Global 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), 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), as highlighted in a new report published by Coherent Market Insights.
Increasing COVID-19 incidence, product launches, and regulatory approvals are expected to drive the global COVID-19 rapid diagnostic test market growth. For instance, in September 2018, F. Hoffmann-La Roche Ltd, a Switzerland-based pharmaceutical company, announced the launch of Elecsys Anti-SARS-CoV-2 S antibody test, which can be used for detection of SARS-CoV-2 in human serum and plasma.
Global COVID-19 Rapid Diagnostic Test Market– Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency.
The global incidence of coronavirus is escalating demand for advanced diagnostic test kits, which is expected to boost the growth of the global COVID-19 rapid diagnostic test market. Moreover increasing product launches is expected to drive the covid 19 rapid diagnostic test market growth. For instance, in May 2020, Sherlock Biosciences, a Cambridge-based biotechnology company, received the U.S. FDA approval for emergency use authorization (EUA) for its CRISPR-based COVID-19 diagnostic test. The kit is for the qualitative detection of SARS-CoV-2 nucleic acid in samples from the upper respiratory tract and bronchoalveolar lavage of people suspected with COVID-19.
Browse 44 Market Data Tables and 38 Figures spread through 190 Pages and in-depth TOC on “Global COVID-19 Rapid Diagnostic Test Market”- Forecast to 2028, Global 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)
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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 8.8% during the forecast period. Increasing innovation in technology and rising product approvals for COVID-19 detection are expected to propel the market growth over the forecast period.
For instance, in March 2021, Roche Holding AG, a Swiss pharmaceutical company, launched its new developed rapid antigen nasal kit for quicker diagnosis of COVID-19 infection within 15 minutes of sample collection and ensures minimum contact between the healthcare professional and the suspected COVID-19 positive patient.
- Among product type, reagents & kits segment is expected to show the fastest growth over the forecast period, owing to market players focusing on kit launches and approvals. For instance, in September 2020, Veredus Laboratories, a Singapore-based diagnostic tools manufacturer and provider, launched its new product VereRT ZeroPrep COVID-19 PCR Kit.
- On the basis of regions, North America is estimated to hold for the largest market share in the global COVID-19 rapid diagnostic test market in 2021. This is owing to increasing number of product launches and approvals associated with COVID-19 rapid diagnostic test by regulatory bodies. For instance, on April 13, 2020, Becton, Dickinson and Company received the Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) for a molecular diagnostic test for COVID-19, which provides additional testing capacity for COVID-19.
- 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