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Press Release: COVID-19 Rapid Diagnostic Test Market to Surpass US$ 7,660.2 Million by 2028
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
COVID-19 infection is caused by the novel SARS-CoV-2, which is a member of single stranded RNA coronavirus family. Few of the common symptoms observed in COVID-19 patients include dry cough, fever, and fatigue while some less common symptoms include muscle pain, nausea, diarrhea, loss of smell, vomiting, chills, and conjunctivitis. Sometimes, severe symptoms such as shortness of breath, confusion, loss of appetite, and others may be observed in the COVID-19 patients. According to the World Health Organization, people above the age of 60 years, and those already suffering from any kind of co-morbid condition such as cancer, hypertension, heart diseases, diabetes, and others are at higher risk of getting infected with severe COVID-19 infection.
The global COVID-19 rapid diagnostic test market is estimated to be valued at US$ 3,422.1 million in 2021 and is expected to exhibit a CAGR of 12.2% over the forecast period (2021-2028).
Figure 1. Global COVID-19 Rapid Diagnostic Test Market Share (%), By Region, 2021
The increasing cases of COVID-19 is expected to drive the growth of the global COVID-19 rapid diagnostic test market over the forecast period.
For instance, according to the COVID-19 Weekly Epidemiological Update published by the World Health Organization (WHO) on July 27, 2021, it is estimated that the global number of COVID-19 cases will exceed 200 million till mid-August. WHO also stated, that there was a sharp increase of 21% in the number of deaths due to COVID-19 as compared to previous week, i.e. July 12, 2021 to July 18, 2021.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2021: | US$ 3,422.1 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 12.2% | 2028 Value Projection: | US$ 7,660.2 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Abbott, F. Hoffmann-La Roche AG, Cardinal Health, Alfa Scientific Designs Inc., Danaher, Bio-Rad Laboratories Inc., Artron Laboratories Inc., Trinity Biotech, bioMérieux SA, Creative Diagnostics, ACON Laboratories Inc., Thermo Fisher Scientific, Inc., Sight Diagnostics Ltd., Meridian Bioscience, Quest Diagnostics, Perkin Elmer, Inc., Luminex Corporation, Laboratory Corporation of America Holdings, and Veredus Laboratories |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Figure 2. Global COVID-19 Rapid Diagnostic Test Market Value (US$ Mn), By Product Type, 2021
The increasing research and development activities for the development of novel diagnostics for the diagnosis of COVID-19 is expected to drive the market growth over the forecast period.
Key players operating in the market are focusing on launching of new diagnostics for COVID-19 detection and submitting application for its approval, which is expected to drive growth of the global COVID-19 rapid diagnostic test market over the forecast period.
For instance, in May 2020, Sherlock Biosciences, a Cambridge based biotechnology company received the U.S. Food and Drug Administration (FDA) approval for emergency authorization of its CRISPR-based COVID-19 diagnostic test, thus making it the first ever COVID-19 test using CRISPR technology.
Furthermore, in September 2020, Mammoth Biosciences, a U.S. based biotechnology company received emergency use authorization by the U.S. FDA for its SARS-CoV-2 DETECTR Reagent Kit which is based on CRISPR technology. Moreover, in September 2020, the U.S. FDA granted emergency use status to MiraDx, a U.S. based molecular genetics company for its SARS-CoV-2 RT-PCR assay used for detection of COVID-19.
Newer innovations in the field of COVID-19 diagnostics would propel the global COVID-19 rapid diagnostic test market growth over the forecast period. For instance, in March 2021, Roche Holding AG, a Swiss pharmaceutical company, launched its new rapid antigen nasal kit for quicker diagnosis of COVID-19 infection. This COVID-19 diagnosis kit gives results within 15 minutes of sample collection and ensures minimum contact between the healthcare professional and the suspected COVID-19 positive patient as the sample is collected from nasal secretions rather than nasopharyngeal.
Global COVID-19 Rapid Diagnostic Test Market – Impact of Coronavirus (Covid-19) Pandemic
Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19, as pandemic on March 11, 2020. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 190,169,833 cases and 4,086,000 deaths due to Coronavirus (COVID-19) were reported till July 18, 2021, across the globe. During this COVID-19 pandemic, pharmaceutical business, clinical tool companies, and likewise biotechnology firms are facing difficulties that are occurring from the interruption in supply chains and the demand to transform service processes. However, the COVID-19 pandemic is expected to positively impact the COVID-19 rapid diagnostic test market, owing to rising number of product launches and approvals.
For instance, in July 2020, the Indian government launched a cost-effective COVID-19 test, which was developed by researchers at Indian Institute of Technology (IIT), Delhi. This COVID-19 test is a swab based RT-PCR test that gives results within three hours and is priced at INR 399 (US$ 5.34). Furthermore, in June 2021, IIT- Delhi launched an even cheaper version COVID-19 test which is priced at INR 50 (US$ 0.67). This is expected to boost the testing rates in rural areas as well and thus fuel the growth of global COVID-19 rapid diagnostic test market.
Moreover, in March 2020, Abbott, a U.S. based medical device company launched ID NOW COVID-19 test which is a molecular based point-of-care diagnostic test for detection of SARS-CoV-2 that delivers results in five to 13 minutes. For instance, in April 2021, Abbott received emergency use authorization by the U.S. FDA for its new rapid antigen COVID-19 self-testing kit called Panbio. Furthermore, on July 12, 2021, Abbott launched Panbio to be used in diagnosis of COVID-19 infection.
Global COVID-19 Rapid Diagnostic Test Market Restraint
Product recalls, shortage of skilled healthcare professionals, less efficacy of rapid COVID-19 diagnostic tests as compared to laboratory setting are the factors that are expected to hinder growth of the global COVID-19 rapid diagnostic test market over the forecast period. For instance, in May 2020, India recalled rapid-antibody COVID-19 testing kits from two Chinese in-vitro diagnostics companies namely Guangzhou Wondfo Biotech Co. and Zhuhai Livzon Diagnostics, Inc., due to low accuracy and inconsistent results delivered by the COVID-19 test kits.
Key Players
Major players operating in the global COVID-19 rapid diagnostic test market include Abbott, F. Hoffmann-La Roche AG, Cardinal Health, Alfa Scientific Designs Inc., Danaher, Bio-Rad Laboratories Inc., Artron Laboratories Inc., Trinity Biotech, bioMérieux SA, Creative Diagnostics, ACON Laboratories Inc., Thermo Fisher Scientific, Inc., Sight Diagnostics Ltd., Meridian Bioscience, Quest Diagnostics, Perkin Elmer, Inc., Luminex Corporation, Laboratory Corporation of America Holdings, and Veredus Laboratories
Coronavirus is a family of enveloped, single stranded RNA viruses that infect humans, chimpanzees, other mammals, and avian species. Coronavirus generally causes gastrointestinal and respiratory infections. The severity of infection caused by Coronavirus can range from common cold to highly severe MERS (Middle East Respiratory Syndrome). SARS-CoV-2 (Severe Acute Respiratory Syndrome Coronavirus) is a novel Coronavirus which has been identified in early 2020 by the World Health Organization. COVID-19 infection caused by SARS-CoV-2, emerged in December 2019 and is highly transmissible and life-threatening. It takes around two to fourteen days for a person to show symptoms after the exposure to the virus. Symptoms may range from common cold like symptoms such as cough, congestion or runny nose, headache, and fever to severe life-threatening conditions such as kidney failure, stroke, heart attack, and others. However, some people suffering from COVID-19 infection may not show symptoms at all and still be contagious to healthy people. Thus, it is essential to test for COVID-19 infection so that the spread of COVID-19 can be controlled.
Market Dynamics
The increasing incidence of COVID-19 cases, rising research and development activities for the development of novel diagnostic methods for the diagnosis of COVID-19, and increasing adoption of inorganic growth strategies such as acquisitions and collaborations by key players operating in the market, are the major factors that are expected to drive growth of the global COVID-19 rapid diagnostic test market over the forecast period.
For instance, in November 2020, Tata Medical and Diagnostics, an Indian healthcare company launched its new product TataMD CHECK, which is a nasal swab test that is able to diagnose COVID-19 within 90 minutes. Moreover, in January 2021, iMFLUX, Inc., a U.S. based molding company entered into a partnership with Rhinostics, Inc., a Harvard University startup, to develop polypropylene COVID-19 nasal swab. These nasal swabs are cost effective and allow easy collection of nasal secretion from suspected COVID-19 patients.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 44 market data tables and 37 figures on "COVID-19 Rapid Diagnostic Test Market” - Global forecast to 2028
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