Global COVID19 Rapid Test Kits Market To Have Growth Rate Of Almost 20% Through 2021

The global COVID-19 rapid test kits market is expected to reach $3.52 billion by the end of 2020 and $4.22 billion by 2021, growing at a compound annual growth rate (CAGR) of 19.7%. The significant growth rate is mainly due to the surge in demand for the rapid test kits for early detection and treatment of COVID-19 globally. The market is then expected to stabilize and reach $4.73 billion in 2023 at a CAGR of 10.36%. Government regulations and steps to provide diversified diagnostic approaches are expected to boost the market growth during the forecast period. However, product recalls due to quality control issues are expected to hinder the market growth.

The COVID-19 rapid test kits market consists of sales of rapid test kits used for COVID-19 diagnosis and detection. The COVID-19 rapid test kits are either rapid antigen test kits or rapid antibody test kits manufactured by the entities that manufacture in-vitro rapid diagnostic tests in the medical equipment industry. The companies involved in manufacturing these rapid test kits are primarily engaged in designing, research and production of the rapid test kits which are used in hospitals and clinics, home care, diagnostic laboratories and more.

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The global COVID19 rapid test kits market is further segmented based on type and geography.
By Test Type: Rapid Antigen Test, Rapid Antibody Test, Others
By Kit Type: Equipment And Extraction Kits, Reagents
By Specimen Type: Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab, Blood Sample, Others
By End-Users: Hospitals And Clinics, Diagnostic Laboratories, Home Care, Others.
By Geography: The global COVID19 rapid test kits market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American COVID19 rapid test kits market accounts for the largest share in the global COVID19 rapid test kits market.

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Trends In The COVID19 Rapid Test Kits Market
The incorporation of Artificial Intelligence (AI) algorithms with the rapid diagnostic test kits is expected to boost market growth during the forecast period.
COVID19 Rapid Test Kits Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides COVID19 rapid test kits market overviews, analyzes and forecasts COVID19 rapid test kits market size and growth for the global COVID19 rapid test kits market, COVID19 rapid test kits market share, COVID19 rapid test kits market players, COVID19 rapid test kits market size, COVID19 rapid test kits market segments and geographies, COVID19 rapid test kits market trends, COVID19 rapid test kits market drivers and COVID19 rapid test kits market restraints, COVID19 rapid test kits market’s leading competitors’ revenues, profiles and market shares. The COVID19 rapid test kits market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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