Published on: May 2022
An understanding of the Rapid COVID-19 Testing Devices industry
At a compound annual growth rate (CAGR) of -41 percent, the global COVID-19 quick test kits market is predicted to fall from $14.94 billion in 2020 to $8.81 billion in 2021. At a CAGR of -58 percent, the market is estimated to reach $0.27 billion in 2025. The reversal in growth trajectory is primarily due to enterprises stabilizing their output following the COVID-19 epidemic in 2020, when demand rose rapidly. Thermo Fisher Scientific, Abbott Laboratories, BioMedomics, CTK Biotech, F. Hoffmann-La Roche AG, Cepheid Inc., Cellex Inc., Acumen Research Laboratories, Biolidics, and LabCorp are the major participants in the COVID-19 fast test kits market.
What has given the boost to this industry?
Sales of quick test kits for COVID-19 diagnosis and detection make up the COVID-19 rapid test kits market. COVID-19 quick test kits are either rapid antigen test kits or rapid antibody test kits made by companies in the medical equipment business that make in-vitro rapid diagnostic procedures. The firms that make these quick test kits are largely involved in the design, research, and production of rapid test kits that are used in hospitals, clinics, home care, diagnostic laboratories, and other settings.
How is safety the prime concern?
During the projection period, product defects regarding quality control difficulties are projected to stymie market expansion. Rapid medical device approval, as a result of the current COVID-19 situation, opens the door to difficulties such product recalls owing to safety, efficacy, and quality concerns. Spartan Bioscience's quick COVID-19 diagnostic kits were recalled in May 2020 due to efficacy concerns raised by Health Canada over its proprietary swab, which had been certified with fast track status in April 2020. Health Canada put a hold on the test kit's regulatory approval and only allowed Spartan quick test kits to be used for research until then.
India and China - The larger market for Rapid COVID-19 Testing Devices
Due to effectiveness difficulties, India recalled rapid-antibody testing kits purchased from China in April 2020, and all procurement orders from China were also cancelled. Product recalls are predicted to rise as a result of a lack of effective screening and quality assurance, as well as fast track approval, which will stymie industry growth. Hememics Biotechnologies Inc., a US-based research and development business, established cooperation with the Biomedical Research and Development Authority (BARDA) in April 2020 to create a Bluetooth-enabled fast antigen and antibody diagnostic tool.
BARDA will give Hememics $638,000 to help with the manufacture and scaling up of the immunological biosensor platform, which is a Bluetooth-enabled quick diagnostic kit that screens people in 60 seconds with a single drop of blood or mucus. The Biomedical Advanced Research and Development Authority (BARDA) is a division of the US Department of Health and Human Services that deals with bioterrorism, epidemics, and pandemic diseases.
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