The global Rapid Test market was valued at USD 24.55 billion in 2023 and is expected to reach USD 24.26 Billion by year 2032, at a CAGR of 7.30%. The rapid test is used to obtain faster and more reliable results to ensure food safety. Various contaminants such as pathogens, veterinary drugs, treatment of induced chemicals, etc. They can cause serious diseases and infectious diseases. The technologies used for the rapid test are based on immunoassays, chromatography, etc.
The rapid test is used to eliminate the risk of bacterial or microbial contamination caused by pathogens, GMOs, meat speciation, allergens, etc. and maintain the quality of the product. Currently, the professional rapid test product segment is contributing to the increased market share of all products and is expected to remain dominant over the forecasted period.
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The growing demand for rapid testing technologies due to the implementation of stringent food safety regulations is another factor likely to stimulate growth in the global rapid testing market. In addition, the increase in global food trade, the growing demand for processed foods and the complexity of the food supply chain, as well as the increase in public investment in many countries in support of food security are important factors. other factors that could stimulate the rapid growth of the test market over the next ten years. The rapid test market, based on a main application, is segmented into infectious diseases, cardiology, oncology, pregnancy and fertility, toxicology, blood glucose monitoring, etc.
In addition, the stability of the high-temperature rapid tests and the short execution period of these tests stimulated the growth of the global market. The use of rapid tests in workplace tests, in which results are obtained on the same day, has also stimulated market demand. The rapid infectious disease test market is expected to experience the strongest growth over the forecast period. Increased R&D and technological advances, as well as the adoption of rapid tests in developed and developing countries should provide revenue opportunities for manufacturers operating in the target market. Given the above factors, it is safe to say that the global rapid testing market will grow rapidly in the coming years.
Salient Trends of the Rapid Test Market
- The benefits of rapid tests on laboratory tests, the strengthening of government initiatives and nonprofit organizations for health and increased health spending around the world fueled the growth of the global testing market fast.
- Favorable governmental investments for the development of a robust health sector is also expected to contribute the growth of the global rapid testing market.
- Increased stringent regulatory standards for food safety also plays an important role to grow the target market around the world.
- International trade and technological advances in developing and developed countries can stimulate rapid market growth.
- However, the increased prevalence of various chronic and infectious diseases around the world and untapped emerging market have created many opportunities in the segment.
- Inadequate reimbursement policies for rapid diagnostic tests hinder growth to a marginal point. In addition, stringent government regulations for the approval and recall of various products due to false results may slow down the growth of the market.
- High cost of equipment, increases the cost of testing. This factor can hinder the growth of the rapid testing market. In addition, the lack of food control systems in developing countries is another factor likely to slow the growth of the target market.
Companies considered and profiled in this market study
Akers Biosciences, Inc., Alere Inc. (Abbott Laboratories), Becton, Dickinson and Company, Bio-rad Laboratories, Inc., Cepheid, Inc., Hologic, Inc., Meridian Bioscience, Inc., OraSure Technologies, Inc., Quidel Corporation, and Roche Diagnostics.
- As of 2023, over the counter rapid test segment is expected to register highest CAGR of 9.3%, owing to implementation of stringent food safety regulations and the requirement of quick test result and cheaper equipment.
- Professional rapid test segment was valued at 14.21 billion in 2023 and is expected to grow at rate of 8.4%. The major factors driving the market growth of professional rapid test products segment are due to the growing demand for processed foods and the complexity of the food supply chain and high accuracy over other methods.
- The market for infectious diseases of application type segment is expected to grow at a CAGR of 9.8% during the forecast period (2023-2032) and is expected to reach market share to 10.8 billion by the end of 2032.
- With the increased use of rapid tests in workplace tests, where the results are obtained on the same day, increased R&D and technological advances, as well as the adoption of rapid tests in developed and developing countries will drive the market in the forecasted period.
- Professional and OTC rapid test will see a significant growth in the market and are expected to reach a market share of about 27.3 billion USD and 21.1 billion USD respectively by the end of forecast period owing to globalization trade in food products and the increasing incidence of foodborne diseases.
- Glucose monitoring by rapid test is expected to grow at CAGR of 8.5% and will cross approximately USD 13.1 billion by the end of 2032. This segment is expected to show decline in growth factor but will still have a significant share in the market in upcoming years.
- Asia Pacific is expected to grow with the highest CAGR of 11% in the coming years, owing to the high population density and rapidly increasing prevalence of the infectious diseases.
- Additionally, International trade, technological advances and growing numbers of government initiatives in developing economies like China, India, Japan are expected to be the fastest growing markets in the Asia-Pacific region.
- Hospital Market of end user type segment will show the highest growth rate in end users segment in the forecast period 2023-32 owing the ease of accessibility and complications of the test processes and growing demand of professional rapid test.
Key Coverage of the Report
- Regional Competitors clinical pipeline analysis
- Demand and Supply GAP Analysis
- Market share analysis of the key industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 6 years of all the mentioned segments, and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
Segments covered in the report
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2023 to 2032. For the purpose of this study, have segmented the Rapid Test market on the basis of product type, application, end use, and region:
Product Type (Revenue, USD Million; 2023–2032)
- Over-the-Counter (OTC) Rapid Test Product
- Professional Rapid Test Product
Application (Revenue, USD Million; 2023–2032)
- Infectious Disease
- Pregnancy & Fertility
- Glucose Monitoring
End Use (Revenue, USD Million; 2023–2032)
- Hospital & Clinic
- Diagnostic Laboratory
- Home Care
Regional Outlook (Revenue in USD Million; 2023–2032)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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