SEATTLE, Aug. 12, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global COVID-19 rapid diagnostic test market is estimated to be valued at US$ 3,422.1 million in 2021 and is expected to exhibit a CAGR of 12.2% over the forecast period (2021-2028).
Key Trends and Analysis of the Global COVID-19 Rapid Diagnostic Test Market:
Key trends in the market include increasing cases of COVID-19, increasing approval of novel products, and increasing collaborations, mergers and acquisitions among key players. These key trends are expected to aid in growth of global COVID-19 rapid diagnostic test market.
For instance, according to the weekly epidemiological update on COVID-19 by the World Health Organization (WHO), 3,807,939 new COVID-19 cases were recorded globally from July 19, 2021 to July 25, 2021 which is an 8% increase as compared to the previous week i.e. July 12, 2021 to July 18, 2021.
Furthermore, increasing approvals of novel products is expected to drive the market growth over the forecast period. For instance, in September 2020, Laboratory Corporation of America Holdings, a U.S. based testing laboratory company launched a combined diagnostic test for flu, respiratory syncytial virus (RSV), and COVID-19.
Moreover, rising government initiatives for supporting the research and development activities related to diagnosis of COVID-19 is expected to fuel the growth of global COVID-19 rapid diagnostic test market over the forecast period. For instance, in March 2020, the National Institute of Health, U.S. received a funding of around US$ 4.9 billion for research on COVID-19 diagnostic tests, treatments, and vaccines. Moreover, according to an article published by Cambridge University Press in July 2020, the National Institute of Standards and Technology (NIST), U.S. received a funding of around US$ 6 million for research related to development and improvement of COVID-19 diagnostics.
Request Sample copy of this Report @ https://www.coherentmarketinsights.com/insight/request-sample/4568
Key Market Takeaways:
The global COVID-19 rapid diagnostic test market is expected to exhibit a CAGR of 12.2% over the forecast period, owing to rising product launches and regulatory approvals. For instance, in January 2021, the World Health Organization approved a rapid antigen test developed by UNICEF (United Nations International Children’s Emergency Fund) for diagnosis of COVID-19 under emergency use. This COVID-19 diagnostic test is a low cost alternative to other more expensive COVID-19 test and is priced at US$2.55 per test. With the development of such low cost COVID-19 rapid diagnostic tests, low and middle income countries such as Bangladesh, Indonesia, and others would have more access to the COVID-19 diagnostic tests. This is expected to fuel the growth of global COVID-19 rapid diagnostic test market.
Among product type, reagents & kits segment is expected to show the fastest growth over the forecast period, owing to market players focusing on kit launches and approvals. For instance, in September 2020, Veredus Laboratories, a Singapore based diagnostic tools manufacturer and provider launched its new product VereRT ZeroPrep COVID-19 PCR Kit. This is a viral RNA extraction-free, reverse transcription polymerase chain reaction (RT- PCR) based diagnostic test for detection of SARS-CoV-2, which is the causative agent of COVID-19 infection. VereRT COVID-19 ZeroPrep PCR kit is capable of detecting SARS-CoV-2 directly either from human saliva or a nasopharyngeal swab without extracting out the viral RNA first.
Competitive Landscape:
Key players operating in the global COVID-19 rapid diagnostic test market include Abbott, F. Hoffmann-La Roche AG, Cardinal Health, Alfa Scientific Designs Inc., Danaher, Bio-Rad Laboratories Inc., Artron Laboratories Inc., Trinity Biotech, bioMérieux SA, Creative Diagnostics, ACON Laboratories Inc., Thermo Fisher Scientific, Inc., Sight Diagnostics Ltd., Meridian Bioscience, Quest Diagnostics, Perkin Elmer, Inc., Luminex Corporation, Laboratory Corporation of America Holdings, and Veredus Laboratories
Buy-Now this Research Report @ https://www.coherentmarketinsights.com/insight/buy-now/4568
Market Segmentation:
- Global COVID-19 Rapid Diagnostic Test Market, By Product Type:
- Instruments
- Reagents & Kits
- Global COVID-19 Rapid Diagnostic Test Market, By Sample Type:
- Nasopharyngeal (NP) Swabs
- Oropharyngeal (OP) Swabs
- Nasal Swabs
- Blood
- Others (others include Saliva)
- Global COVID-19 Rapid Diagnostic Test Market, By Test Type:
- Molecular Testing
- Antigen-based Testing
- Antibody Testing
- Others (others include CRISPR and Biosensors)
- Global COVID-19 Rapid Diagnostic Test Market, By End User:
- Hospital & Clinic
- Laboratories & Diagnostics Centers
- Others
- Global COVID-19 Rapid Diagnostic Test Market, By Region:
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- By Country/Region
- South Africa
- Central Africa
- North Africa
- By Country/Region
- North America
Related Market Intelligence Reports:
Coronavirus Vaccine Market, by Vaccine Type (Inactivated Virus, Protein Subunit, Non-replicating Viral Vector, Repurposed Vaccines, RNA Vaccine, and DNA Vaccine) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028
Coronavirus Treatment Drugs Market, by Drug Class (Corticosteroids, Anti-viral, Monoclonal Antibodies, Kinase Inhibitors, and Others), by Route of Administration (Oral and Intravenous), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 – 2027
Read more: https://www.coherentmarketinsights.com/market-insight/coronavirus-treatment-drugs-market-4312
About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
