilent Technologies Inc., Seasun Biomaterials, BTNX Inc., Rapiim, Canon Medical Systems Corporation, Cellspect Co. Ltd., iHealth Labs Inc., InBios International Inc., iXensor Co. Ltd., Jiangsu Medomics medical technology Co Ltd., Maxim Biomedical Inc., Mologic Inc., OraSure Technologies Inc., OSANG LLC, PHASE Scientific International Ltd., Watmind USA, Xiamen Boson Biotech Co. Ltd.

What Key Trends Are Currently Impacting the COVID-19 Detection Test Kits and Consumables Market’s Development?

CRISPR presents a novel diagnostic procedure for COVID-19, employing its technology to process nasal swabs. The techniques utilized in CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats) are genomic editing methods with the capacity to accurately identify COVID-19 cases within an hour. Sherlock Biosciences has earned an emergency use authorization (EUA) from the US FDA for the CRISPR test, making their CRISPR the first FDA-sanctioned CRISPR technology on the market. Additionally, Mammoth Biosciences is another enterprise that is actively pursuing this innovation.

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What Are the Strategic Segments Comprising the COVID-19 Detection Test Kits and Consumables Market and Their Growth Contributions?

The COVID-19 detection test kits and consumables market covered in this report is segmented –

1) By Kits: Viral Load Testing Kits (qPCR and RT-PCR), Virus Neutralizing Assay Kits, Antibody Detection Kits (Elisa), Viral Antigen Detection Test Kits, Other Kits

2) By Consumables: Swabs, Tubes, Viral Transfer Media, Reagents, Other Consumables

3) By Specimen Type: Nose & Throat Swab, Blood, Sputum, Nasal Aspirate

4) By End Use: Hospitals, Clinics, Public Health Labs, Private And Commercial Labs, Physicians Labs, Research Institutes, Other End Uses

Subsegments:

1) By Viral Load Testing Kits (QPCR and RT-PCR): QPCR Kits, RT-PCR Kits

2) By Virus Neutralizing Assay Kits: Neutralization Test Kits

3) By Antibody Detection Kits (Elisa): IgG Detection Kits, IgM Detection Kits

4) By Viral Antigen Detection Test Kits: Rapid Antigen Test Kits

5) By Other Kits: Combination Test Kits, Multiplex Test Kits

Which Regions Are Setting the Pace for COVID-19 Detection Test Kits and Consumables Market Growth?

The countries covered in the COVID-19 detection test kits and consumables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

How Is the COVID-19 Detection Test Kits and Consumables Market Defined Across Different Regions?

The COVID-19 detection test kits & consumables are used for the identification of novel COVID-19 (SARS-CoV-2). These COVID-19 test kits and consumables use a laboratory procedure called reverse transcription polymerase chain reaction to find the virus’ genetic material (RT-PCR).

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