COVID-19 Rapid Test Kits Global Market Report 2023
Major players in the COVID-19 rapid test kits market are Thermo Fisher Scientific, Abbott Laboratories, BioMedomics, CTK Biotech, F. Hoffmann-La Roche AG, Cepheid Inc., Cellex Inc., Acumen Research Laboratories, Biolidics, and LabCorp.
New York, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "COVID-19 Rapid Test Kits Global Market Report 2023" - https://www.reportlinker.com/p06280856/?utm_source=GNW
The global COVID-19 rapid test kits market is expected to decline from $21.57 billion in 2021 to $6.57 billion in 2022 at a compound annual growth rate (CAGR) of -69.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The COVID-19 rapid test kits market is expected to decline to $0.01 billion in 2026 at a CAGR of -80.8%.
The COVID-19 rapid test kits market consists of sales of molecular test kits and antigen test kits.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The COVID-19 rapid test kits are simple to use device that offer prompt results, typically in 20 minutes or less. The COVID-19 rapid test kits are either rapid antigen test kits or rapid antibody test kits manufactured by the entities that manufacture in-vitro rapid diagnostic tests in the medical equipment industry.
North America was the largest region in the COVID-19 rapid test kits market in 2022.Western Europe was the second largest region in the COVID-19 rapid test kits market.
The regions covered in the COVID-19 rapid test kits market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The COVID-19 rapid test kits market covered in this report is segmented by test type into rapid antigen test, rapid antibody test, and others.The rapid antigen test kits are used to detect the antigens related to the COVID-19 virus.
It is also segmented by kit type into equipment and extraction kits, and reagents and by specimen type into nasopharyngeal swab, oropharyngeal swab, nasal swab, blood sample, and others. The various end-users are hospitals and clinics, diagnostic laboratories, home care, and others.
Government regulations and steps to provide diversified diagnostic approaches are expected to boost the market growth during the forecast period.Better diagnostics facilities are required to overcome the increasing spread of COVID-19 cases globally, particularly in the rising geriatric population.
In March 2020, the FDA has approved decentralized testing platforms to enlarge the testing capabilities across healthcare centres in the US.FDA issued a policy, under which, states can set up their platforms for authorizing the tests developed and the laboratories developing these tests need not engage with the FDA instead will engage with the respective state authorities.
National Institutes of Health (NIH) has announced a Rapid Acceleration of Diagnostics (RADx), which is a fast track program for COVID-19 test development and distribution procedure under which it will be funding up to $500 million for the development of innovative SARS-CoV-2 diagnostic tests. Robust funding and investments by the public as well as private agencies for the rapid and innovative development of diagnostics for COVID-19 are expected to further boost the market.
Product recalls due to quality control issues are expected to hinder the market growth during the forecast period.Rapid medical device approval due to the present COVID-19 scenario paves the way to challenges such as product recalls due to safety, efficacy, and quality issues.
In May 2020, Spartan Bioscience’s rapid COVID-19 diagnostic kits which were approved with fast track designation April 2020 were recalled due to efficacy concerns posed by Health Canada regarding its proprietary swab.Health Canada paused the regulatory approval of the test kit and till then permitted the Spartan rapid test kit to be used for research purposes only.
In April 2020, India recalled rapid-antibody testing kits imported from China due to efficacy issues, and all the procurement orders from China have also been canceled. The lack of proper screening and quality assurance along with fast track approval is expected to increase the product recalls which will hinder the market growth.
The incorporation of Artificial Intelligence (AI) algorithms with the rapid diagnostic test kits are expected to boost market growth during the forecast period. In March 2020, Surgisphere announced the availability of a rapid diagnostic intelligent tool for COVID-19 that it developed to utilize three laboratory tests with a sensitivity of 93.7% and specificity of 99.9% to identify patients who are likely to be infected with Coronavirus. Surgisphere created a decision tree analysis to identify patients who are likely to be infected with Coronavirus, using clinical lab data of patients in the QuartzClinical platform which is a cloud-based healthcare data analytics platform. Early detection of patients results in faster treatment and thus saves more lives which can be achieved through the use of artificial intelligence along with the rapid diagnosis test.
In April 2020, Hememics Biotechnologies Inc., a US-based research and development company announced a partnership with Biomedical Research and Development Authority (BARDA) to develop a rapid antigen and antibody diagnostic tool which is Bluetooth-enabled. Under the partnership, BARDA will contribute $638,000 to Hememics for the manufacturing and scaling up production of the immune biosensor platform, which is a Bluetooth-enabled rapid diagnostic kit that screens people within 60 seconds with a single drop of blood or mucus. Biomedical Advanced Research and Development Authority (BARDA) is an office of US HHS, which takes measures against bioterrorism, epidemic, and pandemic diseases.
The countries covered in the COVID-19 rapid test kits market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The COVID-19 rapid test kits market research report is one of a series of new reports that provides COVID-19 rapid test kits market statistics, including COVID-19 rapid test kits industry global market size, regional shares, competitors with a COVID-19 rapid test kits market share, detailed COVID-19 rapid test kits market segments, market trends and opportunities, and any further data you may need to thrive in the COVID-19 rapid test kits industry. This COVID-19 rapid test kits market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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