COVID-19 Rapid Test Kits Market Share, Trend Analysis, Key Drivers, Size And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

COVID-19 Rapid Test Kits Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $0.09 billion In 2028 At A CAGR Of -84.4% :

The covid-19 rapid test kits market size has declined steeply in recent years. It will decline from $3.8 billion in 2023 to $0.59 billion in 2024 at a compound annual growth rate (CAGR) of -84.4%. The growth in the historic period can be attributed to sensitivity and specificity concerns, limited multiplexing capability, evolution of viral variants, supply chain disruptions, regulatory challenges.

The covid-19 rapid test kits market size is expected to see steep decline in the next few years. It will decline to $0.09 billion in 2028 at a compound annual growth rate (CAGR) of -84.4%. The decline in the forecast period can be attributed to professional skill requirements, storage and shelf-life considerations, competition and price pressure, integration with public health systems, public perception and acceptance. Major trends in the forecast period include focus on technology advancements, focus on incorporating big data, focus on developing rapid test kits with low test wait times, focus on developing at-home rapid test kits and focus on developing low-cost test kits.

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COVID-19 Rapid Test Kits Market Major Segments
The covid-19 rapid test kits market covered in this report is segmented -

1) By Test Type: RT PCR Test, Rapid Antigen Test, Rapid Antibody Test, Others
2) By Test Components: PCR Machines, Equipment And Extraction Kits, Reagents
3) By Specimen Type: Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab, Blood, Others
4) By End-Users: Hospitals And Clinics, Diagnostic Laboratories, Home Care, Others

Key Driver - Government Regulations And Diversified Diagnostic Approaches Fuelling Growth In The Covid-19 Rapid Test Kits Market

Government regulations and steps to provide diversified diagnostic approaches are expected to boost the COVID-19 rapid test kits market growth during the forecast period. Better diagnostics facilities are required to overcome the increasing spread of COVID-19 cases globally, particularly in the rising geriatric population. For instance, in April 2022, The Food and Drug Administration, a US-based government agency, issued new draft guidance to the industry for developing plans to enroll more participants from underrepresented racial and ethnic populations in clinical trials. This is aimed at ensuring meaningful representation of diverse communities in the development of better treatments and ways to fight diseases s. Robust funding and investments by the public as well as private agencies for the rapid and innovative development of diagnostics for COVID-19 are expected to further boost the COVID-19 rapid test kits market.

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Prominent Trend - Revolutionizing Covid-19 Diagnostic Testing With Artificial Intelligence Integration

The incorporation of Artificial Intelligence (AI) algorithms with the rapid diagnostic test kits is expected to boost market growth during the forecast period. For instance, in May 2021, Mylab, an India-based biotechnology company launched the first self-use rapid antigen test for Covid-19 approved by the Indian Council of Medical Research (ICMR) , an India-based government agency. This test combines with an AI-powered mobile app that submits the result to ICMR directly for traceability, and the user can easily know the status of the result.

COVID-19 Rapid Test Kits Market Players
Major companies operating in the covid-19 rapid test kits market report are Abbott Laboratories, F. Hoffmann-La Roche Ag, Becton, Dickinson and Company, Siemens Healthineers Ag, Quidel Corporation, Thermo Fisher Scientific Inc., PerkinElmer Inc., Quest Diagnostics, QIAGEN N.V., DiaSorin S.p.A., Mylab Discovery Solutions, Kalbe Farma, He Qi Group Foundation, Beijing Jinwofu Bioengineering Technology Company, Zhejiang Orient Gene Biotech Co. Ltd, Transasia Bio Medicals, Vanguard Diagnostics, HLL Lifecare Limited, Voxtur Bio Ltd, LAB-CARE Diagnostics, ImmunoScience, CPC Diagnostics, Seegene, SD Biosensor, Getein Biotech, Hangzhou Biotest Biotech, Boditech Med, Inc, Beijing Tigsun Diagnostics, Hunan Lituo Biotechnology, Vivacheck Lab, Fujirebio, Sysmex Corporation, Atomo Diagnostics, Cellmid Limited, Senova, CerTest Biotec, Omega Diagnostics, Abingdon Health, Babylon, Novacyt Group, BioMaxima S.A, SensDx S.A, OraSure Technologies, Inc, Sorrento Therapeutics, Monocent Inc, Aurora Biomed, Hologic, LabCorp, GenMark Diagnostics, BioFire Diagnostics, Mesa Biotech, Perkin Elmer, Healgen Scientific Limited Liability Company, NTBIO DiagnosticsVictory Square Health, Motologic, LetsGetChecked, ACRO Biotech, Cellex Inc, Advagen Biotech Ltd, BATM, BioMedomics QuantLease, CapeBio

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Largest And Fastest Growing Region In The Market
North America was the largest region in the COVID-19 rapid test kits market in 2023. Western Europe was the second largest region in the global COVID-19 rapid test kits market share. The regions covered in the covid-19 rapid test kits market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. COVID-19 Rapid Test Kits Market Report Structure
3. COVID-19 Rapid Test Kits Market Trends And Strategies
4. COVID-19 Rapid Test Kits Market - Macro Economic Scenario
5. COVID-19 Rapid Test Kits Market Size And Growth
…..
27. COVID-19 Rapid Test Kits Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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