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COVID-19 Rapid Test Kits Market Report 2020-2023: Revenue, Key Drivers And Upcoming Trends
COVID-19 Rapid Test Kits Market
The global COVID-19 rapid test kits market is expected to reach a value of nearly $14,941.3 million in 2020. The market is expected to decline from $14,941.3 million in 2020 to $1,367.3 million in 2023 at a rate of -54.9%. The market is expected to cease from 2024 due to the vaccination of global population by the end of 2023.
The key drivers of the COVID-19 rapid test kits market include:
The rising demand for antibody tests is expected to drive the market for COVID-19 rapid test kits in the forecast period. Rapid antibody tests allow the public health agencies to identify individuals with previous COVID-19 disease, understand its spread, and inform public health interventions. For instance, in countries such as India, several state governments have asked private and government organizations to start using antibody tests as this can play a key role to curb the contagion with the start of unlock phases in the country.i This is expected to drive the demand for COVID-19 rapid test kits in the forecast period.
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COVID-19 Rapid Test Kits Market Segmentation:
The COVID-19 rapid test kits market is segmented by test type, kit type, specimen type, end-users and by geography.?
By Test Type- The COVID-19 rapid test kits market can be segmented by test type
a. RT PCR Test
b. Rapid Antigen Test
c. Rapid Antibody Test
d. Others
The RT-PCR will be the largest segment of the COVID-19 rapid test kits market by test type, accounting for 84.3% of the total market in 2020.
By Kit Type– The COVID-19 rapid test kits market can be segmented by kit type
a. PCR Machines
b. Equipment And Extraction Kits
c. Reagents
The PCR machines will be the largest segment of the COVID-19 rapid test kits market by kit type, accounting for 72.3% of the total market in 2020
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By Geography - The COVID-19 Rapid Test Kits Market is segmented into
1. North America
2. Western Europe
3. Asia Pacific
4. Eastern Europe
5. South America
6. Middle East
7. Africa
Some of the major key players involved in the COVID-19 Rapid Test Kits Market are
1. F. Hoffmann-La Roche AG
2. Thermo Fisher Scientific Inc.
3. Abbott Laboratories
4. Quidel Corporation
5. BGI Genomics
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.
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