Covid 19 rapid diagnostic test market

COVID-19 Rapid Diagnostic Test Market, by Product Type (Instruments and Reagents and Kits), by Sample Type (Nasopharyngeal Swabs, Oropharyngeal Swabs, Nasal Swabs, and Blood), by Test Type (Molecular testing, Antigen based testing, Antibody testing, and Others including CRISPR and Biosensors), by End Users (Hospitals and Clinics, Laboratories, and Diagnostic Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

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Dec 2021
CMI4568
190 Pages
Excel & Pdf
Biotechnology

Summary

The coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 as a pandemic on March 11, 2020. COVID-19 infection is caused by the novel SARS-CoV-2, which is a member of single stranded RNA coronavirus family. Some 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, loss of appetite, and others may be observed in the COVID-19 patients. The COVID-19 rapid test kits are either rapid antigen test kits or rapid antibody test kits.

The global COVID-19 rapid diagnostic test market is estimated to be valued at US$ 3,846.9 Mn in 2021 and is expected to exhibit a CAGR of 8.8% during the forecast period (2021-2028).

Figure 1.Global COVID-19 Rapid Diagnostic Test Market Share (%) in Terms of Value, by Sample Type, 2021

Increasing acquisition and collaboration among the key players is expected to drive the market growth during the forecast period

The increasing acquisition and collaboration among the key players is expected to drive the global COVID-19 rapid diagnostic test market growth during the forecast period. For instance, in February 2021, BD, a U.S.-based medical device company, collaborated with Scanwell Health, a California-based smartphone-enabled at-home medical tests manufacturer, to create an at-home lateral flow rapid antigen test for SARS-CoV-2 using a BD antigen test and the Scanwell Health mobile app.

COVID-19 Rapid Diagnostic Test Market Report Coverage

Report Coverage	Details
Base Year:	2020	Market Size in 2021:	US$ 3,846.9 Mn
Historical Data for:	2017 to 2020	Forecast Period:	2021 to 2028
Forecast Period 2021 to 2028 CAGR:	8.8%	2028 Value Projection:	US$ 6,952.3 Mn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East: GCC Countries, Israel, and Rest of Middle East Africa: South Africa, North Africa, and Central Africa
Segments covered:	By Product Type: Instruments, Reagents and Kits By Sample Type: Nasopharyngeal swab, Oropharyngeal swab, Nasal swab, Osteosarcoma, Blood, Others By Test Type: Molecular Testing, Antigen based testing, Antibody Testing, Others By End User: Hospitals, Laboratories and Diagnostic Centers, Others
Companies covered:	Abbott Laboratories, F. Hoffmann-La Roche AG, Cardinal Health, Inc., Alfa Scientific Designs, Inc., Acon Laboratories, Inc., Thermo Fisher Scientific Inc., Danaher Corporation, PerkinElmer, Inc., Bio-Rad Laboratories, Inc., and Creative Diagnostics
Growth Drivers:	Increasing demand for COVID-19 rapid diagnostic test due to the COVID-19 outbreak Increasing product launches and approvals
Restraints & Challenges:	Recalls of COVID-19 rapid diagnostic test kits Lack of skilled healthcare professionals Less efficacy of rapid COVID-19 diagnostic tests as compared to laboratory setting

Figure 2.Global COVID-19 Rapid Diagnostic Test Market Share (%), by Test Type, 2021

Increasing product launches and regulatory approvals is expected to drive the COVID-19 rapid diagnostic test market growth

Increasing product launches and regulatory approvals is expected to drive the COVID-19 rapid diagnostic test market growth during the forecast period. For instance, in September 2020, Laboratory Corporation of America Holdings, a U.S.-based testing laboratory company, launched a combined diagnostic test for flu, respiratory syncytial virus (RSV), and COVID-19.

Moreover, in September 2020, Mammoth Biosciences, a U.S.-based biotechnology company, received emergency use authorization from the U.S. FDA for its SARS-CoV-2 DETECTR Reagent Kit, which is based on CRISPR technology.

Global COVID-19 Rapid Diagnostic Test Market– Impact of Coronavirus (COVID-19) Pandemic

According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 245,403,909 cases and 4,981,395 deaths due to coronavirus (COVID-19) were reported till October 27, 2021, across the globe. During the COVID-19 pandemic, pharmaceutical business, and likewise biotechnology firms are facing difficulties due to the interruption in supply chains.

The global incidence of coronavirus is escalating demand for advanced diagnostic test kits, which is expected to boost growth of the COVID-19 rapid diagnostic test market.

Increasing demand of product launches for the diagnosis of COVID-19 is expected to drive the COVID-19 rapid diagnostic test market growth. For instance, in October 2020, Cipla Inc., an Indian pharmaceutical company, launched its new COVID-19 diagnostic test called ELIFast. ELIFast is based on ELISA (Enzyme linked immunosorbent assay), which detects the antibodies against SARS-CoV-2.

Global COVID-19 Rapid Diagnostic Test Market: Restraint

Product recalls, lack of skilled healthcare professionals, and 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.

Moreover, on October 1, 2021, Ellume Limited, an Australia-based digital diagnostics company, issued a recall of approximately 427,000 of its COVID-19 home tests. In total, approximately 42,000 affected tests were used and produced false positive results.

Key Players

Major players operating in the global COVID-19 rapid diagnostic test market include Abbott Laboratories, F. Hoffmann-La Roche AG, Cardinal Health, Inc., Alfa Scientific Designs, Inc., Acon Laboratories, Inc., Thermo Fisher Scientific Inc., Danaher Corporation, PerkinElmer, Inc., Bio-Rad Laboratories, Inc., and Creative Diagnostics.

Table of Content

*Browse 44 market data tables and 38 figures on "COVID-19 Rapid Diagnostic Test Market” - Global forecast to 2028

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- Frequently Asked Questions -

What is the current market size and compound annual growth rate (CAGR) of the global COVID-19 rapid diagnostic test market during the forecast period (2021-2028)?

The global COVID-19 rapid diagnostic test market size is estimated to be valued at US$ 3,846.9 Mn in 2021 and is expected to exhibit a CAGR of 8.8% between 2021 and 2028.

What are the major factors driving the market growth?

Increasing incidence of COVID-19 and increasing research and development activities for the development of novel diagnostics for the diagnosis of COVID-19 infection are expected to drive the market growth over the forecast period.

Which is the leading sample type segment in the market?

Nasopharyngeal swab sample type segment is the leading sample type segment in the market.

Which region holds the largest market share in the market?

North America holds the largest market share in the global market.

What are the key factors hampering growth of the market?

Which are the major players operating in the market?

Major players operating in the market include Abbott Laboratories, F. Hoffmann-La Roche AG, Cardinal Health, InC., Alfa Scientific Designs, Inc., Acon Laboratories, Inc., Thermo Fisher Scientific Inc., Danaher Corporation, PerkinElmer, Inc., Bio-Rad Laboratories, Inc., and Creative Diagnostics.