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COVID-19 Rapid Test Kits Market: Steep Decline Expected post 2024 Amid Concerns over Sensitivity, Specificity and Supply Chain Disruptions
COVID-19 Rapid Test Kits Market
What Is The Projected Market Size Of The Global COVID-19 Rapid Test Kits Market And Its Growth Rate?
•The COVID-19 rapid test kits market is expected to decline significantly from $918.74 billion in 2024 to $79.35 billion in 2025.
•The market is projected to experience a steep compound annual growth rate (CAGR) of -91.4% during the forecast period.
•Growth drivers in the historic period include regulatory challenges, supply chain disruptions, and concerns related to sensitivity and specificity, among others.
What Is Driving The Growth In The COVID-19 Rapid Test Kits Market?
Government regulations and initiatives to diversify diagnostic approaches are the primary growth drivers for the COVID-19 rapid test kits market. The continuous increase in global COVID-19 cases, especially among the geriatric population, has necessitated improved diagnostic facilities. For example, the US-based Food and Drug Administration issued new draft guidance in April 2022 to boost enrollment of underrepresented racial and ethnic populations in clinical trials for developing better ways to fight diseases. Additionally, robust funding from public and private agencies for the innovative and rapid development of COVID-19 diagnostics is expected to stimulate market growth.
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Who Are the Key Players Driving COVID-19 Rapid Test Kits Market Growth?
•Abbott Laboratories
•F. Hoffmann-La Roche Ag
•Becton, Dickinson and Company
•Siemens Healthineers Ag
•Quidel Corporation
•Thermo Fisher Scientific 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 Diagnostics
•Victory Square Health, Motologic
•LetsGetChecked, ACRO Biotech
•Cellex Inc, Advagen Biotech Ltd
•BATM, BioMedomics QuantLease, CapeBio
What Are The Key Trends In The COVID-19 Rapid Test Kits Market?
•Major companies are developing new products such as Antigen Rapid Test Kits for faster and more efficient detection of the virus, ultimately controlling the spread of infections.
•Antigen Rapid Test Kits detect viral proteins related to infections like COVID-19 and provide results within 15-30 minutes from a nasal or throat swab.
What Are The Segments Of The Global COVID-19 Rapid Test Kits Market?
•By Test Type: RT PCR Test, Rapid Antigen Test, Rapid Antibody Test, Others
•By Test Components: PCR Machines, Equipment And Extraction Kits, Reagents
•By Specimen Type: Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab, Blood, Others
•By End-Users: Hospitals And Clinics, Diagnostic Laboratories, Home Care, Others
Which Region Leads The COVID-19 Rapid Test Kits Market?
In 2024, North America was the largest region in the COVID-19 rapid test kits market, followed by Western Europe. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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What Is Covered In The COVID-19 Rapid Test Kits Market Global Market Report?
- Market Size Analysis: Analyze the COVID-19 Rapid Test Kits Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the COVID-19 Rapid Test Kits Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall COVID-19 Rapid Test Kits Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the COVID-19 Rapid Test Kits Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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