Covid-19 Rapid Diagnostic Test MarketSize and Trends

The global COVID-19 rapid diagnostic test market is estimated to be valued at US$ 3,846.9 Mn in 2021 and is expected to exhibit a CAGR of 8.8% during the forecast period (2021-2028).

Figure 1.Global COVID-19 Rapid Diagnostic Test Market Share (%) in Terms of Value, by Sample Type, 2021

Increasing acquisition and collaboration among the key players is expected to drive the market growth during the forecast period

The increasing acquisition and collaboration among the key players is expected to drive the global COVID-19 rapid diagnostic test market growth during the forecast period. For instance, in February 2021, BD, a U.S.-based medical device company, collaborated with Scanwell Health, a California-based smartphone-enabled at-home medical tests manufacturer, to create an at-home lateral flow rapid antigen test for SARS-CoV-2 using a BD antigen test and the Scanwell Health mobile app.

Increasing product launches and regulatory approvals is expected to drive the COVID-19 rapid diagnostic test market growth

Increasing product launches and regulatory approvals is expected to drive the COVID-19 rapid diagnostic test market growth during the forecast period. For instance, in September 2020, Laboratory Corporation of America Holdings, a U.S.-based testing laboratory company, launched a combined diagnostic test for flu, respiratory syncytial virus (RSV), and COVID-19.

Moreover, in September 2020, Mammoth Biosciences, a U.S.-based biotechnology company, received emergency use authorization from the U.S. FDA for its SARS-CoV-2 DETECTR Reagent Kit, which is based on CRISPR technology.

Global COVID-19 Rapid Diagnostic Test Market– Impact of Coronavirus (COVID-19) Pandemic

According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 245,403,909 cases and 4,981,395 deaths due to coronavirus (COVID-19) were reported till October 27, 2021, across the globe. During the COVID-19 pandemic, pharmaceutical business, and likewise biotechnology firms are facing difficulties due to the interruption in supply chains.

The global incidence of coronavirus is escalating demand for advanced diagnostic test kits, which is expected to boost growth of the COVID-19 rapid diagnostic test market.

Increasing demand of product launches for the diagnosis of COVID-19 is expected to drive the COVID-19 rapid diagnostic test market growth. For instance, in October 2020, Cipla Inc., an Indian pharmaceutical company, launched its new COVID-19 diagnostic test called ELIFast. ELIFast is based on ELISA (Enzyme linked immunosorbent assay), which detects the antibodies against SARS-CoV-2.

Figure 2.Global COVID-19 Rapid Diagnostic Test Market Share (%), by Test Type, 2021