COVID-19 Rapid Test Kits Market Definition
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.
COVID-19 Rapid Test Kits Market Size
The global COVID-19 rapid test kits market is expected to reach a value of nearly $14,941.3 million in 2020. The market is expected to decline from $14,941.3 million in 2020 to $1,367.3 million 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.
Going forward, impact of COVID-19, aging population, technological advances, increase in healthcare access and rising prevalence of chronic diseases are expected to drive the market. High costs of tests, product recalls, geopolitical tensions, growing corruption, launch of vaccines, use of masks, and low awareness/reluctance of testing, low healthcare access are major factors that could hinder the growth of the COVID-19 rapid test kits market in the future.
COVID-19 Rapid Test Kits Market Drivers
The key drivers of the COVID-19 rapid test kits market include:
Rising Demand For Antibody Tests
The rising demand for antibody tests is expected to drive the market for COVID-19 rapid test kits in the forecast period. Rapid antibody tests allow the public health agencies to identify individuals with previous COVID-19 disease, understand its spread, and inform public health interventions. For instance, in countries such as India, several state governments have asked private and government organizations to start using antibody tests as this can play a key role to curb the contagion with the start of unlock phases in the country.i This is expected to drive the demand for COVID-19 rapid test kits in the forecast period.
COVID-19 Rapid Test Kits Market Restraints
The key restraints on the COVID-19 rapid test kits market include:
Product Recalls
Product recalls due to quality control issues are expected to hinder the growth of the market during the forecast period. The rapid medical device approval due to the pandemic is expected to lead to higher number of product recalls due to safety, efficacy and quality issues. In May 2020, Spartan Bioscience`s rapid COVID-19 diagnostic kits which were approved by fast track designation in April 2020 were recalled due to efficacy concerns regarding its proprietary swab, by Health Canada. Health Canada has currently paused the regulatory approval of the test kit and permitted the rapid test kit to be used for research purposes only.ii In May 2020, India recalled rapid-antibody testing kits imported from two Chinese firms, Guangzhou Wondfo Biotech and Zhuhai Livzon Diagnostics, due to wide-variation under field conditions. iii In Spain, in early April 2020, the Ministry Of Health announced that it was forced to withdraw 8,000 rapid testing kits delivered to Madrid’s regional government due to fears of inaccurate results. It also sent back an additional 50,000 testing kits that had not been distributed.iv These factors are expected to negatively impact the growth of the market in the forecast period.
COVID-19 Rapid Test Kits Market Trends
Major trends influencing the COVID-19 rapid test kits market include:
Use Of Artificial Intelligence
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. Artificial Intelligence 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. For instance, in March 2020, Surgisphere Corporation, an American healthcare analytics company introduced a rapid diagnostic test for COVID-19 that uses artificial intelligence (AI). Surgisphere’s intelligent tool uses 3 common lab tests to identify patients who are likely to be COVID-19 positive. The company used QuartzClinical, its healthcare data analytics platform to identify coronavirus infected patients in five countries. It then used the data collected to create a decision tree based machine learning model to develop the decision support tool.v Using Artificial Intelligence helps with early detection of COVID-19 patients, thereby increasing probability of better treatment.
Collaborations Between Governments And Manufacturers
COVID-19 rapid test kit manufacturers are increasingly entering into agreements with governments for mutual benefits. To mitigate supply chain issues and global shortage of rapid test kits governments are increasingly forming tie-ups with local and international manufacturers. For example, in May 2020, the Indian government partnered with Zydus Cadila, a Gujarat-based pharmaceutical company for mass production of Elisa kits, which were developed by the Indian Council of Medical Research.vi Collaborations between governments and manufacturers help in increasing the scale of production.
Opportunities And Recommendations In The COVID-19 Rapid Test Kits Market
Recommendations – To take advantage of the opportunities, The Business Research Company recommends the COVID-19 rapid test kits companies to focus on developing at home test kits, and focus on big data and AI to understand the gap between demand and supply of test kits and to improve the diagnosis. Also, the companies should focus on leveraging e-commerce to maximize their reach and promote their product by increasing visibility on business websites and participation in trade shows.
COVID-19 Rapid Test Kits Market Segmentation
The COVID-19 rapid test kits market is segmented by test type, kit type, specimen type, end-users and by geography.?
By Test Type-
The COVID-19 rapid test kits market can be segmented by test type
- a. RT PCR Test
- b. Rapid Antigen Test
- c. Rapid Antibody Test
- d. Others
The RT-PCR will be the largest segment of the COVID-19 rapid test kits market by test type, accounting for 84.3% of the total market in 2020.
By Kit Type–
The COVID-19 rapid test kits market can be segmented by kit type
- a. PCR Machines
- b. Equipment And Extraction Kits
- c. Reagents
The PCR machines will be the largest segment of the COVID-19 rapid test kits market by kit type, accounting for 72.3% of the total market in 2020
By Specimen Type–
The COVID-19 rapid test kits market can be segmented by specimen type
- a. Nasopharyngeal Swab
- b. Oropharyngeal Swab
- c. Nasal Swab
- d. Blood
- e. Others
The nasopharyngeal swab will be the largest segment of the COVID-19 rapid test kits market by specimen type, accounting for 55.2% of the total market in 2020
By End-Users–
The COVID-19 rapid test kits market can be segmented by end-users
- a. Hospitals And Clinics
- b. Diagnostic Laboratories
- c. Home Care
- d. Others
The hospitals and clinics will be the largest segment of the COVID-19 rapid test kits market by end-users, accounting for 57.1% of the total market in 2020.
By Geography-
The COVID-19 rapid test kits market is segmented into
- o North America
- o Western Europe
- o Asia Pacific
- China
- India
- Japan
- Australia
- Indonesia
- South Korea
- o Eastern Europe
- o South America
- o Middle East
- o Africa
North America was the largest region in the global COVID-19 rapid test kits market, accounting for 27.6% of the total in 2020. It was followed by the Asia Pacific, Western Europe, and then the other regions.
COVID-19 Rapid Test Kits Competitive Landscape
Major Competitors are:
- • F. Hoffmann-La Roche AG
- • Thermo Fisher Scientific Inc.
- • Abbott Laboratories
- • Quidel Corporation
- • BGI Genomics
Other Competitors Include:
- • Danaher Corporation
- • Siemens Healthineers AG
- • Becton Dickinson and Company
- • Sysmex Corporation
- • Eiken Chemical
- • Transasia Bio Medicals
- • Vanguard Diagnostics
- • HLL Lifecare Limited
- • Voxtur Bio Ltd
- • LAB-CARE Diagnostics
- • ImmunoScience
- • CPC Diagnostics
- • Seegene
- • SD Biosensor
- • Getein Biotech
- • Hangzhou Biotest Biotech
- • AmonMed Biotechnology
- • Beijing Tigsun Diagnostics
- • Hunan Lituo Biotechnology
- • Vivacheck Lab
- • Atomo Diagnostics
- • Cellmid Limited
- • Fujirebio
- • Senova
- • LetsGetChecked
- • Omega Diagnostics
- • Abingdon Health
- • Babylon
- • Motologic
- • Novacyt Group
- • BioMaxima S.A
- • SensDx S.A
- • Roche Molecular Systems
- • Hologic
- • LabCorp
- • Quidel Corporation
- • Quest Diagnostics
- • DiaSorin Molecular
- • GenMark Diagnostics
- • BioFire Diagnostics
- • Mesa Biotech
- • Perkin Elmer
- • Healgen Scientific Limited Liability Company
- • NTBIO Diagnostics
- • Abbott Molecular Inc
- • ACRO Biotech
- • Advagen Biotech Ltd
- • CerTest Biotec, S.L.
- • Hi Technologies
- • Cellex Inc
- • Boditech Med, Inc
- • BATM
- • BioMedomics QuantLease
- • Astel Diagnostics
- • Canary Health Technologies
- • BioMedomics
- • CTK Biotech
