Covid-19 detection kits market will touch $8.5 billion by 2026

Global Market Insights, Inc.

Global Covid-19 detection kits market size is projected to surpass $8.5 billion through 2026, growing at a CAGR of 17.3% for the period spanning from 2020 to 2026.The ongoing COVID-19 pandemic has asserted a tremendous global impact in the past few months. As a consequence of the outbreak, which originated in Wuhan, China and spread to a global scale in a matter of months, several nations worldwide have been pushed to implement strict lockdowns and protocols like social distancing to contain further impact.

One of the most crucial aspects to monitoring and controlling the spread of the virus is to conduct regular and thorough testing. Considering this, the COVID-19 detection kits market is gaining immense attention in the current landscape, as healthcare facilities and frontline workers look for robust testing solutions to determine the presence of the virus among populations.

COVID-19 diagnostic testing is conducted under two approaches, including Real-Time Reverse Transcriptase PCR or RT-PCR, and Whole Genome Sequencing. While early days of the virus outbreak involved the sequencing approach for early documentation and as a tool for viral discovery, current coronavirus testing is largely conducted via the RT-PCR approach.

Numerous businesses across the globe have taken on the onus of developing efficient coronavirus testing kits. For instance, Meridien Biosciences has developed a “Master Mix”, which acts as a foundation for rapid COVID-19 testing. The test kit developed by the company works similarly to those for influenza detection. Once the “Master Mix” is shipped from Germany, the kits are assembled in China. These COVID-19 detection kits can yield results in around 45 to 60 minutes.

Urgent need for medical testing amid rising coronavirus prevalence to increase demand for COVID-19 detection kits.

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Pressing need for effective testing solutions for high-risk populations like geriatric age groups

Numerous studies and research efforts to gain a better insight into the novel coronavirus have revealed that geriatric populations as well as those with existing comorbidities are at high risk of infection. In fact, according to WHO estimates, over 95% of COVID-19 mortalities recorded occurred in populations over 60 years of age.

In light of this situation, prioritizing testing for older populations is paramount. To that end, several health systems have been advised to provide the availability of COVID-19 diagnostic testing kits in other settings apart from the emergency department as much as possible. They have also been advised to use remote treatment options like telecare to carry out the screening process.

Since access to proper testing for high-risk populations is a significant challenge, many healthcare industry players are coming up with solutions to mitigate this problem. For instance, TRHC (Tabula Rasa HealthCare) has recently decided to provide its PACE (Programs of All-Inclusive Care for the Elderly) partners with COVID-19 detection kits through CareKinesis®, its PACE pharmacy. The federal program, which is designed to offer comprehensive social and medical services to populations aged 55 years and over, is expanding its remote care capabilities, and working towards administering these kits in the participant’s residence, to minimize risk.

Strong participation from regulatory authorities and industry players towards developing effective coronavirus detection kits

Prominent COVID-19 detection kits industry players are implementing various strategies to address the ever-increasing demand for effective testing solutions from the global healthcare industry.

In March 2020, Mylab Discovery became the first company in India to earn approval for its COVID-19 diagnostic kits. The kits, also known as RT-PCR or reverse transcription polymerase chain reaction tests, have received CDSCO (Central Drugs Standard Control Organisation) or Indian FDA approval.

Meanwhile, the first batch of new coronavirus testing kits funded by PepsiCo India has started to reach testing sites across the nation. The kits are being purchased and distributed by FIND (Foundation for Innovative New Diagnostics), supported by PepsiCo’s funding and ICMR (Indian Council of Medical Research) approval.