COVID-19 Detection PoC Kits Market Size, Share & Trends Analysis Report By Sample Handling {RNA Extraction System (Rapid Testing Kits, RT-PCR Testing)}, By Sample Type, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the COVID-19 detection PoC kits market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for COVID-19 detection PoC kits market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of COVID-19 detection PoC kits market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

COVID-19 Detection PoC Kits Market Categorization:

The COVID-19 detection PoC kits market was categorized into four segments, namely sample handling (RNA extraction systems), sample type (Nasopharyngeal swab, Oropharyngeal swab, Nasal Swabs, Saliva), end-use (Hospitals, Home Care, Diagnostic Centers and Clinics), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Segment Market Methodology:

The COVID-19 detection PoC kits market was segmented into sample handling, sample type, end-use, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The COVID-19 detection PoC kits market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty countries, namely, the U.S.; Canada; Germany; the UK; France; Italy; Spain; China; India; Bangladesh; Sri Lanka; South Korea, Brazil; Mexico, South Africa; Kenya; Tanzania; Uganda; Ethiopia; Nigeria.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

COVID-19 detection PoC kits market companies & financials:

The COVID-19 detection PoC kits market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• ABBOTT - Abbott is a pharmaceutical and healthcare corporation with headquarters in the United States. Its four main business sectors are medicines, medical devices, nutritional products, and diagnostics. Abbott was founded in 1888. The corporation operates research, production, sales, and distribution centres in more than 150 countries. Abbott is a leading company in the world of molecular diagnostics, which includes hematology, molecular, clinical chemistry, and other areas. Abbott Laboratories stated in October 2011 that it would split into two businesses: one would concentrate on pharmaceuticals based on research, while the other would focus on a wider range of medical items. Abbott was the name of the pharmaceutical firm; AbbVie was the name of the research-based company. To fortify its position in the diagnostics market and become the most sophisticated Point-of-Care (PoC) testing company globally, Abbott bought Alere in April 2018.

• MYLAB DISCOVERY SOLUTIONS PVT. LTD. - With its headquarters located in Pune, Maharashtra, India, Mylab Discovery Solutions is an Indian biotechnology firm that develops and commercializes diagnostic kits that enable laboratories to obtain accurate, rapid, and actionable results. The firm provides a wide range of products that may be used in many areas, such as biomedical research, agri-genomics, clinical diagnostics, pharmaceutical drug development, and animal & food safety. The firm offers a sensitive, targeted, and quick method for the identification and tracking of a wide range of illnesses and ailments in the field of molecular diagnostics. In altogether, the firm employs about 150 people at all of its sites.

• CONVERGENT TECHNOLOGIES GMBH & CO. KG - Convergent Technologies is a German manufacturer of medical equipment that works in the integrated health solutions industry. Modern diagnostic tools and tests with an emphasis on targeted screening, early diagnosis, assessment, and disorder monitoring are provided by the firm. Additionally, the organization provides a large selection of blood pressure and blood glucose monitoring tools for easier and more efficient diabetes management, as well as for managing blood pressure issues that may arise. The firm specializes in diabetic self-care products and medical equipment for biochemistry, hematology, and immunology.

• THERMO FISHER SCIENTIFIC INC. - Fisher Scientific and Thermo Electron merged to form Thermo Fisher Scientific Inc. The business offers a comprehensive and integrated range of services and solutions for clinical science, healthcare, and laboratory research and analysis. Analytical instruments, life sciences solutions, specialist diagnostics, and laboratory goods & biopharmaceutical services are the four business categories that the firm serves with its products. The company's specialist diagnostics division offers a variety of reagents, kits, tools, culture media, and other items to meet the needs of clients in clinical, industrial, pharmaceutical, and food safety laboratories. The six main businesses that comprise the business segment are anatomical pathology, immunodiagnostics, microbiology, transplant diagnostics, clinical diagnostics, and healthcare market channels. Products for cancer diagnosis and medical research in histology, cytology, and hematological applications are available from the anatomical pathology section. Wholly owned subsidiaries of Thermo Fisher Scientific, such as Unity Lab Services, Fisher Scientific, Applied Biosystems, and Invitrogen, are another source of income for the company. The business has operations in more than 150 nations in Latin America, Europe, Asia, and North America.

• F. HOFFMANN-LA ROCHE LTD - Founded in 1896, F. Hoffmann-La Roche Ltd. has its headquarters located in Switzerland. It is a healthcare organization that operates in the pharmaceutical and diagnostic industries. The divisions of Roche Diagnostics include Roche Diabetes Care, Roche Professional Diagnostics (RPD), Roche Molecular Diagnostics (RMD), and Roche Tissue Diagnostics. Roche Diagnostics offers a range of products such as blood glucose meters, point-of-care testing devices, high-throughput analyzers for diagnostic laboratories in hospitals and commercial settings, and tools and reagents for life sciences research. RMD is a division of Roche Diagnostics that develops, produces, and distributes PCR-based assays as well as medical diagnostic systems, products, and services. Focusing on fields including virology, genomics & cancer, blood screening tests, HPV & CT/NG, and microbiology, RMD offers automated systems and diagnostic testing.  The organization serves a wide range of customers, including blood banks, doctors, researchers, labs, hospitals, and patients. There are 100,920 employees of the firm worldwide.

• CEPHEID - Molecular diagnostics firm Cepheid is an American multinational that designs, develops, and sells its molecular systems and tests. Time-consuming and difficult manual operations can be automated with the help of the company's product and service range. It focuses on applications like cancer and infectious illnesses where quick, useful, and reliable test findings are needed. Reagents, assays, and systems are among the products offered by the firm for the nonclinical and clinical sectors.

• DANAHER - The U.S. headquarters of Danaher Corporation was established in 1969. It is a scientific and technology innovator that creates, produces, and sells goods and services to clients in the commercial, industrial, professional, and medical domains. The business is a well-rounded industrial and medical conglomerate. The three business segments that makeup Danaher are environmental & applied solutions, diagnostics, and life sciences. Its main objective is to raise the standard of living for people everywhere. Acquisitions and mergers have been its primary expansion strategy. The firm has 80,000 workers worldwide.

• BGI - The main goal of Beijing Genomics Institute (BGI), a genome sequencing facility, was to represent China in the Human Genome Project. The institute is funded by both private investors and the Chinese government, operating and administering itself in a semi-public and semi-private manner. Although the institute's management is nongovernmental, it serves as the Chinese government's representative in the genome sequencing space. In 2002, BGI completed the sequencing of the rice genome. Among the company's subsidiaries are China National GeneBank, BGI Research, BGI Tech, BGI Diagnosis, and BGI Manufacturing. The firm is located in Denmark, Cambridge, Hong Kong, China, Japan, and other five continents with nine offices. Among BGI China's overseas subsidiaries are BGI Americas, located in Cambridge, Massachusetts, and BGI Europe, located in Copenhagen, Denmark. Complete Genomics began functioning as a subsidiary of BGI after the latter was bought by the former in March 2013.

• SD BIOSENSOR, INC. - A firm that develops and studies molecular diagnostics, fast diagnostics, immunodiagnostics, and blood glucose monitoring devices for self-testing is SD Biosensor, Inc. The firm has been providing blood glucose meters, cholesterol analyzers, and glycated hemoglobin analyzers all around the world since its founding. The firm creates and offers diagnostic tools that enable both quantitative and qualitative study of sickness. PoC testing and in vitro diagnostics are the company's areas of expertise. Among the company's offerings are blood glucose meters Procell Dx, STANDARD F, STANDARD Q, STANDARD E, and STANDARD M. The business was founded in 2010 and has its main office in South Korea.

• QUEST DIAGNOSTICS INCORPORATED - Publicly traded Quest Diagnostics Incorporated is a business that deals with clinical trials, healthcare IT, and diagnostic information services. The business includes anatomic pathology services, interpretative advice, and more than 3,000 tests. It is a pioneer in the field of cancer diagnosis. Additionally, the business offers clinical trial testing services for companion diagnostics and novel medications. Additionally, the business offers risk assessment services to the life insurance sector. The business operates a sizable clinical testing network in the United States. The business also has operations in Ireland, Mexico, and India. Quest Diagnostics, Quest Diagnostics Nichols Institute, Quest HealthConnect, AmeriPath, Athena Diagnostics, Quanum Solutions, Dermpath Diagnostics, and ExamOne are the names under which the corporation operates.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

COVID-19 Detection PoC Kits Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2020 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

COVID-19 Detection PoC Kits Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.