The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s COVID-19 rapid test kits market report forecasts the COVID-19 rapid test kits market size to grow to $1.64 Billion by 2027, with a CAGR (compound annual growth rate) of -75.0%.

Learn More On The COVID-19 Rapid Test Kits Market Report 2023 – https://www.thebusinessresearchcompany.com/report/covid-19-rapid-test-kits-global-market-report

COVID-19 Rapid Test Kits Market Size Forecast

The global COVID-19 rapid test kits market is expected to grow from $6.57 billion in 2022 to $1.64 billion in 2023 at a compound annual growth rate (CAGR) of -75.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe.

North America held the largest COVID-19 rapid test kits market share.

Key COVID-19 Rapid Test Kits Market Driver ­– Government Regulations And Steps To Provide Diversified Diagnostic Approaches

In March 2020, the FDA has approved decentralized testing platforms to enlarge the testing capabilities across healthcare centres in the US. FDA issued a policy, under which, states can set up their platforms for authorizing the tests developed and the laboratories developing these tests need not engage with the FDA instead will engage with the respective state authorities. National Institutes of Health (NIH) has announced a Rapid Acceleration of Diagnostics (RADx), which is a fast track program for COVID-19 test development and distribution procedure under which it will be funding up to $500 million for the development of innovative SARS-CoV-2 diagnostic tests. Robust funding and investments by the public as well as private agencies for the rapid and innovative development of diagnostics for COVID-19 are expected to further boost the market.

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Key COVID-19 Rapid Test Kits Market Trend – Incorporating Artificial Intelligence Algorithms With The Rapid Diagnostic Test Kits

The incorporation of Artificial Intelligence (AI) algorithms with the rapid diagnostic test kits are expected to boost market growth during the forecast period. In March 2020, Surgisphere announced the availability of a rapid diagnostic intelligent tool for COVID-19 that it developed to utilize three laboratory tests with a sensitivity of 93.7% and specificity of 99.9% to identify patients who are likely to be infected with Coronavirus. Surgisphere created a decision tree analysis to identify patients who are likely to be infected with Coronavirus, using clinical lab data of patients in the QuartzClinical platform which is a cloud-based healthcare data analytics platform. Early detection of patients results in faster treatment and thus saves more lives which can be achieved through the use of artificial intelligence along with the rapid diagnosis test.

COVID-19 Rapid Test Kits Market Segment

1) By Test Type: Rapid Antigen Test, Rapid Antibody Test, Other Test Types

2) By Kit Type: Equipment and Extraction Kits, rRT-PCR Test Kits, Reagents

3) By Specimen Type: Nasopharyngeal swab, Oropharyngeal swab, Nasal swab, Other Specimen Types

4) By End-Users: Hospitals and Clinics, Diagnostic laboratories, Home Care, Other End-Users

COVID-19 Rapid Test Kits Market Major Players and Strategies

Major players in the COVID-19 rapid test kits market are Thermo Fisher Scientific, Abbott Laboratories, BioMedomics, CTK Biotech, F. Hoffmann-La Roche AG, Cepheid Inc., Cellex Inc., Acumen Research Laboratories, Biolidics, and LabCorp.

In April 2020, Hememics Biotechnologies Inc., a US-based research and development company announced a partnership with Biomedical Research and Development Authority (BARDA) to develop a rapid antigen and antibody diagnostic tool which is Bluetooth-enabled. Under the partnership, BARDA will contribute $638,000 to Hememics for the manufacturing and scaling up production of the immune biosensor platform, which is a Bluetooth-enabled rapid diagnostic kit that screens people within 60 seconds with a single drop of blood or mucus. Biomedical Advanced Research and Development Authority (BARDA) is an office of US HHS, which takes measures against bioterrorism, epidemic, and pandemic diseases.

The COVID-19 Rapid Test Kits Global Market Report 2023 covers regional data on COVID-19 rapid test kits market size, COVID-19 rapid test kits market trends and drivers, opportunities, strategies, and COVID-19 rapid test kits market competitor analysis. The countries covered in the COVID-19 rapid test kits market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The COVID-19 rapid test kits are simple to use device that offer prompt results, typically in 20 minutes or less. 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.

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