Rapid Test Kit Market Size by 2027 Industry Segmentation by Type, Application, Regions

Growing emphasis by governments worldwide to curb the spread of COVID-19 is one of the significant factors influencing the market growth.

Market Size – USD 20.22 billion in 2020, Market Growth – CAGR of -20.9%, Market Trends – Increasing R&D activities to cater to growing demand at a lower price

The global rapid test kit market for COVID-19 is expected to reach USD 3.70 Billion by 2027, according to a new report by Reports and Data. The initial diagnosis of diseases, as well as accuracy, play an instrumental role in the treatment of patients. Rapid test kits are in vitro diagnostics methods implemented individually or in a small series that involve manual procedures and have been developed to provide a rapid result. For the purpose testing COVID-19, rapid test kit may require about 10 to 30 minutes to give a result as compared to about hours of molecular tests performed in large series, or it might take even more time samples have to be transported to a remotely located testing laboratory. The rapid tests for COVID-19 are fairly simple to perform and infer and hence need limited test operator training and may be used either for usage in hospital laboratories or close to the point-of-care.

The COVID-19 pandemic is affecting the worldwide population in radical ways. In several nations, geriatric people are facing the maximum dangers and challenges in dire situation. Even though people of all age groups are at risk of getting infected by COVID-19, elderly people face a substantial risk of getting severely ill in the event of contracting COVID-19, owing to physiological changes that follow with aging and probable underlying health conditions. More than 95.0% of deaths owing to the disease occurred in people aged than 60 years. Over 50.0% of all casualties involved people aged 80 years or older. It has been found that 8 out of 10 fatalities are happening in individuals with no less than one comorbidity, especially in those with hypertension, cardiovascular disease, and diabetes, as well as with other chronic underlying conditions.

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The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply & demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.

The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launches and brand promotions.

Key companies profiled in the report include:

Abbott Laboratories, Acumen Research Laboratories, BioMedomics, Biolidics, LabCorp, ThermoFisher, CTK Biotech, Biomaxima, Beijing Tigsun Diagnostics Co. Ltd., and Getein Biotech, among others.

Market Segmentation by Types:

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

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Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Rapid Test Kit market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• Italy
• France
• BENELUX
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• U.A.E.
• South Africa
• Rest of MEA

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Key Segments Covered in the Rapid Test Kit Report:

• In-depth analysis of the historical years (2018-2019) and forecast period (2021-2028)
• Market dynamics with information of players, challenges, restraints, threats, and opportunities
• SWOT analysis and Porter’s Five Forces analysis of the top vendors
• Product advancements, technological developments, and business strategies of key competitors
• In-depth analysis of current market trends, development patterns, and regional analysis
• Statistical representation in the form of charts, diagrams, figures, graphs, and tables

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