Rapid Test Kit Industry Trends, Statistics, Segments, Graphs Growth Factors Forecast to 2027

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Rapid Test Kit Industry Trends, Statistics, Segments, Graphs Growth Factors Forecast to 2027

Rapid Test Kit Market for COVID-19 market is projected to grow at a rate of 21.2% in terms of value, from 2020 to reach USD 4.58 Billion by 2027.

Rapid Test Kit Market for COVID-19

The global rapid test kit market for COVID-19 is expected to reach USD 3.70 Billion by 2027, according to a new report by Reports and Data. The initial diagnosis of diseases, as well as accuracy, play an instrumental role in the treatment of patients. Rapid test kits are in vitro diagnostics methods implemented individually or in a small series that involve manual procedures and have been developed to provide a rapid result. For the purpose testing COVID-19, rapid test kit may require about 10 to 30 minutes to give a result as compared to about hours of molecular tests performed in large series, or it might take even more time samples have to be transported to a remotely located testing laboratory. The rapid tests for COVID-19 are fairly simple to perform and infer and hence need limited test operator training and may be used either for usage in hospital laboratories or close to the point-of-care.

The COVID-19 pandemic is affecting the worldwide population in radical ways. In several nations, geriatric people are facing the maximum dangers and challenges in dire situation. Even though people of all age groups are at risk of getting infected by COVID-19, elderly people face a substantial risk of getting severely ill in the event of contracting COVID-19, owing to physiological changes that follow with aging and probable underlying health conditions. More than 95.0% of deaths owing to the disease occurred in people aged than 60 years. Over 50.0% of all casualties involved people aged 80 years or older. It has been found that 8 out of 10 fatalities are happening in individuals with no less than one comorbidity, especially in those with hypertension, cardiovascular disease, and diabetes, as well as with other chronic underlying conditions.

To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/rapid-test-kit-market

Further key findings from the report suggest

By test type, the rapid antigen test is likely to hold substantial market share in 2020 and is expected to grow at a rate of -21.1% in the forecast period. The basis rapid antigen test is the particular binding of an antigen (glycoprotein or protein) to an antibody. Antigen assays are usually more cost-effective as compared to either molecular or culture techniques; nevertheless, they do not increase their target as culture increases communicable organisms or as polymerase chain reaction amplifies nucleic acid. Therefore, this test is frequently less sensitive as compared to other methods.
By end-users, hospitals and clinics are likely to contribute to the largest market share in 2020 and is expected to grow at a rate of -21.0% the forecast period. The factors including well-resourced operating & diagnostic rooms, higher purchasing power, the existence of highly skilled healthcare professionals, and improved health coverage for hospital-based healthcare services from several private and group insurance plans, among others, are responsible for the high market share of hospitals.
The market in the Asia Pacific region is estimated to grow at the fastest rate of -20.0% in the forecast period, attributed to the presence of a large population in the countries such as India in the region pushing the governments to order rapid test kits for COVID-19 in huge quantity to contain the spread of the disease.
In April 2020, a minimum of four conglomerate producers of COVID-19 rapid test kits are putting efforts to supply over a million diagnostic kits to the Indian sub-continent, as the nation looks to produce testing for the novel coronavirus. The Siemens, Thermo Fisher Scientific, Altona, and Seegene are all anticipated to commence supplying COVID-19 test kits.
Key participants include Abbott Laboratories, Acumen Research Laboratories, BioMedomics, Biolidics, LabCorp, ThermoFisher, CTK Biotech, Biomaxima, Beijing Tigsun Diagnostics Co. Ltd., and Getein Biotech, among others.
In March 2020, Aperiomics launched a reverse transcription-polymerase chain reaction in the U.S. meant for the qualitative detection of coronavirus, with the capability to process around 1,000 tests per week, and the firm can offer test results in 48 to 72 hours of getting a sample. The company announced to double its COVID-19 PCR testing capacity in the month of April, with support from Howard Hughes Medical Institute's Janelia Research Campus.
In March 2020, Arup Laboratories launched an innovative test kit for the novel COVID-19 and instigated testing; the molecular diagnostic kit is meant to detect RNA of the coronavirus; the test is done using a qualitative polymerase chain reaction technique.

For the purpose of this report, Reports and Data have segmented the global rapid test kit market for COVID-19 on the basis of test type, end-users, and region:

Test Type Outlook (Revenue, USD Million; 2020-2027)