The global rapid test kits market size was USD 47,190.09 Million in 2022 and is expected to register a robust CAGR of 10.2% during the forecast period.
- The rapid antigen testing segment is expected to account for a significant revenue share in the global market during the forecast period.
- The over-the-counter rapid test kit segment is expected to register the largest revenue share in the global market during the forecast period.
- The blood segment is expected to register the largest revenue share in the global market during the forecast period.
- The need for accurate and early disease diagnosis is growing in light of the rising prevalence of chronic diseases.
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Report Scope of the Rapid Test Kits Market:
|The market size value in 2022||USD 47,190.09 Million|
|CAGR (2023 – 2032)||10.2%|
|The Revenue forecast in 2032||USD 12,4642.67 Million|
|Base year for estimation||2022|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Rising demand for faster and reliable test results, increase in Research and Development (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 kit is a rapidly developing field that is intended for usage whenever there is a requirement for preliminary screening test results and is especially effective in resource-constrained environments. They deliver great quality, accuracy, and precision in their results while being quick (from 10 minutes up to 2 hours) and simple to use.These tests are based on advanced analytical techniques such as immuno-chromatographic, agglutination, immuno-dot, and/or immuno-filtration, and they are best suited for individuals or a limited number of samples, requiring little or no additional equipment, making them more cost-effective than other diagnostic test kits such as Enzyme-Linked Immunosorbent Assay (ELISA) kits in fully-equipped laboratory facilities. The government of various countries are taking initiatives to increase the Research and Development (R&D) activities in the disease diagnostics sector for early detection of emerging infectious diseases or viral outbreaks. This will lead to the production of new and improved testing kits, which in turn is expected to drive revenue growth of the market. There have been times when people are reluctant to test due to the non-availability of diagnostic centers in the vicinity or unable to travel due to health and age issues. These diagnostic kits have been developed to address such issues, sustain preliminary screening, and improve health infrastructure. Its goal is to assist such testing in isolated areas by developing innovative, affordable, and accessible testing options (RT PCR, glucose monitoring, pregnancy, and fertility).
Rapid tests and assays have been developed in the medical field to provide portable diagnostic equipment that may be performed immediately by clinicians or even by patients themselves. Manufacturers are investing in rapid test kits to develop high-performance and sustainable solutions more efficiently for application purposes in various sectors such as veterinary, forensic investigations, and food safety controls. Some of the technological advancements in the development of rapid test kits include the introduction of analytical techniques such as nucleic acid amplification tests as well as new and more efficient probes for signal generation, including those based on chemiluminescence, fluorescence quenching, as well as magnetic nanoparticles. For instance, Food and Drug Administration (FDA) has approved both types of tests made by Roche Diagnostics for emergency use. These tests are Cobas SARS-CoV-2 Nucleic-Acid Amplification Tests (NAAT) , an RT-PCR-based Nucleic-Acid Amplification Tests (NAAT) that can handle 96 samples per assay, and the Elecsys Anti-SARS-CoV-2 is an electro-chemiluminescence immunoassay. On 19 May 2022, MIP Diagnostics, a prominent U.K. nanotechnology firm transitioned to MIP Discovery as the company continues its expansion into the medical field. MIP Diagnostics, situated in Bedfordshire, has been a leading company in the commercialization of Molecularly Imprinted Polymers (MIPs), which are innovative types of nanoparticles designed to emulate antibodies for use in diagnostic testing and other applications. They are fully animal-free and can target indicators that have hitherto been difficult to target with bio affinity reagents such as antibodies. Their distinct qualities have fueled tremendous success in the In Vitro Diagnostics (IVD) industries, and the company is now bringing the technique to the broader healthcare market, including drug misuse testing and food safety testing. Furthermore, New assays are being developed by Beckman Coulter, which are utilizing cutting-edge nanoparticle technology and provide healthcare providers with data to monitor psychiatric medicines used to treat psychosis. The speedy, high-quality assays are performed on Beckman Coulter’s scalable AU clinical chemistry analyzers, reducing turnaround time for patient test results to hours rather than days, resulting in greater success in controlling and monitoring therapies for inpatients and outpatients.
Moreover, the benefits of utilizing rapid testing kits in various sectors such as food safety and quality, veterinary needs at inaccessible and industrial units are expected to open new growth opportunities for major players operating in the global market during the forecast period.
The global Rapid Test Kits market is highly competitive and consists of various emerging and well-established key players. Various strategies such as mergers, acquisitions, or collaborations are being incorporated by these market players to maintain strong footing in the market. Some major companies included in the market report are F. 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.
Rapid Test Kits Market Segmentations:
By Type Outlook
- Rapid Antigen Testing
- Rapid Antibody Testing
- Over-the-counter Rapid Testing Kit
- Professional Rapid Testing Kit
- Nasal Swab
- Lateral Flow Assay
- Solid Phase
- Immunospot Assay
- Cellular Component-Based
- Blood Glucose Testing
- Infectious Disease Testing
- Pregnancy and Fertility
- Cardiometabolic Testing
- Less than 30 minutes
- Less than 10 minutes
- Less than 1 Hour
- 1 Hour-2 Hour
- Hospital & Clinics
- Diagnostics Centers
- Rehabilitation Centers
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