Global COVID-19 Rapid Test Kits Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
23 Feb, 2021
The COVID-19 rapid test kits market consists of sales of COVID-19 rapid test kits and related services by entities (organizations, sole traders and partnerships) that offer detection of COVID-19. The COVID-19 rapid test kits are usually available as RT PCR test kits, rapid antigen test kits or rapid antibody test kits and are manufactured by the entities that manufacture in-vitro rapid diagnostic tests in the medical equipment industry. Rapid tests usually provide results within a few hours. The companies involved in manufacturing these rapid test kits are primarily engaged in design, research and production of the rapid test kits which are used in hospitals and clinics, home care, diagnostic laboratories, and research institutions.
Global COVID-19 Rapid Test Kits Market Size And Drivers:
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 in 2020 to $1.36 billion in 2023 at a rate of -54.9%. The market is expected to cease from 2024 due to the vaccination of global population by the end of 2023. The rising demand for antibody tests is expected to drive the market for COVID-19 rapid test kits in the forecast period.
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Trends In The Global COVID-19 Rapid Test Kits Market
Artificial Intelligence is being increasingly incorporated with rapid diagnostic test kits to increase the efficiency of diagnosis. Artificial intelligence (AI) refers to the simulation of human intelligence in computer-controlled machines that are programmed to perform tasks, which usually require human intelligence. AI algorithms are being used to integrate the findings of chest CT with clinical symptoms, exposure history, and laboratory testing to increase the chance of early detection of infection.
Global COVID-19 Rapid Test Kits Market Segments:
The global COVID-19 rapid test kits market is further segmented based on test type, kit type, specimen type, end users and geography.
By Test Type:RT PCR Test, Rapid Antigen Test, Rapid Antibody Test, Others.
By Kit Type:PCR Machines, Equipment And Extraction Kits, Reagents.
By Specimen Type:Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab, Blood, Others.
By End-Users:Hospitals And Clinics, Diagnostic Laboratories, Home Care, Others.
By Geography:The global COVID-19 rapid test kits market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, North America is the largest region in the global COVID-19 rapid test kits market, accounting for 27.6% of the total market.
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COVID-19 Rapid Test Kits Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides COVID-19 rapid test kits market overviews, analyzes and forecasts market size and growth for the global COVID-19 rapid test kits market, COVID-19 rapid test kits market share, COVID-19 rapid test kits market players, COVID-19 rapid test kits market segments and geographies, COVID-19 rapid test kits market’s leading competitors’ revenues, profiles and market shares. The COVID-19 rapid test kits market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.