COVID-19 Detection PoC Kits Market Growth & Trends
The global COVID-19 detection PoC kits market size is expected to reach USD 1,777.1 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of -7.7% from 2022 to 2030. The high prevalence of COVID-19, combined with the rising government initiative to tackle the COVID-19 pandemic around the globe is pushing the demand for POC COVID-19 kits for rapid COVID-19 detection, which is likely to drive the market. For instance, according to the WHO, the prevalence of coronavirus cases is high in countries such as the U.S., India, Brazil, France, and Germany and is reported to be 40.7% of overall coronavirus cases.
Transitioning focus of emerging players towards PoC and at-home testing and integration of advanced techniques has been witnessed in the last two years. This factor is expected to enhance patients’ convenience with time-consuming lab-based COVID-19 testing. For instance, in June 2021, Mylab Discovery Solutions, an Indian start-up, launched a new COVID-19 home test kit. This novel kit uses a nasal swab sample and a QR code to connect to a mobile app that offers results in 15 minutes.
Increasing government support and a rise in testing in the country are expected to positively impact the market. As of July 2022, SAHPRA approved 129 molecular test kits for coronavirus detection. Furthermore, in 2020, African CDC launched the Partnership to Accelerate COVID-19 Testing (PACT), which aims to treat, trace, and test COVID-19 cases that would further minimize the impact of the pandemic.
With a high number of coronavirus cases, increasing demand for time-efficient testing was observed. The key players in the market focus on developing time-efficient and accurate testing kits. For instance, in June 2021, Roche’s SARS-CoV-2 Antigen Self-Test Nasal obtained a CE mark for at-home coronavirus testing. The test is expected to be available through pharmacies and other locations in compliance with local guidelines & testing strategies.
Certain factors such as an increase in vaccination improved strategies to counter the pandemic, and natural immunity from previous infections, resulting in a mild response to SARS-CV-2 are responsible for a decline in deaths. The health authorities along with regional governments are focusing on intensifying vaccinations around the globe to tackle the present and future possibilities of coronavirus infections. These factors are expected to hamper the market growth in the coming years.
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COVID-19 Detection PoC Kits Market Report
COVID-19 Detection PoC Kits Market Report Highlights
- By sample handling, the RT-PCR testing segment held the largest share of the market. This is attributed to the majority of the SARS-CoV-2 detection tests being based on RT-PCR technology for quantification of RNA in the samples of patients infected with coronavirus, which in turn is likely to anticipate market growth
- The PoC testing devices/kits segment is expected to grow lucratively during the forecast period. Advancements in PoC technology for diagnosis of SARS-CoV-2 virus infection are aimed at minimizing assay duration and enhancing testing capacity to prevent further transmission of the disease
- The introduction of various molecular diagnostic tests requiring nasopharyngeal swab samples is expected to boost nasopharyngeal swab segment growth
- The hospitals segment accounted for the maximum revenue share in 2021 and is expected to dominate the market during the forecast period. This can be attributed to the increasing number of SARS-CoV-2 tests being conducted to prevent the transmission of infection
- North America held a significant share in the market in 2021 due to the presence of key payers focused on developing diagnostic tests by incorporating several technologies, and the presence of high R&D investment in the region
- In Asia Pacific, the market is expected to grow considerably in the future owing to the high prevalence of the coronavirus and the presence of key players
