Global COVID Rapid Diagnostic Test Market Size

COVID Rapid Diagnostic Test Market Analysis

The Global COVID Rapid Diagnostic Test Market size is estimated at USD 11.84 billion in 2024, and is expected to decline to USD 6.65 billion by 2029.

Factors such as rising cases of COVID-19 and its new variants and the increasing number of approvals for new and advanced COVID-19 rapid diagnostic tests" are boosting the market growth.

The increasing number of COVID-19 cases and the emergence of different variants across the globe is creating the need for early detection of the symptoms. For instance, according to the data published by the WHO, in January 2023, about 753 million confirmed cases of COVID-19 were reported globally, "compared to over 645 million confirmed cases in December 2022. As per the same source, the highest number of new weekly cases in 2023 were reported from Japan (4,19,033), followed by China (1,58,687), South Korea (1,48,261), Germany (64,545), and Brazil (51,176). Also, in November 2021, the WHO identified the SARS-CoV-2 coronavirus variant omicron and listed it as a variant of concern. The recent increase in COVID-19 cases has been linked to cases of the extremely contagious variety, including a subvariant known as BA.2, or ","tealth omicron,", particularly in places where safety procedures have been lax. Hence, this supports market growth.

The rapid diagnostic test provides quick results and is also easy to use. Additionally, during the pandemic, the companies were engaged in product developments in the rapid diagnostic segment for COVID-19, continuously increasing market growth. For instance, in May 2022, BD launched a new high-throughput molecular diagnostic combination test for SARS-CoV-2 and Influenza A/B on BD SARS-CoV-2/Flu assay for the BD COR System, an automated multiplexed real-time RT-PCR (reverse transcriptase - polymerase chain reaction) test to detect and differentiate SARS-CoV-2 and influenza A, and influenza B from a single nasal sample from patients who are showing signs of respiratory viral infection.

Furthermore, the growing number of government and ororganizations'nitiatives in developing affordable test kits for COVID-19 are also expected to increase the mamarket'srowth over the forecast period. For instance, in June 2021, the Union Minister of State for Education, Communications, Electronics and IT launched an 'affordable" and "accurate" Rapid Antigen Test kit for COVID at the Indian Institute of Technology (IIT).

Moreover, the technological advancements in COVID-19 diagnostics tests and new product approvals increase the availability of novel diagnostic products in the market. This, in turn, is anticipated to fuel market growth. For instance, in June 2022, Kaneka Corporation, a Japan-based company, received authorization to manufacture and sell "Kaneka Immunochromatography SARS-CoV-2 Ag," a COVID-19 antigen test kit.

However, the increasing product recalls due to quality control issues, stringent regulations and policies related to COVID-19 testing, and product approvals are likely to impede the growth of the COVID rapid diagnostic tests market over the forecast period.