Rapid Test Kits Market is Estimated to Grow at a CAGR of 9.5% During the Forecast Period 2030

Rapid Test Kits Market
Rapid Test Kits Market

The global Rapid Test Kits Market size is expected to reach USD 87,645.63 Million in 2030 and register a revenue CAGR of 9.5%, according to the latest report by Reports and Data. Rising demand for faster and reliable test results, increase in R&D activities, increase in the number of foodborne illnesses, and high risk of infection in the geriatric population are some of the crucial factors driving the market revenue growth.

Rapid test kits are a rapidly growing field that is designed for use whenever initial screening test results are required for disease detection and diagnosis. They work particularly well in contexts with limited resources. They produce findings of excellent quality, precision, and accuracy and are rapid (from 10 minutes to 2 hours) and easy to use.  The governments of various countries are implementing measures to increase Research and Development (R&D) efforts in the field of disease diagnostics in order to detect viral or infectious illness epidemics before they become widespread. New and enhanced testing kits are being created as a result, which is contributing significantly to the market revenue growth. Manufacturers are investing in rapid test kits to more effectively develop high-performance and sustainable solutions for use in a variety of industries, including veterinary, forensic, and food safety regulations. For instance, Roche Diagnostics’s two test kinds have both received Food and Drug administration (FDA) approval for usage in emergency situations. These assays include the Elecsys Anti-SARS-CoV-2, an electro-chemiluminescence immunoassay, and the Cobas SARS-CoV-2 Nucleic-Acid Amplification Tests (NAAT) , an RT-PCR-based Nucleic-Acid Amplification Tests (NAAT) that can accommodate 96 samples per assay. Rapid test kits made it possible to accurately and affordably diagnose SARS-CoV-2 for national or global needs, particularly for underdeveloped nations in need of various transportation health containment strategies. In order to stop the disease from spreading further, the governments of many nations have made traveler testing mandatory for both domestic and international travel. Rapid test kits are being used as a result, which is expected to further drive market revenue growth. Rapid COVID-19 virus changes have also resulted in significant test kit R&D expenditures. Governments and private companies are willing to provide investment to a variety of startups so they may improve testing kits technologically, accelerating the market’s revenue growth.

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Some Key Highlights from the Report:

  • Based on specimen, the nasal swab segment is expected to grow at a steady revenue CAGR over the forecast period. There are several advantages to nasal swabbing for rapid diagnostic tests for infectious disease testing, which is a major factor contributing to the segment revenue growth. A commercial Antigen-based Rapid Diagnostic Test (Ag-RDT) is used with bilateral nasal (NA) swabs as it is less invasive and therefore more popular with people, compared to other types of specimens. Its simplicity of usage, therefore, makes volunteer training and self-testing at work or home possible. These elements, along with the antigen rapid diagnostic test’s quick turnaround time, low cost, and ease of use, can make repeat testing easier over time and possibly make up for decreased sensitivity.
  • Based on technology, the lateral flow assay segment is expected to account for a substantially large revenue share during the forecast period, owing to factors such as the growing prevalence of chronic diseases, global rise in the geriatric population, coupled with the increasing patient pool for infectious diseases, translates into higher demand for lateral flow assay tests and growing adoption of microfluidics-based lateral immune assay test kits globally. As a more popular option for disease diagnosis, lateral flow test procedures have the capacity to recognize symptoms in the very early stages. The necessity for lateral flow assay tests has grown as a result of an increase in the elderly population worldwide and the number of chronic disease patients. The Rapid Diagnostic Test (RDT), also known as the Immunochromatographic Strip Test (ICST), and the Lateral Flow Immunoassay Technique (LFIA), as well as nucleic acid amplification, are among the most widely promising analytical platforms for point-of-need or decentralized testing techniques that are being used for a variety of applications.
  • On the basis of application, the infectious disease testing segment is expected to register a robust revenue CAGR throughout the forecast period. Early and accurate detection of infectious illnesses is crucial for vector control strategies and disease surveillance programs. Rapid test kits are widely used to detect recently emerging illnesses due to their simplicity of use and speedy turnaround for results. Rapid test kits for infectious illnesses have been used at a number of diagnostic labs and Emergency Departments (EDs) with the aim of enhancing early infectious disease diagnosis, disease surveillance, infection prevention, proper management, and antibiotic protection in situations when quick clinical judgments must be made in the context of overcrowding and other conditions.
  • North America is expected to account for the largest revenue share in the global rapid test kits market during the forecast period. This can be attributed to factors including the presence of major companies, strong medical infrastructure, and increasing awareness among the population for testing due to the unprecedented COVID-19 outbreak. Significant funding is needed for the COVID-19 testing development process in the U.S. Overall research and development spending is expected to grow exponentially as the number of new entrants increases, with collaborations and licensing agreements for research organizations.
  • Asia Pacific is expected to register a robust revenue CAGR throughout the forecast period, owing to the increasing prevalence of infectious diseases, and growing awareness regarding importance of testing among the population. Rapid testing kits are in greater demand as a result of the governments of nations like China and South Korea doing mass testing to stop the spread of new COVID-19 variants and subsequent mutations. Since China and India are both heavily populated, social segregation alone will not be enough to stop the spread of this illness. As a result, effective testing kits with quick findings are in high demand in this region.

Top Companies Profiled in the Report:

Hoffman-La Roche Ltd., Abbott., Danaher Corporation, Becton, Dickson and Company, PerkinElmer, Inc., Siemens Healthineers AG, Thermo Fisher Scientific, Bio-Rad Laboratories, Inc., Orasure Technologies, Inc., Biomerieux, Acon Laboratories, Inc., Cellex, Luminex Corporation, Eurofins Scientific, QIAGEN, Sherlock Biosciences, and Hologic, Inc.

Type Outlook (Revenue, USD Million, 2019 – 2030)

  • Rapid Antigen Testing
  • Rapid Antibody Testing
  • RT-PCR
  • Others

Product Outlook (Revenue, USD Million, 2019 – 2030)

  • Over-the-counter Rapid Testing Kit
  • Professional Rapid Testing Kit

Specimen Outlook (Revenue, USD Million, 2019 – 2030)

  • Blood
  • Urine
  • Nasal Swab
  • Saliva
  • Others

Technology Outlook (Revenue, USD Million, 2019 – 2030)

  • Lateral Flow Assay
  • Solid Phase
  • Agglutination
  • Immunospot Assay
  • Cellular Component-Based

Application Outlook (Revenue, USD Million, 2019 – 2030)

  • Blood Glucose Testing
  • Infectious Disease Testing
  • Pregnancy and Fertility
  • Cardiometabolic Testing
  • Others

Regional Outlook of Rapid Test Kits Market:

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
  • Latin America (Brazil, Rest of LATAM)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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