COVID-19 has proved to be a menace for human society for the past couple of years. It has left industries wailing, people on the back foot, and supply chain distortions. People suffering from SARS virus experience respiratory and gastrointestinal symptoms, which gradually spreads across systems in the body, thus making it essential to diagnose the virus at an early stage for effective treatment to be administered. Diagnosis is carried through rapid antigen test kit. An antigen is a molecule capable of stimulating immune response. An antigen may be proteins, nucleic acids, and polysaccharides. The antigen test predicts presence of SARS-CoV2 virus. It establishes a differentiation between body proteins and certain protein that are considered foreign to immune system. The procedure involves inserting pick inside nose and collecting a swab and further dipping it into a solution which locates the virus and inactivates it onto the testing kit. In case the test is positive, colored lines show up on the strip. Rapid antigen test kit garners certain advantages such as it reduces the burden on replying completely on RT-PCR test to identify COVID patients. In additionally, it is way cheaper than RT-PCR.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
At the early phase of the COVID-19 pandemic, there was no availability of specific diagnostic tests to detect the disease in patients. Alternative diagnostic tests were used initially but were not much effective. This unavailability of specific COVID-19 diagnostic tests presented lucrative opportunities for diagnostic manufacturers to introduce their COVID-19 diagnostic kits. Many leading players as well as some start-ups from various countries utilized this opportunity and introduced COVID-19 diagnostics kits into local as well as global markets. These players achieved an edge over other diagnostics players capitalizing on the opportunity from demand for COVID-19 diagnostic tests, which, in turn, helps them in maintaining their revenues in such a crisis.
Owing to such factors, COVID 19 is expected to have a significant impact on the rapid covid-19 antigen test Kit market.
Top Impacting Factors
- Rising incidents in the cases of COVID-19 and the subsequent demand in rise of diagnostic tests to establish presence of SARS-CoV2 virus in anticipated to drive market growth for rapid antigen test kits.
- Complete shift of healthcare infrastructure towards battling COVID effects coupled with rising awareness of diagnostic procedures in badly hit nations like India and Brazil is anticipated to further increase growth of rapid antigen tests. These nations are witnessing higher administrations of the test among its populace owing to daily new cases of the patients.
- Robust government policies coupled with private sector investments into design and development of advanced diagnostic tests that can successfully detect and aid COVID treatment mechanisms is slated to increase penetration of these testing kits. Recently, in India, government announced a 10% GDP for healthcare sector in order to develop diagnostic kits.
- Furthermore, several advantages that rapid antigen tests possess over normal RT-PCR may further boost market growth. These include high accuracy, low cost, stability, negligible side effects, etc.
- However, prevalent misconceptions on the efficacy and reliability of the testing kits may hamper the market growth. The trend is especially more worrisome in regions with less internet connectivity and literacy levels such as Central Africa, Latin America, and North Korea.
Key Market Trends
- North America is anticipated to continue dominance in the market owing to rising numbers of COVID-19 cases coupled with robust investments being influx into research and development of diagnostic kits.
- Asia Pacific is picking up speed with respect to antigen diagnostic tests owing to rising incidents of infective cases due to huge population base coupled with growing demand for quick, efficient and reliable diagnosis.
- In March 2020, SARS-Cov2 molecular test was given emergency nod by Food and Drug Administration as a potent diagnostic kit. The kit is developed by Hologenic Ltd.
- In July 2021, Abbott labs got approval for use of its Panbio COVID-19 antigen test in European market.
Key Benefits of the Report
- This study presents the analytical depiction of the rapid covid-19 antigen test Kit industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the rapid covid-19 antigen test Kit market share.
- The current market is quantitatively analyzed to highlight the rapid covid-19 antigen test Kit growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Rapid Covid-19 Antigen Test Kit Report
- Which are the leading players active in the rapid covid-19 antigen test Kit market?
- How is each segment of the market expected to grow during the forecast period?
- What are the adoption trends for the rapid covid-19 antigen test Kit market in emerging economies and established economies across the world?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
- What are the impacts of COVID-19 in the industry?
- What is rapid covid-19 antigen test Kit?
- What is the rapid covid-19 antigen test Kit market prediction in the future?
- What are the current trends and predicted trends?
Key Market Segments
- By Product
- RT-PCR Assay Kits
- Immunoassay Test Strips
- Cassettes
- By Specimen Type
- Nasopharyngeal Swab
- Oropharyngeal Swab
- Nasal Swab
- By Technology
- Chromatographic Immunoassay
- Fluorescent Immunoassay
- Others
- By End User
- Hospitals
- Diagnostic Laboratories
- Clinics
- Homecare
- Others
- By Region
- North America
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Xiamen Boson Biotech Co.
- CerTest Biotect S.L.
- SD BIOSENSOR, Inc.
- Becton Dickinson
- Healgen Scientific Limited
- Hangzhou Clongene Biotech
- AMEDA Labordiagnostik GmbH
- Abbott
- Beijing Lepu Medical Technology
- nal von minden GmbH
- Roche
- Siemens Healthineers
- BIOSYNEX SWISS SA
- Quidel Corporation
- LumiraDX UK Ltd.
- Zhejiang Orient Gene Biotech Co., Ltd.
- Cipla