Press release
Global COVID-19 Rapid Test Kits Market to Reach Billion by 2029, Growing at % CAGR
COVID-19 Rapid Test Kits
Anticipated growth in the COVID-19 rapid test kits market can be attributed to governmental regulations and the drive to incorporate diverse diagnostic methods. With the escalating cases of COVID-19, especially among the elderly population, there is a clear need for superior diagnostic facilities. One such step was taken by The Food and Drug Administration, a government agency from the US, which in April 2022, offered new draft guidelines for the enrolment of participants from racial and ethnic groups who are less represented in clinical trials. This is focused on ensuring the representation of varied communities in the creation of advanced treatments and disease combating strategies. Moreover, the initiative of developing innovative diagnostics for COVID-19 by public and private sectors, backed by robust funding and investment, is estimated to amplify the growth of the COVID-19 rapid test kits market.
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What is the projected compound annual growth rate (CAGR) of the covid-19 rapid test kits market from 2025 to 2034, and what factors influence it?
In recent times, a sharp downturn has been observed in the market size of Covid-19 rapid test kits. The market is set to shrink from $918.74 billion in 2024 to a mere $79.35 billion in 2025, indicating a Compound Annual Growth Rate (CAGR) of -91.4%. This significant reduction during the historical period is linked to issues surrounding sensitivity and specificity, limited multiplexing ability, the emergence of viral variants, disturbances in the supply chain, and regulatory difficulties.
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How are the latest trends influencing the growth of the covid-19 rapid test kits market?
Primary players in the COVID-19 Rapid Test Kits market, such as Antigen Rapid Test Kits manufacturers, are advancing with the development of new products. These kits swiftly and precisely detect the virus, thereby efficiently managing the infection spread. Antigen Rapid Test Kits are capable of identifying virus proteins associated with conditions like COVID-19 using a nasal or throat swab; results are available in 15-30 minutes. Though they aren't as sensitive as PCR tests, they prove effective for swift screening within large groups. For instance, Kaneka Corporation, a chemical manufacturing company based in Japan, introduced KANEKA Immunochromatography Flu A/B and SARS-CoV-2 Ag in June 2023. With this kit, one can quickly and reliably detect COVID-19 and influenza viruses using one nasal swab sample, with outputs available in about ten minutes. Owing to its easy-to-use design, specialized equipment is not required, making it suitable for both medical establishments and self-testing situations. Furthermore, the kit's ability to simultaneously detect multiple viruses increases its usefulness in medical settings, thereby enabling prompt diagnosis and accurate treatment decisions.
What are the major segments of the covid-19 rapid test kits market and their role in driving growth?
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
Subsegments:
1) By RT PCR Test: Conventional RT PCR Tests, Real-Time RT PCR Tests, Automated RT PCR Systems
2) By Rapid Antigen Test: Nasal Swab Antigen Tests, Saliva-Based Antigen Tests, Lateral Flow Assays
3) By Rapid Antibody Test: IgM Or IgG Rapid Tests, Lateral Flow Serological Tests, Enzyme-Linked Immunosorbent Assay (ELISA) Kits
4) By Others: Combination Tests, Molecular Diagnostic Tests, Home Test Kits
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Which regions are key players in the growth of the covid-19 rapid test kits market?
North America was the largest region in the COVID-19 rapid test kits market in 2024. 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
Who are the key firms paving the way for growth in the covid-19 rapid test kits market?
Major companies operating in the covid-19 rapid test kits market include 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 DiagnosticsVictory Square Health, Motologic, LetsGetChecked, ACRO Biotech, Cellex Inc, Advagen Biotech Ltd, BATM, BioMedomics QuantLease, CapeBio
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What Is Covered In The COVID-19 Rapid Test Kits Global Market Report?
•Market Size Forecast: Examine the covid-19 rapid test kits market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the covid-19 rapid test kits market for a structured understanding.
•Key Players Overview: Analyze major players in the covid-19 rapid test kits market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the covid-19 rapid test kits market.
•Segment Contributions: Evaluate how different segments drive overall growth in the covid-19 rapid test kits market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the covid-19 rapid test kits market.
•Industry Challenges: Identify potential risks and obstacles affecting the covid-19 rapid test kits market.
•Competitive Landscape: Review strategic developments in the covid-19 rapid test kits market, including expansions, agreements, and new product launches.
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