Global Rapid Antibody Test Kit for COVID-19 market

Posted by paritosh shah on December 24th, 2020

Global rapid antibody test kit for COVID-19 market has gained momentum in recent years, and is estimated to have reached USD 1.64 billion in 2020, and is expected to touch USD 1.72 billion by 2026. On 30 January 2020, the World Health Organization (WHO) declared the COVID-19 (SARS-CoV-2) outbreak as a Public Health Emergency of International Concern (PHEIC) and shortly thereafter called for research on point of care diagnostics for use at the community level. In response to the growing COVID-19 pandemic and shortages of laboratory-based molecular testing capacity and reagents, multiple diagnostic test manufacturers have developed and begun selling rapid and easy-to-use devices to facilitate testing outside of laboratory settings.

The 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 Test Kits approved by the US Food and Drug Administration are 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. The major cause of the increasing patient rate is the high transmission rate among the population across the globe.

Global Rapid Antibody Test Kit for COVID-19 market overview Market Forecast and Trends

Growth Drivers 

Increases cases of corona infected patients

The confirmed cases of corona infected patients are rising rapidly across the globe. More cases of Coronavirus disease are being expected across many regions of the world. Though, constant efforts at the individual, national, and international levels are being made to fight back against this pandemic. thus, the growth in the number of patients leads to high demand for rapid antigen test kits in the market. Rapid Diagnostic Tests (RDTs) are small, simple to use, stand-alone tests. They can be used by minimally trained staff, round the clock, and on single samples at the point of treatment, thus benefitting the whole market.

Risig Government Initiatives

The augmented factors for the growth of the rapid antibody test kit market include great government support. As the governments of different regions across the globe are trying their best to provide the facilities for fast detection of the infection. This would be helping in the prevention of the diseases from spreading. Hence, more and more rapid test kits are required in the market. Additionally, government initiatives of spreading awareness among the people, funding programs, and others have influenced the healthcare industry.

Presence of Counterfeit kits coupled with the inefficient kit in the market

The European Centre for Disease Prevention and Control (1 April 2020) reports several COVID-19 RDT devices with fraudulent documentation, incomplete technical files, and unsubstantiated claims, with some of them sold as alleged self-tests. Many COVID-19 rapid antibody diagnostic test kits are either inaccurate or fake and have not been approved By US FDA, EU, or Japanese Regulatory Bodies. As to regulation, "self-testing" is a more stringent regulated category of IVDs compared to the regular "for professional use". It is to be expected that in poorly regulated countries such practices will be more frequent. All these fraudulent activities coupled with the counterfeit kit in the market hampering the growth of Rapid Antibody Test kits for Covid -19 by stringent regulation and more policy reforms by government authorities in upcoming years.

Impact of COVID-19 in industry

The global economy and humanity have been pushed into a crisis due to the COVID-19 pandemic. Due to the high infection rate and adverse impact on public health systems, various governments have enforced nationwide lockdowns significantly impacting manufacturing supply chains, trade, and related services. Players are currently considering digital solutions that will enable them to serve the community and provide new opportunities to do business. The production, manufacturing, supply chain, and other operations, have slowed down globally aimed to limit the spread of the coronavirus.

On 30 January 2020, the World Health Organization (WHO) declared the COVID-19 (SARS-CoV-2) outbreak as a Public Health Emergency of International Concern (PHEIC) and shortly thereafter called for research on point of care diagnostics for use at the community level

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