Overview and Scope
The COVID-19 rapid test kits are simple to use devices 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.
Sizing and Forecast
The covid-19 rapid test kits market size has declined steeply in recent years. It will decline from $3.8 billion in 2023 to $0.59 billion in 2024 at a compound annual growth rate (CAGR) of -84.4%. The growth in the historic period can be attributed to sensitivity and specificity concerns, limited multiplexing capability, evolution of viral variants, supply chain disruptions, regulatory challenges.
The covid-19 rapid test kits market size is expected to see steep decline in the next few years. It will decline to $0.09 billion in 2028 at a compound annual growth rate (CAGR) of -84.4%. The decline in the forecast period can be attributed to professional skill requirements, storage and shelf-life considerations, competition and price pressure, integration with public health systems, public perception and acceptance. Major trends in the forecast period include focus on technology advancements, focus on incorporating big data, focus on developing rapid test kits with low test wait times, focus on developing at-home rapid test kits and focus on developing low-cost test kits.
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Segmentation & Regional Insights
The covid-19 rapid test kits market covered in this report is segmented –
1) By Test Type: RT PCR Test, Rapid Antigen Test, Rapid Antibody Test, Others
2) By Test Components: PCR Machines, Equipment And Extraction Kits, Reagents
3) By Specimen Type: Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab, Blood, Others
4) By End-Users: Hospitals And Clinics, Diagnostic Laboratories, Home Care, Others
Top 5 Major Players:
- Abbott Laboratories,
- F. Hoffmann-La Roche Ag,
- Becton,
- Dickinson and Company,
- Siemens Healthineers Ag
North America was the largest region in the COVID-19 rapid test kits market in 2023. Western Europe was the second largest region in the global COVID-19 rapid test kits market share. 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, Africa
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Major Driver Impacting Market Growth
Government regulations and steps to provide diversified diagnostic approaches are expected to boost the COVID-19 rapid test kits 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. For instance, in April 2022, The Food and Drug Administration, a US-based government agency, issued new draft guidance to the industry for developing plans to enroll more participants from underrepresented racial and ethnic populations in clinical trials. This is aimed at ensuring meaningful representation of diverse communities in the development of better treatments and ways to fight diseases s. 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 COVID-19 rapid test kits market.
Key Industry Players
Major companies operating in the covid-19 rapid test kits market report are Abbott Laboratories, F. Hoffmann-La Roche Ag, Becton, Dickinson and Company, Siemens Healthineers Ag, Quidel Corporation, Thermo Fisher Scientific Inc., PerkinElmer Inc., Quest Diagnostics, QIAGEN N.V., DiaSorin S.p.A., Mylab Discovery Solutions, Kalbe Farma, He Qi Group Foundation, Beijing Jinwofu Bioengineering Technology Company, Zhejiang Orient Gene Biotech Co. Ltd, Transasia Bio Medicals, Vanguard Diagnostics, HLL Lifecare Limited, Voxtur Bio Ltd, LAB-CARE Diagnostics, ImmunoScience, CPC Diagnostics, Seegene, SD Biosensor, Getein Biotech, Hangzhou Biotest Biotech, Boditech Med, Inc, Beijing Tigsun Diagnostics, Hunan Lituo Biotechnology, Vivacheck Lab, Fujirebio, Sysmex Corporation, Atomo Diagnostics, Cellmid Limited, Senova, CerTest Biotec, Omega Diagnostics, Abingdon Health, Babylon, Novacyt Group, BioMaxima S.A, SensDx S.A, OraSure Technologies, Inc, Sorrento Therapeutics, Monocent Inc, Aurora Biomed, Hologic, LabCorp, GenMark Diagnostics, BioFire Diagnostics, Mesa Biotech, Perkin Elmer, Healgen Scientific Limited Liability Company, NTBIO DiagnosticsVictory Square Health, Motologic, LetsGetChecked, ACRO Biotech, Cellex Inc, Advagen Biotech Ltd, BATM, BioMedomics QuantLease, CapeBio
The covid-19 rapid test kits market report table of contents includes:
1. Executive Summary
2. COVID-19 Rapid Test Kits Market Characteristics
3. COVID-19 Rapid Test Kits Market Trends And Strategies
4. COVID-19 Rapid Test Kits Market – Macro Economic Scenario
5. Global COVID-19 Rapid Test Kits Market Size and Growth
….
32. Global COVID-19 Rapid Test Kits Market Competitive Benchmarking
33. Global COVID-19 Rapid Test Kits Market Competitive Dashboard
34. Key Mergers And Acquisitions In The COVID-19 Rapid Test Kits Market
35. COVID-19 Rapid Test Kits Market Future Outlook and Potential Analysis
36. Appendix
List of Tables:
Table 1: Global Historic Market Growth, 2020-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2024F, 2025F, $ Billion
Table 3: Global COVID-19 Rapid Test Kits Market, Segmentation By Test Type, Historic and Forecast, 2020-2023, 2023-2024F, 2025F, $ Billion
Table 4: Global COVID-19 Rapid Test Kits Market, Segmentation By Kit Type, Historic and Forecast, 2020-2023, 2023-2024F, 2025F, $ Billion
Table 5: Global COVID-19 Rapid Test Kits Market, Segmentation By Specimen Type, Historic and Forecast, 2020-2023, 2023-2024F, 2025F, $ Billion
….
Table 75: Abbott Laboratories Financial Performance
Table 76: F. Hoffmann-La Roche Ag Financial Performance
Table 77: Becton, Dickinson and Company Financial Performance
Table 78: Siemens Healthineers Ag Financial Performance
Table 79: Quidel Corporation Financial Performance
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