Pune, Maharashtra, October 22 2020 (Wiredrelease) Graphical Research –:The consistent rise in the number of COVID-19 cases has led to robust demand for the virus detection solutions. COVID-19 detection kits are used to analyze and detect the presence of the SARS-CoV-2 virus in a person potentially carrying the infection.
In the Asia Pacific region where 60% of the world’s total population resides in densely populated areas, COVID-19 risk is steadily rising despite containment efforts. The rising prevalence of coronavirus has influenced many countries of Asia Pacific to take drastic measures and upscale the screening and testing capacity.
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The presence of favorable government regulations and rising awareness for coronavirus tests have encouraged healthcare companies to escalate production capacities of COVID-19 testing kits. Reportedly, Asia Pacific COVID-19 detection kits market size is projected to surpass US$1.8 billion by 2026 with regard to yearly remuneration. Mentioned below are some factors driving the market outlook.
Government initiatives to combat COVID-19
According to the Indian Council of Medical Research (ICMR), the Indian medical device companies can produce and supply diagnostic kits to government and private laboratories after receiving acceptance from the National Institute of Virology (NIV). The firms do not have to wait for approval from Europe’s CE and the U.S. FDA before distributing. Similar efforts across Asia Pacific to curb the regulatory restriction and counter the virus spread will create opportunities for development and sale of testing kits.
Increased demand for RT-PCR assay kits
The COVID-19 testing kit industry, in terms of products, is categorized into immunoassay test strips and RT-PCR assay kits. The RT-PCR testing method is highly responsive and explicit in nature which helps in detecting the presence of the SARS-COV-2 virus in the patient’s sample. On the other hand, the immunoassay-based method that provides quick results also requires a post confirmatory test using the RT-PCR method. Reportedly, APAC RT-PCR assay kits market share is expected to rise at nearly 20% CAGR in the coming years.
Specificity of nasopharyngeal swabs
The COVID-19 detection kits industry is sub-categorized into nasopharyngeal swab, nasal swab, oropharyngeal swab, and other specimen types. On account of the high specificity and good yield, the nasopharyngeal swab segment holds a considerable market share of about 45%, as compared to all other sample types. Despite holding a notable share, the issues with using nasal swab include lower specificity as well as yield.
Preference for test at diagnostic centers
The primary end-users of COVID-19 detection kits in Asia Pacific are hospitals and diagnostic centers. Kt demand across diagnostic centers was valued at nearly US$200 million in 2020. This is due to the feasibility of tests at these centers. The availability of skilled professionals and advanced equipment at diagnostic facilities enable testing a large number of samples.
Albeit having a remarkable recovery rate of nearly 80% from the disease, India is witnessing a heavy death-toll due to a lack of advanced healthcare infrastructure. With nearly 1 million tests per day, and government support for start-ups that are involved in effective and innovative novel coronavirus test will propel access to the kits in the country. India COVID-19 detection kits market size is estimated to rise at a CAGR of 28% through 2026. Considerable efforts to bolster the ability to fight the coronavirus pandemic, China, India, South Korea and others are expanding their focus on producing testing kits.
Leading companies offering COVID-19 detection kits in the region include Shenzhen Bioeasy Biotechnology, Co-Diagnostics, Cepheid, BioFire Diagnostics, Guangzhou Wondfo Biotech, F. Hoffmann-La Roche, Qiagen, Mylab Discovery Solutions, SD Biosensor, Thermo Fisher Scientific, Seegene, Abbott, and BGI.
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