Rapid Test Kit Market for COVID-19 Market Size, Opportunities, Key Growth Factors, Revenue Analysis, For 2021–2027
Reports and Data has recently published a market research report on global Rapid Test Kit Market for COVID-19 market comprising 100+ pages that provides an in-depth analysis of the market size, market growth, market share, key segments and sub-segments, top companies, current and emerging trends, drivers and restraints, opportunities, and forecast values up to 2028. The Rapid Test Kit Market for COVID-19 market research report is an investigative study that offers key insights into industry overview, key manufacturers and buyers, sales network and distribution channels, and financial standing.
The research offered by the Rapid Test Kit Market for COVID-19 report has been formulated through key analytical tools and extensive primary and secondary research further validated and verified by industry experts, industry professionals and analysts. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to impart better understanding of the Rapid Test Kit Market for COVID-19 market dynamics.
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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.
- 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.
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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)
- Rapid Antigen Test
- Rapid Antibody Test
- Others
End-Users Outlook (Revenue, USD Million; 2020-2027)
- Hospitals & Clinics
- Diagnostics Laboratory
- Home Care
- Others
Regional Outlook (Revenue, USD Million; 2020-2027)
- North America
- U.S
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- MEA
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