PUBLISHER: Mordor Intelligence Pvt Ltd | PRODUCT CODE: 1146364
PUBLISHER: Mordor Intelligence Pvt Ltd | PRODUCT CODE: 1146364
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COVID Rapid Diagnostic Test Market is expected to grow at a CAGR of 8.6% over the forecast period (2022-2027).
The sudden emergence of the COVID-19 crisis has led to an increase in diagnostics, effective treatments, and R&D to develop and manufacture diagnostics such as molecular tests and point-of-care testing specific to the COVID. According to the study " COVID-19 Rapid Diagnostics: Practice Review" published in January 2022, rapid rule-in and/or rule-out of COVID-19 using point-of-care testing for SARS-CoV-2 could allow for rapid and accurate patient cohorts, potentially minimizing the risk of transmission. As COVID-19 spreads along with other respiratory infections that are more widespread will need rapid diagnostics to enable them to simultaneously test for several potential etiological infections. Therefore, the COVID-19 diagnostics test was developed in response to the sudden exponential surge in COVID-19 patients. As a result, it is anticipated that the demand for COVID-19 diagnostic tools and products will increase, resulting in lucrative opportunities for the target market expansion during the studied period.
Until the various COVID-19 vaccinations became available, mass screening has mostly been implemented to let institutions such as hospitals and manufacturing companies carry on with normal activities by detecting any presence of the virus at the workplace and preventing its spread. For instance, in February 2020, SEAT, S.A.'s Occupational Risk Prevention Service began to apply prevention measures against COVID-19. In April of the same year, a policy of widespread disease detection through diagnostic testing was started. Such initiatives by companies are expected to have a positive influence on the target market growth in the studied period.
Moreover, encouraging workplace screening in the private sector can save governments a huge amount of money in terms of public spending. As per the study "Impact of Mass Workplace COVID-19 Rapid Testing on Health and Healthcare Resource Savings" published in July 2021, the economic impact of the mass workplace testing strategies (using both PCR and Rapid Antigen Tests) was approximately €10.44 per test performed or €5,575.49 per positive detected; 38% of this figure corresponds to savings derived from better use of health resources (hospital beds, ICU beds, and follow-up of infected cases), while the remaining 62% corresponds to improved health rates due to the avoided morbidity and mortality. These figures might be ten times higher in scenarios with higher positivity rates and a greater impact of the infection on the health and the utilization of health resources (€130.24 every test performed or €69,565.59 per positive discovered). Hence, preventive measures such as rapid diagnostic tests should be implemented in private companies to carry out normal activities and they also offer public advantages in the form of healthcare cost savings. Such studies indicate the significance of COVID rapid diagnostic tests across various industrial companies, in turn, benefiting the overall market growth during the forecast period.
COVID-19 rapid tests are in high demand due to the sudden rise in infectious coronavirus disease that led to a global pandemic. According to the World Health Organization (WHO), as of 5th May 2022, 513.3 million people globally were affected by COVID-19. The daily increase in cases has accelerated the development of diagnostic tests to help patients with early treatment. Even emerging economies like India had a significant increase in the number of cases, which was approximately 43.09 million in May 2022. Therefore, the COVID rapid diagnostics tests market growth is expected to fuel as the number of cases of COVID-19 is on the rise across the world.
However, COVID-19 restrictions had a minor impact on the supply chain, Hence, limiting the market growth during the forecast period.
The antigen tests segment is expected to dominate the target market growth during the forecast period.
COVID-19 antigen tests detect the nucleocapsid protein antigen of the SARS-CoV-2 virus from nasal swabs or other clinical specimens, allowing for a quick diagnosis of active infection. Point-of-care antigen tests take 15-30 minutes to produce a result after being collected. Antigen tests are less sensitive than PCR testing in general. False-negative antigen test findings are possible due to the decreased sensitivity, and testing is most accurate when there is a high pre-test chance of SARS-CoV-2 infection, such as a high prevalence of infection in the community or a patient with COVID-19 symptoms. Antigen testing is more likely to detect a true positive early in infection because the viral carriage is highest early in infection. Because of this, the Food and Drug Administration (FDA) issued various Emergency Use Authorizations for serial antigen testing kits between late March and early April 2021.
Moreover, considering the emergence of subsequent waves with different coronavirus variants and the impact of factors such as vaccination and herd immunity, the industry will experience 'cyclic growth.' As a result, in response to the continuous appearance of new SARS-CoV-2 variations, the Food and Drug Administration (FDA) updated the Emergency Use Authorizations of several molecular, antigen, and serology tests in September 2021 to establish additional Conditions of Approval.
Several market players are working to implement strategic initiatives such as product launches and mergers, which are helping the segment grow. For instance, in December 2020, Cipla announced a collaboration with Premier Medical Corporation Private Limited in India to commercialize COVID-19 rapid antigen test kits. Moreover, in February 2021, Laipac Technology in collaboration with YAS Pharmaceuticals and Pure Health launched AI-powered Rapid COVID-19 Antigen Test System.
Thus, owing to the abovementioned factors, it is expected to drive the antigen tests segment growth over the forecast period.
North America is expected to dominate the global COVID rapid diagnostic test market over the forecast period. The dominance of this region is due to the massive burden of COVID-19 cases in the United States and increased emphasis on more tests to prevent infection. For instance, According to the World Health Organization (WHO), from January 2020 to May 2022, there have been 80,758,644 confirmed cases of COVID-19 in the country.
Several market players are engaged in product launches, thereby contributing to the region's growth. For instance, in September 2021, LumiraDx launched COVID-19 Surveillance Test, for environments such as schools and workplaces. The LumiraDx SARS-CoV-2 Ag Surveillance Test can test up to five samples at once on tiny, portable equipment for as little as USD 4 per sample. Also, in March 2020, Abbott received the United States Food and Drug Administration's Emergency Use Authorisation (EUA) for ID NOW COVID-19. It's a point-of-care molecular test for coronavirus (COVID-19) that gives positive results in as little as five minutes and negative results in as little as 13 minutes.
Therefore, the aforementioned factors are likely to contribute to this region's strong growth over the forecast period.
The COVID rapid diagnostic test market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Abbott Laboratories, Thermo Fisher Scientific Inc., Cardinal Health, Acon Laboratories, Inc., Beckman Coulter, Inc., F. Hoffmann-La Roche Ltd, Siemens Healthcare GmbH, Quidel Corporation, bioMerieux SA, Quest Diagnostics Incorporated, PerkinElmer Inc. among others.