Companies In The COVID-19 Rapid Test Kits Market Help Ease The Burden On Healthcare Systems As Per The Business Research Company's COVID-19 Rapid Test Kits Global Market Report 2022

TBRC’s market research report covers COVID-19 Rapid Test Kits market size, COVID-19 Rapid Test Kits market forecasts, major COVID-19 Rapid Test Kits companies and their market share, key strategies to undertake, and more.

LONDON, July 06, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the COVID-19 Rapid Test Kits market, with the rise in the number of coronavirus infections, there has been a growing demand for at-home testing kits. The at-home testing kits have been gaining prominence among the COVID-19 rapid test kits market trends due to several factors, such as that they come in handy when a person suffers from symptoms indicating COVID and wants to be sure, being quick in delivering results, and other reasons. Companies are also trying to launch products that provide convenience to people. For example, in January 2022, Roche Diagnostics India announced the launch of the COVID-19 At-Home Test Kit to identify all SARS-CoV-2 variants, including Omicron. This product launch helped the company to strengthen its product portfolio, thus generating more revenue. In June 2021, RO, a healthcare technology company, announced the acquisition of Kit Company Inc. for an undisclosed amount. Ro's vertically incorporated primary care platform expands on the company's present strengths, including nationwide telehealth, pharmacy, lab processing, and in-home testing and care services. Kit is a home-based diagnostics company. In July 2021, Abbott Laboratories launched Panbio COVID-19 rapid test kits in India for self-use and to ease the burden on healthcare systems in rural and urban India.

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The global COVID-19 rapid test kits market size is expected to decline from $21.57 billion in 2021 to $6.57 billion in 2022 at a compound annual growth rate (CAGR) of -69.5%. The global COVID-19 rapid test kit market size is further expected to decline to $0.01 billion in 2026 at a CAGR of -80.8%.

Increasing penetration of new COVID-19 strains/variants across the globe due to genetic mutations is expected to boost the demand for COVID-19 rapid test kits market during forecast period. All viruses, including COVID-19 virus, change over time, effecting inherent properties of the virus, which include transmissibility, disease severity, and thereby impacting the performance of vaccines, therapeutic medicines, diagnostic tools, and others. The increased transmissibility and severity of new strains will increase the demand for new coronavirus (COVID-19) rapid test kits. For instance, in November 2021, the World Health Organization declared Omicron as a new SARS-CoV-2 Variant of Concern (VOC) with an increased risk of re-infection. Therefore, increasing penetration of new variants with greater transmissibility and severity is expected to drive the COVID-19 rapid testing kits market during the forecast period (only when the new variant is not sensitive to current and emerging vaccines and targeted antivirals).

Major players in the global COVID-19 rapid test kits market are Thermo Fisher Scientific, Abbott Laboratories, BioMedomics, CTK Biotech, F. Hoffmann-La Roche AG, Cepheid Inc., Cellex Inc., Acumen Research Laboratories, Biolidics, and LabCorp.

TBRC’s global COVID-19 rapid test kits market insights are segmented by test type into rapid antigen test, rapid antibody test, others; by kit type into equipment and extraction kits, RT-PCR test kits, reagents; by specimen type into nasopharyngeal swab, oropharyngeal swab, nasal swab, others; by end-user into hospitals and clinics, diagnostic laboratories, home care, others.

Asia Pacific was the largest region in the COVID-19 rapid test kits market, accounting for 40.6% of the total in 2021. It was followed by Western Europe, and then the other regions. The regions covered in the global COVID-19 rapid test kits industry overview are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

COVID-19 Rapid Test Kits Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide COVID-19 rapid test kits market overviews, COVID-19 rapid test kits market analyze and forecast market size and growth for the whole market, COVID-19 rapid test kits market segments and geographies, COVID-19 rapid test kits market trends, COVID-19 rapid test kits market drivers, COVID-19 rapid test kits market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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