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Global COVID-19 Rapid Diagnostic Test Market, by Product Type (Instruments and Reagents & Kits), by Sample Type (Nasopharyngeal (NP) swabs, Oropharyngeal (OP) Swabs, Nasal Swabs, Blood, and Others (others include Saliva)), by Test Type (Molecular Testing, Antigen-based Testing, Antibody Testing, and Others (others include CRISPR and Biosensors)), by End User (Hospital & Clinic, Laboratories & Diagnostics Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), 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), as highlighted in a new report published by Coherent Market Insights.

Key players operating in the market are focusing on receiving product approvals from regulatory authorities and launching new products, which is expected to drive the market growth over the forecast period.

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, the causative agent of COVID-19. Furthermore, in December 2020, Cipla Inc. launched a rapid antigen test for detection of SARS-CoV-2 within 15-20 minutes. This test is a rapid, point of care diagnostic test that uses nasopharyngeal sample.

For instance, in March 2021, Fujifilm, a Japan based conglomerate company launched its new COVID-19 test which is based on antigen detection for diagnosis of COVID-19 infection. Moreover, in March 2021, Fujifilm’s rapid antigen COVID-19 test received CE mark from European Union for distribution in Europe.

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

The COVID-19 pandemic has negatively affected several markets across the globe, however, it is expected to drive the growth of COVID-19 rapid diagnostic test market, owing to rising cases of COVID-19 and product launches.

For instance, according to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 189 million cases and 4.1 million deaths due to Coronavirus (COVID-19) were reported up till July 25, 2021 across the globe.

Moreover, in October 2020, Siemens Healthineers GmbH, a German healthcare company launched its new rapid antigen COVID-19 test called CLINITEST. CLINITEST delivers results within 15 minutes of nasopharyngeal swab sample collection.

Browse 44 Market Data Tables and 37 Figures spread through 170 Pages and in-depth TOC on “COVID-19 Rapid Diagnostic Test Market”- Global Forecast to 2028, by Product Type (Instruments and Reagents & Kits), by Sample Type (Nasopharyngeal (NP) Swabs, Oropharyngeal (OP) Swabs, Nasal Swabs, Blood, and Others (others include Saliva)), by Test Type (Molecular Testing, Antigen-based Testing, Antibody Testing, and Others (others include CRISPR and Biosensors)), by End User (Hospital & Clinic, Laboratories & Diagnostics Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

To know the latest trends and insights prevalent in the global COVID-19 rapid diagnostic test market, click the link below:

https://www.coherentmarketinsights.com/market-insight/covid-19-rapid-diagnostic-test-market-4568

Key players operating in the market are focusing on adoption of inorganic growth strategies such as collaborations, mergers, partnerships and acquisitions, in order to strengthen their position in the market. For instance, in September 2020, and test manufacturers Abbott, a U.S. based medical device company and SD Biosensor Inc., a Korean technology solution provider entered into a partnership with Bill & Melinda Gates Foundation to develop around 120 million COVID-19 rapid diagnostic tests at a reduced cost to be supplied to low and middle income countries such as Indonesia, South Africa, Bangladesh, Pakistan, and others across the globe.

Key Takeaways of the Global COVID-19 Rapid Diagnostic Test Market:

  • The global COVID-19 rapid diagnostic test market is expected to exhibit a CAGR of 12.2% over the forecast period, owing to rising product launches and approvals. For instance, in March 2020, Becton, Dickinson and Company, a U.S. based medical device company and BioMedomics Inc., a U.S. based biotechnology company launched a point of care COVID-19 blood test based on antibody detection for diagnosis of COVID-19 infection within 15 minutes.
  • Among product type, reagents & kits segment is expected to account for largest market share over the forecast period, owing to market players focusing on launching new products. For instance, in September 2020, Eurofins Diatherix Laboratories, LLC, a U.S. molecular diagnostic company launched the Flu Plus test that can be used for COVID-19 detection along with other flu viruses such as Influenza A, Influenza B, and others.
  • Key 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
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