Rapid Covid 19 Antigen Test Kit Market Revenue Growth and Quantitative Analysis Till 2030

United States, New York, 2023-Feb-20 — /EPR Network/ —The rapid Covid-19 antigen test kit is a fast demonstrative test kit sensible for point-of-care testing that easily detects the presence or absence of an antigen in the patient’s body. It can help to reduce further transmission through early identification of positive cases, allowing a faster contact tracing. These kits are produced by the elements that fabricate in-vitro rapid symptomatic tests in the clinical equipment industry. Rapid Covid-19 antigen test kit normally gives results within a couple of hours. The organizations associated with the manufacturing of these rapid test kits are mainly occupied with research, design, and production of the rapid test kits.

Furthermore, the rapid Covid-19 antigen test kit has various benefits, such as accuracy, low cost, quick result, early diseases diagnosis, and stability at high temperatures. Rapid Covid-19 antigen test kits are currently used in the COVID-19 pandemic. Many significant biotechnology and pharmaceutical organizations have developed rapid Covid-19 antigen test kits. Many areas are yet contributing, researching, and improving better and advanced rapid test kits. Rapid Covid-19 antigen test kits are utilized in emergency clinics and centers, home consideration, diagnostic labs, and research foundations.

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The covid-19 pandemic has positively impacted the growth of the global rapid Covid-19 antigen test kit market. During the Covid-19 pandemic, the requirement of rapid Covid-19 antigen test kits has shown a tremendous increase due to the rising number of covid-19 cases worldwide. Additionally, the outbreak of Covid-19 has set out a vital opportunity for manufacturers to increase rapid diagnostic test kit supplies to contain the spread of Covid-19 disease. Also, several government and private organizations are invested in developing kit  Covid-19 kit for the treatment of Covid-19 patients. For instance, Cipla and Premier Medical Corporation Private Limited announced a partnership for the quick antigen test of Covid-19 commercialization in India 2020. However, due to the lockdown procedures, the supply chain is still disturbed, making it troublesome for players to predict the industry’s regaining. For example, Currently, India is in the second wave of Covid-19 and reporting over 300,000 daily coronavirus infections. Thus, the Indian government announced the lockdown to reduce the risks of Covid-19 infection.

Global Rapid Covid-19 Antigen Test Kit Market Segmentation:

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Based on Technology, the rapid covid-19 antigen test kit market is segmented into-

• Chromatographic Immunoassay
• Fluorescent Immunoassay
• Others

Based on End-User, the rapid covid-19 antigen test kit market is segmented into-

• Hospitals& Clinics
• Diagnostic Center
• Home Care
• Others

The regions covered in this global rapid Covid-19 antigen test kit report are North America, Europe, Asia-Pacific, and the Rest of the World. Based on a country level, the market of rapid Covid-19 antigen test kit is subdivided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.

Key Players for Global Rapid Covid-19 Antigen Test Kit Market Report:

Some major key players for the global Rapid Covid-19 Antigen Test Kit market report cover prominent players are Abbott Rapid Diagnostics, Cipla, AMEDA Labordiagnostik GmbH, Becton Dickinson, Beijing Lepu Medical Technology, BIOSYNEX SWISS SA, CerTest Biotect S.L., Hangzhou Clongene Biotech, Healgen Scientific Limited, LumiraDX UK Ltd., nal von minden GmbH, Quidel Corporation, SD BIOSENSOR, Inc.; Roche,  Siemens Healthineers, Xiamen Boson Biotech Co, Zhejiang Orient Gene Biotech Co., Ltd, and others.

News: Cipla Launched Rapid Antigen Test for Covid-19 Diagnosis

December 16th, 2020; Cipla launched the quick antigen test kits for Covid-19 diagnosis with the association of Premier Medical Corporation Private Limited in India. The test is a quick mark-of-care nasopharyngeal swab test that recognizes the presence or absence of Covid-19 antigen in the patient’s body, producing results within 15-20 minutes. The test is marketed under the brand name ‘CIPtest’. This is Cipla’s second dispatch in the diagnostics space after Elifast ELISA Test Kit. In this joint effort, Cipla will further be liable for the marketing and distribution of the rapid antigen detection test for the subjective identification of SARS-CoV-2 antigen made by Premier Medical Corporation Private Limited.

Unexpected Outbreak and Spread of Covid-19 Pandemic, Rising Investment and Development of Better and Advanced Rapid Test, Collaboration of Government & Private Organizations Drive the Market Growth

One of the major factors driving the growth of the global Rapid Covid-19 Antigen Test Kit market is the sudden outbreak and spread of the Covid-19 virus worldwide. According to World Health Organization (WHO), globally, the highest percentage of cases had been reported in the 25-39 age groups, with approximately 50% of cases in the 25-64 age groups. Also, the percentage of deaths increases with age, and approximately 75% of deaths were in those aged 65 years and above in 2020. In addition, rising investment and development of better and superior Rapid Covid-19 Antigen Test Kit is also empowering the growth of the Rapid Covid-19 Antigen Test Kit market in the forecast period. For instance; the Foundation for Innovative New Diagnostics (FIND) and Unitaid announced that the first contracts had been finalized, following an open call for Expressions of Interest (EOI) that launched on July 4th, 2020, to drive reasonable access to fit-for-purpose antigen-detecting rapid diagnostic tests (Ag RDTs) for Covid-19.

Furthermore, an association of government & private organizations and increasing funding by the government also foster market growth. For instance, in 2020, The Pan American Health Organization organized 190,000 new COVID-19 antigen diagnostic tests offered to four countries in Latin America and the Caribbean and took training to implement pilot testing of their operation. Also, PAHO’s strategic fund, a regional technical cooperation mechanism for pooled procurement of essential medicines and health supplies, worked with the countries to facilitate access to these diagnostic tests. For example, the Government of Canada announced the first-ever contribution to the therapeutics mainstay of UNICEF that recently launched Access to COVID-19 Tools Accelerator Supplies Financing Facility (“ACT-A SFF”) to fight the pandemic.

However, Rapid Covid-19 Antigen Test Kit may need confirmatory testing because it may give false test results and be less sensitive than Nucleic Acid Amplification Tests (NAATs), especially among asymptomatic people, which may hamper the market growth. Despite that, growing investments by government and private organizations to produce Rapid Covid-19 Antigen Test Kit around the world can offer more opportunities for the further growth of the market.

North America is Expected to Dominate the Global Rapid Covid-19 Antigen Test Kit Market

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North America dominates the Rapid Covid-19 Antigen Test Kit market with the highest rate due to growing investments in research developments of rapid Covid-19 antigen test kit, presence of key players, and merger of various companies & government for the development of antigen tests in this region. For instance, recently, Kroger Health reported that it offered a Smartphone empowered, at-home rapid COVID-19 antigen test kit to patients across the country. Also, Kroger Health has aims to make the at-home fast antigen test across the U.S. According to published news on December 2nd, 2020, Surgisphere developed an intelligent tool that used three common laboratory tests to identify patients with coronavirus infection. The company announced the availability of a rapid diagnostic tool for novel coronavirus that leveraged the power of its global research network and advanced machine learning in the medical industry. Moreover, key industry members are continually speeding up the supply and formation of rapid tests to address the growing requirement for the effective regulation of the COVID-19 pandemic.

Europe is projected to capture the significant revenue share in the global rapid Covid-19 antigen test kit market due to growing cases of Covid-19 patients and increasing research and development activities to develop more effective antigen tests. For example, recently, Queensland company AnteoTech announced that its rapid COVID-19 test kit was ready to boom European markets. According to News, on April 29, 2021, Anteotech invested USD 12M for launching Eugeni’s rapid COVID-19 antigen test kit in Europe. Its EuGeni Covid-19 antigen rapid test kit is for single-use, a disposable immune chromatographic rapid test intended to be used by healthcare professionals.

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The Asia Pacific is the fastest developing region in the global Rapid Covid-19 Antigen test kit market during the forecast period due to the growing need for the test owing to the increasing prevalence of Covid-19 cases in this region. According to World Health Organization (WHO), about 20,282,833 cases and 230,138 deaths were reported in India in April 2021. In addition, there are many collaborations between government and private organizations in the region. For instance, in May 2020, the Indian government partnered with ZydusCadila, a Gujarat-based drug organization, to manufacture Elisa kits to detect Covid-19 infection, which the Indian Council of Medical Research produced. The Indian Council of Medical Research (ICMR) has approved its agreement with Trivitron Healthcare Private Limited, a medical technology company, to commercially launch its flagship product, Covid-19 rapid testing antigen kit. These Covid-19 antigen kits will be branded as ‘Biocard Pro Covid-19 Antigen Kits’ and result in 7-10 minutes.