COVID-19 Detection Kits Market Size Worth $4.63 Billion By 2027: Grand View Research, Inc.

COVID-19 Detection Kits Market Size Worth $4.63 Billion By 2027: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, Sept. 15, 2020

SAN FRANCISCO, Sept. 15, 2020 /PRNewswire/ -- The global COVID-19 detection kits market size is expected to reach USD 4.63 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 5.05% during the forecast period. The COVID-19 pandemic has posed several challenges to the global healthcare systems. The diagnostics area is recognized as one of the primary elements of efforts to contain the spread and circumvent its adverse impact globally. As a result, companies are ramping up their production process to meet the demand or kits and reagents as well as at-home tests, thereby driving the market revenue.

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Key suggestions from the report:

Read 150 page research report with ToC on "COVID-19 Detection Kits Market Size, Share & Trends Analysis Report By Product, By Sample Type (Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab), By Mode, By End Use, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/covid-19-detection-kits-market

Constantly increasing demand for rapid diagnostic tests that can deliver results in less time coupled with a shortage of testing materials has triggered the development of antibody and antigen test kits. For instance, in August 2020, Abbott Laboratories secured approval for a COVID-19 portable antigen test that can deliver results in 15 minutes.

Despite the time and cost-related challenges, molecular assay remains the key detection method owing to high sensitivity and specificity. As a result, the kits for RT-PCR based molecular assay are witnessing a huge rise in demand across the globe. The continuous growth in the shipping of the molecular test kit depicts the high demand for these kits. For instance, in May 2020, Siemens Healthineers announced its plans to ship more than 2.5 million molecular PCR test kits per month.

Grand View Research has segmented the global COVID-19 detection kits market on the basis of product, sample type, mode, end-use, and region:

Find more research reports on Clinical Diagnostics Industry, by Grand View Research:

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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