Rapid Test Kit Market for COVID-19 Market Forecast Report | Global Analysis, Statistics, Revenue, Demand and Trend Analysis Research Report by 2027

Growing emphasis by governments worldwide to curb the spread of COVID-19 is one of the significant factors influencing the market growth.
Market Size – USD 20.22 billion in 2020, Market Growth - CAGR of -20.9%, Market Trends – Increasing R&D activities to cater to growing demand at a lower price
The global rapid test kit market for COVID-19 is expected to reach USD 3.70 Billion by 2027, according to a new report by Reports and Data. The initial diagnosis of diseases, as well as accuracy, play an instrumental role in the treatment of patients. Rapid test kits are in vitro diagnostics methods implemented individually or in a small series that involve manual procedures and have been developed to provide a rapid result. For the purpose testing COVID-19, rapid test kit may require about 10 to 30 minutes to give a result as compared to about hours of molecular tests performed in large series, or it might take even more time samples have to be transported to a remotely located testing laboratory. The rapid tests for COVID-19 are fairly simple to perform and infer and hence need limited test operator training and may be used either for usage in hospital laboratories or close to the point-of-care.
The COVID-19 pandemic is affecting the worldwide population in radical ways. In several nations, geriatric people are facing the maximum dangers and challenges in dire situation. Even though people of all age groups are at risk of getting infected by COVID-19, elderly people face a substantial risk of getting severely ill in the event of contracting COVID-19, owing to physiological changes that follow with aging and probable underlying health conditions. More than 95.0% of deaths owing to the disease occurred in people aged than 60 years. Over 50.0% of all casualties involved people aged 80 years or older. It has been found that 8 out of 10 fatalities are happening in individuals with no less than one comorbidity, especially in those with hypertension, cardiovascular disease, and diabetes, as well as with other chronic underlying conditions.

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The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply & demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.
The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launches and brand promotions.

Key companies profiled in the report include:
Abbott Laboratories, Acumen Research Laboratories, BioMedomics, Biolidics, LabCorp, ThermoFisher, CTK Biotech, Biomaxima, Beijing Tigsun Diagnostics Co. Ltd., and Getein Biotech, among others.

Market Segmentation by Types:
Test Type Outlook (Revenue, USD Million; 2020-2027)
• Rapid Antigen Test
• Rapid Antibody Test
• Others
End-Users Outlook (Revenue, USD Million; 2020-2027)
• Hospitals & Clinics
• Diagnostics Laboratory
• Home Care
• Others

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Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Rapid Test Kit Market for COVID-19 market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.

• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o Italy
o France
o BENELUX
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o South Korea
o Rest of APAC
• Latin America
o Brazil
o Rest of LATAM
• Middle East & Africa
o Saudi Arabia
o U.A.E.
o South Africa
o Rest of MEA

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Further key findings from the report suggest
• By test type, the rapid antigen test is likely to hold substantial market share in 2020 and is expected to grow at a rate of -21.1% in the forecast period. The basis rapid antigen test is the particular binding of an antigen (glycoprotein or protein) to an antibody. Antigen assays are usually more cost-effective as compared to either molecular or culture techniques; nevertheless, they do not increase their target as culture increases communicable organisms or as polymerase chain reaction amplifies nucleic acid. Therefore, this test is frequently less sensitive as compared to other methods.
• By end-users, hospitals and clinics are likely to contribute to the largest market share in 2020 and is expected to grow at a rate of -21.0% the forecast period. The factors including well-resourced operating & diagnostic rooms, higher purchasing power, the existence of highly skilled healthcare professionals, and improved health coverage for hospital-based healthcare services from several private and group insurance plans, among others, are responsible for the high market share of hospitals.
• The market in the Asia Pacific region is estimated to grow at the fastest rate of -20.0% in the forecast period, attributed to the presence of a large population in the countries such as India in the region pushing the governments to order rapid test kits for COVID-19 in huge quantity to contain the spread of the disease.
• In April 2020, a minimum of four conglomerate producers of COVID-19 rapid test kits are putting efforts to supply over a million diagnostic kits to the Indian sub-continent, as the nation looks to produce testing for the novel coronavirus. The Siemens, Thermo Fisher Scientific, Altona, and Seegene are all anticipated to commence supplying COVID-19 test kits.

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