As the pandemic continues to challenge the market, Argus will discuss their forecast for 2022 on Tuesday, December 14th at 2 pm Eastern Time.
Dublin, December 10, 2021/PRNewswire/-ResearchAndMarkets.com has added the "2021 COVID-19 Rapid Test Kit Global Market Report: Impact of COVID-19 and Growth to 2030" report to the products of ResearchAndMarkets.com.
The global COVID-19 rapid test kit market is expected to drop from USD 14.94 billion in 2020 to USD 8.81 billion in 2021, with a compound annual growth rate (CAGR) of -41%. The market is expected to reach US$270 million by 2025, with a compound annual growth rate of -58%.
The change in the growth trend is mainly due to the company stabilizing production after meeting exponentially increasing demand during the 2020 COVID-19 pandemic. The major players in the COVID-19 rapid test kit 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.
The COVID-19 rapid test kit market includes the sale of rapid test kits for diagnosis and testing of COVID-19. The COVID-19 rapid test kit is a rapid antigen test kit or rapid antibody test kit produced by an entity that produces in vitro rapid diagnostic test reagents in the medical device industry. The companies involved in manufacturing these rapid test kits are mainly engaged in the design, research and production of rapid test kits, which are used in hospitals and clinics, home care, diagnostic laboratories, etc. Product recalls due to quality control issues are expected to hinder market growth during the forecast period. The rapid medical device approval due to the current COVID-19 situation paves the way for challenges such as product recalls due to safety, effectiveness, and quality issues.
In May 2020, Spartan Bioscience's rapid COVID-19 diagnostic kit was approved for express entry designation in April 2020 and was recalled due to the efficacy issues raised by Health Canada for its proprietary swabs. Health Canada suspended regulatory approval of the kit, and until then did it allow the Spartan rapid kit to be used for research purposes only.
In April 2020, India recalled rapid antibody test kits imported from China due to drug efficacy issues, and all purchase orders from China were also cancelled. The lack of proper screening and quality assurance and rapid approval are expected to increase product recalls, which will hinder market growth. In April 2020, Hememics Biotechnologies Inc., a US-based research and development company, announced a partnership with the Biomedical Research and Development Agency (BARDA) to develop a rapid antigen and antibody diagnostic tool that supports Bluetooth.
According to the partnership, BARDA will donate US$638,000 to Hememics to manufacture and expand the production of the immune biosensor platform, which is a Bluetooth-enabled rapid diagnostic kit that can screen people with a drop of blood or mucus in 60 seconds check. The Biomedical Advanced Research and Development Agency (BARDA) is an office of HHS in the United States that is responsible for taking measures against bioterrorism, epidemics and pandemics. It is expected that government regulations and measures to provide diversified diagnostic methods will promote market growth during the forecast period. Better diagnostic facilities are needed to overcome the increasing spread of COVID-19 cases worldwide, especially among the growing elderly population. In March 2020, the FDA approved a decentralized testing platform to expand the testing capabilities of US medical centers.
The FDA has issued a policy under which states can establish their own platforms to authorize the development of tests, and laboratories that develop these tests do not need to contact the FDA, but with their respective state authorities.
The National Institutes of Health (NIH) announced a rapid diagnosis (RADx) program, a fast track program for the development and distribution of COVID-19 tests, under which it will provide up to $500 million in funding Used to develop innovative SARS-CoV-2 diagnostic test. The strong funding and investment provided by the public and private institutions for the rapid and innovative development of COVID-19 diagnosis is expected to further drive the market. The combination of artificial intelligence (AI) algorithms and rapid diagnostic test suites is expected to promote market growth during the forecast period. In March 2020, Surgisphere announced the launch of a rapid diagnostic smart tool for COVID-19. The tool was developed using three laboratory tests to identify patients who may be infected with the coronavirus, with a sensitivity of 93.7% and a specificity of 99.9%.
Surgisphere uses the patient clinical laboratory data from the cloud-based healthcare data analysis platform QuartzClinical platform to create a decision tree analysis to identify patients who may be infected with the coronavirus. Early detection of patients can speed up treatment and save more lives. This can be achieved through the use of artificial intelligence and rapid diagnostic tests. Key topics covered: 1. Executive summary 2. COVID-19 rapid test kit market characteristics 3. COVID-19 rapid test kit market trends and strategies 4. COVID-19 impact on COVID-19 rapid test kit 5. COVID-19 Rapid detection kit test kit market size and growth 5.1. Global COVID-19 rapid test kit historical market, 2015-2020, USD 5.11 billion. Market drivers 5.1.2. Limitations on the market 5.2. Global COVID-19 rapid test kit forecast market, 2020-2025F, 2030F, USD 5.21 billion. Market drivers 5.2.2. Market restrictions 6. COVID-19 rapid test kit market segmentation 6.1. Global COVID-19 rapid test kit market, segmented by test type, history, and forecast, 2015-2020, 2020-2025F, 2030F, USD billions
6.2. Global COVID-19 rapid test kit market, segmented by kit type, history and forecast, 2015-2020, 2020-2025F, 2030F, billion US dollars
6.3. Global COVID-19 rapid test kit market, segmented by sample type, history and forecast, 2015-2020, 2020-2025F, 2030F, billion US dollars
6.4. Global COVID-19 rapid test kit market, segmented by end users, history and forecast, 2015-2020, 2020-2025F, 2030F, billion US dollars
7. COVID-19 rapid test kit market area and country analysis 7.1. The global COVID-19 rapid test kit market, divided by region, history and forecast, 2015-2020, 2020-2025F, 2030F, 720 million US dollars. The global COVID-19 rapid test kit market, divided by country, history and forecast, 2015-2020, 2020-2025F, 2030F, billion-dollar companies mentioned
Beijing Tiansheng Diagnostics Co., Ltd.
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