Global COVID-19 Rapid Test Kits Market Report 2022: Market is Expected to Decline from $19,547.5 Million in 2020 to $32.2 Million in 2025 at a Rate of -72.2%

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Dublin, March 18, 2022 (GLOBE NEWSWIRE) -- The "COVID-19 Rapid Test Kits Global Market Opportunities And Strategies To 2030, By Test Type, Kit Type, Specimen Type, End Users" report has been added to ResearchAndMarkets.com's offering.

The COVID-19 rapid test kits market reached a value of nearly $19,547.5 million in 2020, and it is expected to decline from $19,547.5 million in 2020 to $32.2 million in 2025 at a rate of -72.2%.

This report describes and explains the COVID-19 rapid test kits market and covers 2020 to 2025 termed the forecast period, Africa. The report evaluates the market across each region and for the major economies within each region.

Going forward, rising demand for antibody tests, common/overlapping symptoms, impact of coronavirus, aging population, technological advances, increase in healthcare access, rising prevalence of chronic diseases, increasing adoption of RT-PCR testing, mandatory testing, and new COVID-19 strains will drive the growth.

Factors that could hinder the growth of the COVID-19 rapid test kits market in the future include product recalls, geopolitical tensions, use of masks, high price of tests, lack of skilled or trained molecular biologists, and mass vaccination campaigns.

The COVID-19 rapid test kits market is segmented by test type into antigen, antibody, RT-PCR and others. The RT PCR market was the largest segment of the COVID-19 rapid test kits market segmented by test type, accounting for 84.3% of the total in 2020. Going forward, the antigen market is expected to be the fastest growing segment in the COVID-19 rapid test kits market segmented by test type, at a CAGR of -51.8% during 2020-2025.

The COVID-19 rapid test kits market is also segmented by kit type into equipment and extraction kits, PCR machines, and reagents. The PCR machine market was the largest segment of the COVID-19 rapid test kits market segmented by kit type, accounting for 72.4% of the total in 2020. Going forward, the equipment and extraction kits market is expected to be the fastest growing segment in the COVID-19 rapid test kits market segmented by kit type, at a CAGR of -65.2% during 2020-2025.

The COVID-19 rapid test kits market is also segmented by specimen type into nasopharyngeal swab, oropharyngeal swab, nasal swab, blood and others. The nasopharyngeal swab market was the largest segment of the COVID-19 rapid test kits market segmented by specimen type, accounting for 55.2% of the total in 2020. Going forward, the blood market is expected to be the fastest growing segment in the COVID-19 rapid test kits market segmented by specimen type, at a CAGR of -59.3% during 2020-2025.

The COVID-19 rapid test kits market is also segmented by end-users into hospitals and clinics, diagnostic laboratories, home care and others. The hospitals and clinics market was the largest segment of the COVID-19 rapid test kits market segmented by end-users, accounting for 57.1% of the total in 2020. Going forward, the home care market is expected to be the fastest growing segment in the COVID-19 rapid test kits market segmented by end-users, at a CAGR of -58.6% during 2020-2025.

Asia-Pacific was the largest region in the COVID-19 rapid test kits market, accounting for 23.2% of the total in 2020. It was followed by Western Europe, and North America. Going forward, the fastest-growing regions in the COVID-19 rapid test kits market will be Asia-Pacific, and South America where growth will be at CAGRs of -65.8% and -68.9% respectively. These will be followed by Africa, and Middle East, where the markets are expected to grow at CAGRs of -71.7% and -72.5% respectively.

The COVID-19 rapid test kits market is moderately consolidated with a small number of large players dominating the market. The key players in the market are focusing on expanding their operational and business presence in the market through new product development and strategic acquisition of emerging and established companies in the industry.

The top ten competitors in the market made up to 36.7% of the total market in 2020. Major players in the market include Abbott Laboratories, F. Hoffmann-La Roche AG, Quidel Corporation, Thermo Fisher Scientific Inc., and Becton, Dickinson and Company.

Market-trend-based strategies for the COVID-19 rapid test kits industry include collaborate with Artificial Intelligence companies, incorporating big data, strategic partnerships, developing rapid test kits with low test wait times, developing at-home rapid test kits, developing low-cost test kits and collaborating with the government to quickly increase their production and to grow their customer base.

Player-adopted strategies in the COVID-19 rapid test kits industry include expansion through offering new products, increasing production and increasing partnerships with governments across the globe and private laboratories.

To take advantage of the opportunities, the publisher recommends the COVID-19 rapid test kits companies to focus on developing at home test kits and focus on big data and AI to understand the gap between demand and supply of test kits and to improve the diagnosis.

Also, the companies should focus on leveraging e-commerce to maximize their reach and promote their product by increasing visibility on business websites and participation in trade shows.

Key Topics Covered:

1. COVID-19 Rapid Test Kits Market Executive Summary

2. Table of Contents

3. List of Figures

4. List of Tables

5. Report Structure

6. Introduction
6.1. Segmentation By Geography
6.2. Segmentation By Test Type
6.3. Segmentation By Kit Type
6.4. Segmentation By Specimen Type
6.5. Segmentation By End-Users

7. COVID-19 Rapid Test Kits Market Characteristics
7.1. Market Definition
7.2. Market Segmentation By Test Type
7.2.1. RT PCR
7.2.2. Rapid Antigen
7.2.3. Rapid Antibody
7.2.4. Others
7.3. Market Segmentation By Kit Type
7.3.1. PCR Machines
7.3.2. Equipment And Extraction Kits
7.3.3. Reagents
7.4. Market Segmentation By Specimen Type
7.4.1. Nasopharyngeal Swab
7.4.2. Oropharyngeal Swab
7.4.3. Nasal Swab
7.4.4. Blood
7.4.5. Others
7.5. Market Segmentation By End-Users
7.5.1. Hospitals And Clinics
7.5.2. Diagnostic Laboratories
7.5.3. Home Care
7.5.4. Others

8. COVID-19 Rapid Test Kits Market Trends And Strategies
8.1. Use Of Artificial Intelligence
8.2. Use Of Big Data
8.3. Collaborations Between Governments And Manufacturers
8.4. Reduced Testing Time
8.5. At-Home Test Kits
8.6. Low-Cost Test Kits
8.7. Strategic Partnerships

9. Impact Of COVID-19 On The COVID-19 Rapid Test Kits Market
9.1. Impact Of Virus Mutations On The COVID-19 Rapid Test Kits Market
9.2. Government Investments In Rapid Test Kits
9.3. Impact On COVID-19 Rapid Test Kits Manufacturers
9.4. Future Outlook

10. Global COVID-19 Rapid Test Kits Market Size And Growth
10.1. Market Size
10.2. Forecast Market Growth, 2020 - 2025F, Value ($ Million)
10.2.1. Drivers Of The Market 2020 - 2025
10.2.2. Restraints On The Market 2020 - 2025

11. Global COVID-19 Rapid Test Kits Market Segmentation
11.1. Global COVID-19 Rapid Test Kits Market, Segmentation By Test Type, Historic And Forecast, 2020 - 2025F, Value ($ Million)
11.2. Global COVID-19 Rapid Test Kits Market, Segmentation By Kit Type, Historic And Forecast, 2020 - 2025F, Value ($ Million)
11.3. Global COVID-19 Rapid Test Kits Market, Segmentation By Specimen Type, Historic And Forecast, 2020 - 2025F, Value ($ Million)
11.4. Global COVID-19 Rapid Test Kits Market, Segmentation By End-Users, Historic And Forecast, 2020 - 2025F, Value ($ Million)

12. COVID-19 Rapid Test Kits Market, Regional And Country Analysis
12.1. Global COVID-19 Rapid Test Kits Market, By Region, Forecast, 2020 - 2025F, Value ($ Million)
12.2. Global COVID-19 Rapid Test Kits Market, By Country, Forecast, 2020 - 2025F, Value ($ Million)

Companies Mentioned

  • Abbott Laboratories
  • F. Hoffmann-La Roche AG
  • Quidel Corporation
  • Thermo Fisher Scientific Inc.
  • Becton, Dickinson and Company
  • QIAGEN N.V.
  • PerkinElmer Inc.
  • DiaSorin S.p.A.
  • Bio-Rad Laboratories, Inc.
  • GenMark Diagnostics, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/y7otm5

 

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