The Global Rapid Antibody Test kits for Covid-19 market is projected to reach the valuation of USD 1.72 Billion by 2026 with a CAGR of 0.78%
Global Rapid Antibody Test kits for Covid-19 Market has gained the momentum in recent years with a CAGR of 0.78%, in value terms, over the forecast period 2020-2026, and expected to reach at USD 1.72 Billion by 2026. There is an urgent need for an accurate and rapid test method to quickly identify large number of infected patients and asymptomatic carriers to prevent virus transmission and assure timely treatment of patients. The IgM segment contribute 55.87% market share with the market size of USD 0.96 Billion in 2026. Specificity and sensitivity are the two key factors impacting global market of Rapid Antibody Test kits for Covid-19. The antibody tests that are becoming increasingly sought after, alongside diagnostic tests, also need to achieve a certain level of accuracy to be considered suitable for widespread use.
IgM is playing major role to drive the Rapid Antibody Test kits for Covid-19 market
IgM projected to dominate global market with the market size of USD 0.92 Billion in 2020 and projected to reach USD 0.96 Billion in 2026 at a CAGR of 0.69% during the forecast period. Followed by IgM segment IgG expected to grow with significant growth rate of 0.89% during the forecast period and market size of USD 0.76 Billion in 2026. Rising technological advancement and outbreak of Covid-19 are the key factor to propel market growth across the globe.
Increasing cases of Corona infected patients global market
The confirmed cases of corona virus are increasing rapidly across the globe. With each passing day, more cases of Coronavirus disease (COVID-2019) are being detected and unfortunately the fear of novel corona virus 2019 (2019-nCoV) becoming a pandemic disease has come true. Constant efforts at individual, national, and international level are being made in order to understand the genomics, hosts, modes of transmission and epidemiological link of nCoV-2019. China, Italy and United States most affected by it. China has highest case of corona infected people. Whereas as the number of dead in Italy due to COVID-19 has doubled China despite population of Italy comparatively lower than China by huge number. Rising outbreak of Covid-19 tends towards high demand of early diagnosis with precise accuracy which directly impacting huge demand of rapid test kits for early diagnosis. The major cause of increasing patient rate is high transmission rate amidst the population across the globe.
Europe is expected to witness significant growth in the market during the forecast period
Europe region is expected generate high revenue in the global COVID-19 Kit market during the forecast period. As leading health companies are working together to develop COVID-19 kit, with increase in number of infected patient. COVID-19 testing kits are widely available in the region due to the presence of many major vendors and the availability of a wide range of the rapid test kits. Government and non-government organizations are also carrying out wellness programs that will contribute in market growth.
Rapid Antibody Test kits for Covid-19: Competitive Landscape
Companies such as BioMaxima SA , Zhuhai Livzon Diagnostics Inc. , Guangzhou Wondfo Biotech Co., Ltd., RayBiotech, Inc., Biolidics Limited , BioMedomics Inc., SD Biosensor, Inc., Cellex Inc., CTK Biotech, Inc., Sugentech, Inc. , Vazyme Biotech Co., Ltd., Liming Bio-Products Co., Ltd.