COVID-19 Rapid Test Kits Global Market Report 2024

The COVID-19 rapid test kits market size has declined steeply in recent years. It will decline from $3.8 billion in 2023 to $0.59 billion in 2024 at a compound annual growth rate (CAGR) of -84.4%. The growth in the historic period can be attributed to sensitivity and specificity concerns, limited multiplexing capability, evolution of viral variants, supply chain disruptions, regulatory challenges.

The COVID-19 rapid test kits market size is expected to see steep decline in the next few years. It will decline to $0.09 billion in 2028 at a compound annual growth rate (CAGR) of -84.4%. The decline in the forecast period can be attributed to professional skill requirements, storage and shelf-life considerations, competition and price pressure, integration with public health systems, public perception and acceptance. Major trends in the forecast period include focus on technology advancements, focus on incorporating big data, focus on developing rapid test kits with low test wait times, focus on developing at-home rapid test kits and focus on developing low-cost test kits.

Government regulations and initiatives to diversify diagnostic approaches are expected to drive growth in the COVID-19 rapid test kits market during the forecast period. The need for better diagnostic facilities has become crucial to combat the increasing spread of COVID-19 cases globally, especially among the rising geriatric population. In April 2022, the Food and Drug Administration (FDA), a US-based government agency, issued new draft guidance to the industry, emphasizing the enrollment of more participants from underrepresented racial and ethnic populations in clinical trials. This initiative aims to ensure meaningful representation of diverse communities in the development of improved treatments and strategies to combat diseases. Robust funding and investments from both public and private agencies for the rapid and innovative development of COVID-19 diagnostics are expected to further boost the market for COVID-19 rapid test kits.

The anticipated expansion of the COVID-19 rapid test kits market is also driven by the rising healthcare expenditure. Healthcare expenditure, representing the total spending on healthcare-related goods and services within a healthcare system or economy, plays a crucial role in supporting the development and accessibility of COVID-19 rapid test kits. For instance, according to the Canadian Institute for Health Information in November 2022, healthcare expenditure increased to 0.8%, totaling $331 billion in 2022, compared to 7.6% in 2021. The upward trend in healthcare expenditure is a significant driver of the growth in the COVID-19 rapid test kits market.

The integration of Artificial Intelligence (AI) algorithms with rapid diagnostic test kits is expected to be a significant driver of market growth during the forecast period. An example of this trend is Mylab, an India-based biotechnology company, which, in May 2021, launched the first self-use rapid antigen test for COVID-19 approved by the Indian Council of Medical Research (ICMR), a government agency in India. This test incorporates AI-powered mobile app functionality that not only provides users with their test results but also submits the results directly to ICMR for traceability.

Major companies in the COVID-19 rapid test kits market are actively developing innovative self-use rapid antigen test kits utilizing lateral flow technology to enhance market revenues. Abbott, a prominent U.S.-based medical device company, is utilizing lateral flow technology, a well-established and widely used method in rapid diagnostic testing. In July 2021, Abbott launched the Panbio COVID-19 antigen self-test, leveraging its lateral flow technology. This test kit employs a minimally invasive nasal swab and can deliver results in as little as 15 minutes, requiring no additional instrumentation. The adoption of AI algorithms and lateral flow technology in the development of rapid test kits is poised to contribute significantly to the efficiency and accuracy of COVID-19 testing, thereby driving market growth.

In June 2023, Avacta, a UK-based biotechnology company, completed the acquisition of Coris Bioconcept for an undisclosed sum. This strategic move by Avacta is intended to broaden its diagnostics portfolio, offering inventive solutions to the healthcare sector. Coris Bioconcept, located in Belgium, specializes in the production of COVID-19 rapid test kits.

Major companies operating in the COVID-19 rapid test kits market report are Abbott Laboratories, F. Hoffmann-La Roche Ag, Becton, Dickinson and Company, Siemens Healthineers Ag, Quidel Corporation, Thermo Fisher Scientific Inc., PerkinElmer Inc., Quest Diagnostics, QIAGEN N.V., DiaSorin S.p.A., Mylab Discovery Solutions, Kalbe Farma, He Qi Group Foundation, Beijing Jinwofu Bioengineering Technology Company, Zhejiang Orient Gene Biotech Co. Ltd., Transasia Bio Medicals, Vanguard Diagnostics, HLL Lifecare Limited, Voxtur Bio Ltd., LAB-CARE Diagnostics, ImmunoScience, CPC Diagnostics, Seegene, SD Biosensor, Getein Biotech, Hangzhou Biotest Biotech, Boditech Med, Inc., Beijing Tigsun Diagnostics, Hunan Lituo Biotechnology, Vivacheck Lab, Fujirebio, Sysmex Corporation, Atomo Diagnostics, Cellmid Limited, Senova, CerTest Biotec, Omega Diagnostics, Abingdon Health, Babylon, Novacyt Group, BioMaxima S.A, SensDx S.A, OraSure Technologies, Inc., Sorrento Therapeutics, Monocent Inc., Aurora Biomed, Hologic, LabCorp, GenMark Diagnostics, BioFire Diagnostics, Mesa Biotech, Perkin Elmer, Healgen Scientific Limited Liability Company, NTBIO DiagnosticsVictory Square Health, Motologic, LetsGetChecked, ACRO Biotech, Cellex Inc., Advagen Biotech Ltd., BATM, BioMedomics QuantLease, CapeBio.

North America was the largest region in the COVID-19 rapid test kits market in 2023. Western Europe was the second largest region in the global COVID-19 rapid test kits market share. The regions covered in the COVID-19 rapid test kits market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the COVID-19 rapid test kits market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

This market report segments the COVID-19 rapid test kits by test type into rapid antigen tests, rapid antibody tests, and other variants. Rapid antigen test kits specifically detect antigens associated with the COVID-19 virus. The segmentation by kit type includes equipment and extraction kits, as well as reagents. Specimen types involve nasopharyngeal swabs, oropharyngeal swabs, nasal swabs, blood samples, and others. End-users of these kits span hospitals, clinics, diagnostic laboratories, home care settings, and similar establishments.

The COVID-19 rapid test kits market research report is one of a series of new reports that provides COVID-19 rapid test kits market statistics, including COVID-19 rapid test kits industry global market size, regional shares, competitors with a COVID-19 rapid test kits market share, detailed COVID-19 rapid test kits market segments, COVID-19 rapid test kits market trends and opportunities, and any further data you may need to thrive in the COVID-19 rapid test kits industry. This COVID-19 rapid test kits market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The COVID-19 rapid test kits market consists of sales of molecular test kits and antigen test kits. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.