LONDON, Sept. 03, 2020 (GLOBE NEWSWIRE) -- (COVID-19 Rapid Test Kits Companies Included: Thermo Fisher Scientific, Abbott Laboratories, BioMedomics, CTK Biotech, F. Hoffmann-La Roche AG, Cepheid Inc., Cellex Inc., Robert Bosch GmbH, Acumen Research Laboratories, Biolidics, LabCorp, Biomaxima, Beijing Tigsun Diagnostics Co. Ltd., Getein Biotech, QIAGEN, Quidel Corporation, Hologic, Inc., Primerdesign Ltd., Cosara Diagnostics Pvt. Ltd., AlphaBiolabs Ltd., Quest Diagnostics, Seegene Inc., Genematrix, RayBiotech, GenBody, Biopanda, Premier Biotech, SD Biosensor, Epitope Diagnostics, Advaite, Euroimmun AG)
The global COVID-19 rapid test kits market is expected to reach a value of nearly $14.94 billion in 2020. The market is expected to decline from $14.94 billion to $1.37 billion in 2023 at a rate of -54.9%, and then is expected to cease from 2024 due to the hopeful vaccination of the global population by the end of 2023.
The Business Research Company’s report titled COVID19 Rapid Test Kits Market Global Report 2020-30: COVID-19 Implications and Growth covers major COVID-19 rapid test kits companies, COVID-19 rapid test kits market share by company, COVID-19 rapid test kits manufacturers, COVID-19 rapid test kits infrastructure market size, and COVID-19 rapid test kits market forecasts. The report also covers the global COVID-19 rapid test kits market and its segments. The COVID-19 rapid test kits market is segmented by test type into rapid antigen test, rapid antibody test, RT-PCR test and others, by kit type into equipment and extraction kits, PCR machines, and reagents, by specimen type into nasopharyngeal swab, oropharyngeal swab, nasal swab, blood and others, by end-users into hospitals and clinics, diagnostic laboratories, home care and others.
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According to the Centers for Disease Control and Prevention, people of any age with certain underlying medical conditions are at increased risk of severe illness from COVID-19. Thus, the rising prevalence of chronic diseases such as arthritis, asthma, and cancer is expected to also be a major driver of the coronavirus testing kit market. COVID-19 is a highly infectious disease that spreads when a person comes in contact with an infected person or a surface used by the infected person. As of August 8, 2020, there were 22.4 million confirmed corona cases globally, and this number is expected to increase further. COVID-19 rapid test kits allow healthcare officials to confirm if someone is suffering from the disease. The rising demand for antibody tests is expected to push COVID-19 rapid test kit manufacturers to create these as they allow public health agencies to identify individuals that were previously infected with COVID-19, understand its spread, and inform public health interventions.
While these antibody tests are common in testing for COVID-19, healthcare providers are increasingly looking for rapid test kits which provide quicker results at high efficiency and lower costs. The companies in the market are increasingly investing in artificial intelligence and big data analysis and this has led to a new generation of technology making COVID-19 test kits smaller, faster and more efficient compared to traditional testing kits.
Technology comes in the form of growing adoption of RT-PCR testing as well, due to its high specificity and sensitivity – growing the global COVID-19 RT-PCR test market 2020 size. Currently, RT-PCR tests are highly recommended by regulatory organizations across the globe owing to their rapid detection and efficacy. The method continues to be the most accurate method available for the detection of the COVID-19 virus. Due to increased demand from regions such as South East Asia and Middle East, manufacturers such as Thermo Fischer have scaled up production of their RT-PCR assay kits from 50,000 to 10 million a week, as of July 2020. This exponential increase along with the other rapid test methods that are expanding in number and technology during this pandemic are all expected to continue driving the COVID-19 rapid test kit market until the disease is under more control, anticipatedly through a vaccine.
COVID19 Rapid Test Kits Market Global Report 2020-30: COVID-19 Implications and Growth is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, 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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