North America COVID-19 Detection Kits Market: 5 chief trends triggering the industry growth
North America has emerged as a prominent growth hub for the COVID-19 detection kits industry, given the rising number of coronavirus cases in the region. In fact, WHO experts claimed that over more than 3 million positive cases of COVID-19 were reported within a short span of five months, from December 2019 to April 2020 globally, out of which nearly 1 million confirmed cases came from the United States alone. Such daunting numbers escalated the demand for COVID-19 detection kits, supporting the overall market growth.
North America COVID-19 detection kits industry size accounted for a valuation of $556 million in 2020 and is further estimated to grow at a rate of 21 per cent through 2026, on the grounds of the below mentioned trends:
Increased infection rate amongst the geriatric population
North America houses a huge portion of population above the age of 60 years; an age group which is currently highly susceptible to coronavirus. Various reports have claimed that COVID-19 pandemic has been proven to be fatal for most of the elderly people, who have already been suffering from one or more diseases. As a matter of fact, WHO reported that of all COVID-19 deaths across the region, over 90 per cent of the number were individuals aged 60 years or more.
In this alarming situation, the geriatric population has been looking for detection kits and possible solutions which allows them to take precautionary measures at the nascent stages of infection development. This has eventually led to a massive upsurge in the revenue sales of COVID-19 detection test kits across various countries of the North America, including the majors U.S, Canada, and others.
Rising superiority of RT-PCR test kits
Speaking of the products included in COVID-19 test kits and their prominence and use across a huge patient pool, it has been observed that RT-PCR test kits have been gaining much required popularity of late. This has in fact enabled the segment to accrue tremendous gains over the span of 2020 to 2026, while recording a CAGR of 21 per cent through 2026.
Increased adoption of these kits can be attributed to the fact that they offer impressive results in terms of sensitivity and specificity compared to immunoassay based tests.
Access sample pages of this report, “North America COVID-19 Detection Kits Market by Specimen Type (Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab), Product (RT-PCR Assay Kits, Immunoassay Test Strips/Cassettes), End-use (Hospitals, Diagnostic Centers), Competitive Landscape & Forecast, 2020 - 2026” in detail along with the table of contents (ToC) @
Accuracy of nasopharyngeal sample analysis
It is pivotal to mention that COVID-19 detection kits are used to analyze the SARS-CoV-2 virus presence in humans, which generally involves collection of patient’s nasal, oral, or blood sample.
Speaking on these lines, the demand for nasopharyngeal swab detection procedure has gradually risen over the past few months owing to the accuracy and higher yield of these specimens compared to that of nasal or oral samples. On top of this, since COVID-19 is an infection which majorly affects the respiratory, most of the detection kits require nasopharyngeal sample on account of its high specificity.
As per various industry experts, the nasopharyngeal swab segment is poised to acquire an overall market share of 43 per cent by the end of 2020, emerging as one of the highly acclaimed specimen segments across the overall North America COVID-19 detection kits market.
An upsurge in hospital visits
COVID-19 infection has led people to turn to hospitals for personal assistance and support during the critical times. The reason behind this increased preference is the presence of well-trained professionals and technologically advanced equipment including ventilators and beds in the healthcare facility for emergency treatment of the dreaded infection.
With a greater portion of patient population approaching to hospital premises for treatment as well as diagnosis, the segment is anticipated to witness a growth rate of 17 per cent through 2026.
Dynamically rising infection graph in the United States
It is no surprise that the United States has been placed on the top position of being one of the severely affected countries worldwide, with the numbers only rising every day. Quite evidently, this will augment the demand for COVID-19 detection kits across the country, that may depict a CAGR of 21 per cent over the foreseeable time frame.
What more has been improving the market dynamics in the region is the robust presence of leading industry majors who have been brainstorming into the possibilities of developing technologically enhanced detection kits which might come handy and be easily accessible to the patients nationwide.
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.