The recent outbreak of COVID-19 pandemic has affected millions of people across more than 200 countries, worldwide. Researchers are making efforts to develop an effective vaccine for this infection, however, in the absence of any proven cure, containment of the infection is essential. Diagnostics is playing an important role in the containment of COVID-19 infection by enabling implementation of control measures. Government bodies of multiple countries have initiated mass testing programs for identification and isolation of affected individuals. For instance, in September 2020, Hong Kong initiated COVID-19 mass testing for public. Similarly, other countries such as Philippines, India, the U.K and others have also initiated mass testing to curb the spread of COVID-19. These mass testing initiatives by government bodies are creating high demand for rapid diagnostic techniques to manage the high numbers of patients. Also, government bodies of the U.S, Australia and other countries have started contact tracing programs, which assists in identification of chain of spread of this infection. These government initiatives have accelerated the number of COVID-19 tests performed to contain the spread of COVID-19 virus, thus, fuelling the growth of COVID rapid testing market across the globe. Companies are using indirect modes of distribution for reaching countries where they do not have a presence or sales network. Regulatory compliances associated with the sale of rapid test kit varies from region to region. European Medical Device Regulation, for instance, controls the sale and supply, and ensures higher standard of devices in the region. Curetis N.V., for example, uses its distribution partners to sell their rapid test kits in countries like Belgium, Bulgaria, China, France, etc., while the company sells the product directly in countries where it doesn't have a partnership. Thus such factors are fuelling the demand of COVID rapid testing market.
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The detailed research study provides qualitative and quantitative analysis of COVID rapid testing market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- In terms of revenue, global COVID rapid testing market is expected to reach US$ 5650.0 Mn in 2020 and is anticipated to grow at a CAGR of 15.23% over the forecast period, owing to the rapid spread of COVID-19 pandemic.
- As people are adopting online mediums to avail their necessities amidst lockdowns imposed to curb the spread of COVID-19, indirect sales channels including online integrators are witnessing high popularity amongst sellers and buyers.
- The antibody tests are assisting medical professionals in the development of vaccines and convalescent plasma therapy, which is anticipated to drive its share in global COVID rapid testing market.
- North America accounted for the highest market share in global COVID rapid testing market in 2020. Asia Pacific is expected to register the highest growth rate over the forecast period. The rising number of cases in countries such as India, Indonesia and others is anticipated to drive the growth of this region.
- Some of the players operating in the COVID rapid testing market are Abbot, Beijing Tigsun Diagnostics Co. Ltd., BGI, Biolidics Limited, BioMaxima SA, BIOMEDOMICS INC., bioMérieux SA, Bio-Rad Laboratories, Inc., Cellex, Cepheid, Co-Diagnostics, Inc., CTK Biotech, Inc., F. Hoffmann-La Roche Ltd, GenMark Diagnostics, Inc., GeteinBiotech, Inc., Laboratory Corporation of America Holdings. (Pixel), Megna Health, Meridian Life Science, Inc., Mylab Discovery Solutions Pvt. Ltd., QIAGEN, Quidel Corporation, Randox Laboratories Ltd., RayBiotech, Inc., SD Biosensor, INC., Seegene Inc., Thermo Fisher Scientific Inc. and Ubio Biotechnology Systems Pvt Ltd amongst others.
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Global COVID Rapid Testing Market:
- By Sales Channel
- Direct
- Indirect
- By End-Users
- Hospitals
- Clinics
- Laboratories
- Pathological Centres
- Research Institutes
- Others
- By Specimen Type
- Nasal Swab
- Nasopharyngeal (NP) Swab
- Oropharyngeal (OP) Swab
- Blood Plasma/Serum/Whole Blood
- Others
- By Testing Type
- Antigen Testing
- Antibody Testing
- By Region
- North America
- U.S
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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