Global Rapid Antibody Test Kit for Covid-19 Market is Projected to Reach The Valuation of USD 1.72 Billion By 2027
Published | 06 October 2020
According to BlueWeave Consulting, the global rapid antibody test kit Market for the COVID-19 market is estimated to be worth USD 1.64 billion in 2019 and is further projected to reach USD 1.72 billion by 2026, growing at a steady CAGR during the forecast period (2020-2026). These simple test kits are based either on detection of proteins from the COVID-19 virus in respiratory samples (e.g. sputum, throat swab) or detection, in blood or serum, of human antibodies generated in response to infection. The rapid antibody test kit for COVID-19 approved by the US Food and Drug Administration is not meant for early diagnosis, but only to be used for surveillance and monitoring trends. The EU Medicine Agency’s guidelines, on par with the US Centers for Disease Control and Prevention (CDC), require that tests be 80% accurate on average.
Rising cases of Corona infected patients
The confirmed cases of coronavirus are increasing rapidly across the globe. With each passing day, more cases of Coronavirus disease (COVID-19) are being detected, and unfortunately, the fear of the novel coronavirus 2019 (2019-nCoV) becoming a pandemic disease has come true. Constant efforts at the individual, national, and international levels are being made to understand the genomics, hosts, modes of transmission, and epidemiological link of nCoV-2019. China, Italy, and the United States are most affected by it. China has the highest case of corona infected people. Whereas the number of dead in Italy due to COVID-19 has doubled in China despite the population of Italy comparatively lower than China by a huge number.
Rising Government Initiatives
The propelling factors for the growth of the rapid antibody test kit for the COVID-19 market include an increasing number of government initiatives for the diagnosis of infectious disease incidence, along with the rising need for fast detection of diseases, which are also contributing to the increasing demand for rapid diagnostic tests, across the world. In addition to this, the growth of government initiatives, such as awareness programs and funding research studies, has influenced the healthcare industry. The government proactively invests in many of the research studies that include the diagnosis of infectious diseases. Thus, increasing government initiatives for the efficient diagnosis of infectious diseases help in driving the overall growth of the market studied.
COVID-19 centers occupy the largest share of the rapid antibody test kit for the COVID-19 market
The popularity of the rapid antibody test kit for COVID-19 is growing significantly due to the benefits associated with it. Covid-19 centers contribute with an estimated share of 53% in the global market in 2020. Additionally, clinical laboratories and hospital segments are projected to gain maximum revenue due to the massive demand for COVID-19 testing kits in hospitals. As hospitals provide extra care for the patients and with quarantine facility available in hospitals is the main reason for the segment growth. COVID-19 centers help to detect, monitor patients with a person infected with the coronavirus, and help them cure as soon as possible with the availability of specialized medical professionals available.
Global Rapid Antibody Test Kit for COVID-19 market: Regional insights
The global rapid antibody test kit for the COVID-19 market is segmented into five regions including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The developing regions have gained momentum due to rising manufacturing units for a rapid antibody test kit for COVID-19 in the market. The Asia Pacific rapid antibody test kit for the COVID-19 market is significantly growing as these test kits have become easily affordable among the end consumers. China is known as one of the largest producers and exporters of rapid antibody test kits for COVID-19 worldwide. Furthermore, the Middle East and Africa, and Europe regions are expected to be the fastest-growing market for these test kits in a forecast timeframe.
Europe is expected to exhibit significant growth in the market during the forecast period
In recent years, the European rapid antibody test kit for the COVID-19 market has gained momentum mainly due to the Corona patients. The rising incomes of patients and demand for the kits in their homes lead to a high interest in rapid antibody tests in countries like the U.S. and Canada. The Europe region is expected to generate high revenue in the global COVID-19 Kit market during the forecast period. As leading health companies are working together to develop COVID-19 kit, with an increase in the number of infected patients. COVID-19 testing kits are widely available in the region due to the presence of many major vendors and the availability of a wide range of rapid test kits.
The leading players” in the Rapid Antibody Test Kit for COVID-19 market include Biomaxima SA, Zhhuhai Livzon Diagnostics Inc, Guangzhou Wondfo Biotech Co Ltd, RavBiotech Inc, Biolidics Limited, BioMedomics ltd, SD Biosensors Inc, SD biosensors, Cllex Inc, CTK biotech Inc, Sugentec Inc, Vayzyme Biotech Co Ltd, Liming Bio-products Co. Ltd, and other prominent players are expanding their presence in the market by implementing various business strategies.
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