Increasing prevalence of diseases to drive the growth of global rapid test kit market in the forecast period, 2022-2026.
According to TechSci Research report, “Rapid Test Kit Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026” the global rapid test kit market stood at USD23.44 Billion in 2020 and is expected to grow at a steady CAGR of 8.14% during the forecast period on account of growing prevalence of diseases. The growing demand for rapid test kit from various point of care diagnostic centers, homecare, among others is expected to support the market growth through 2026. The growing prevalence of various chronic diseases such as cancer, diabetes, and cardiovascular diseases has significantly increased the patient pool suffering from these diseases worldwide. This in turn has significantly increased the demand for various rapid test kits.
These rapid test kits can be used for disease diagnosis and monitoring at home and at various healthcare facilities such as hospitals & clinics, point of care centers, etc. However, the high cost of rapid testing kits leads to affordability constraints, especially in Asia Pacific, South America and Middle East & Africa. Also, poor reimbursement scenario related to rapid test kits across different countries, especially in the developing and under-developed countries, is further expected to restrict and slow down the market growth. Also, stringent regulatory scenario and policies for launching and marketing rapid test kits are expected to significantly hamper the market growth.
The US Food and Drug Administration (FDA) is very strict when it comes to classifying diagnostic kits and medical devices in various categories and giving approvals for them. Also, countries that do not follow FDA but have their own regulatory associations are also very strict for product approvals and their market launch. The regulatory framework is quite strict when it comes to product recalls. Furthermore, lack of awareness pertaining to the availability and use of rapid test kits among the population, especially in the developing and under-developed countries, is expected to hamper the market growth during the forecast period.
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The global rapid test kit market is segmented based on type, product type, technology, duration, application, end user, company and regional distribution. In terms of product type, the market can be divided into over-the-counter rapid test kit and professional rapid test kit. The over-the-counter rapid test kit segment dominated the market in 2020 with a share of around 69.35% on account of the fact that these tests are easy to use in the “near-patient setting” and are a cost-effective alternative to expensive laboratory testing. In terms of technology, the market can be categorized into lateral flow assays, solid phase, agglutination and immunospot assay.
The lateral flow assays technology is expected to dominate the market during the forecast period as it is simple to perform and has low manufacturing costs. Lateral flow assays are used across hospitals & clinics, diagnostic centers, and ambulatory care centers for qualitative and quantitative identification of specific antigens, antibodies, and gene amplification products. Also, the use of lateral flow assays in the early detection of COVID-19 has further opened opportunities for growth of this segment. This has got the focus of various companies in developing rapid test kits based on lateral flow assay technology. For instance, in March 2020, Ozo Life announced the launch of its OZO COVID-19 Rapid Test Kits based on lateral flow assay technology.
Key market players in the rapid test kit market include:
· F. Hoffmann-La Roche AG
· Abbott Laboratories, Inc.
· Danaher Corporation
· Becton, Dickinson and Company
· PerkinElmer, Inc.
· Siemens Healthineers AG
· Thermo Fisher Scientific, Inc.
· Bio-Rad Laboratories, Inc.
· OraSure Technologies, Inc.
· Biomerieux Inc.
· ACON Laboratories, Inc.
· Cellex, Inc.
· MyMD Pharmaceuticals Inc.
· Luminex Corporation
· Eurofins Scientific SE
Global rapid test kit market is consolidated with a lot of well-established players having presence in several countries: with several domestic players possessing leadership in certain regions and countries, among others. F. Hoffmann-La Roche AG holds the highest market share and is among the top five market players globally. Abbott Laboratories, Inc., ranks second in terms of market share in the overall rapid test kit market. The company has a strong presence worldwide and a huge brand value. People in emerging countries are also aware of the presence, product portfolio and business of the company and are preferring it over other competitor brands.
Additionally, there are other prominent players such as Danaher Corporation, Becton, Dickinson and Company, PerkinElmer, Inc, among others, holding a significant position in the global rapid test kit market.
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“The Asia Pacific region will register the fastest CAGR during the forecast period. This can be attributed to the large and growing geriatric population in the region, which is susceptible to different kinds of diseases, especially in countries like China, India, and Japan. Additionally, supportive government policies and healthcare schemes launched by them across different countries in the region is expected to support market growth. For instance, in October 2020, Japan’s Ministry of Health, Labour and Welfare approved the use of Quick Navi-Flu2, a rapid diagnostic kit for detecting influenza virus antigen in the country. This kit is being manufactured by two Japanese firms Denka Company Limited and Otsuka Pharmaceutical Co., Ltd.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Rapid Test Kit Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026 Segmented By Type (Rapid Antigen Test v/s Rapid Antibody Test), By Product Type (Over-the-counter {OTC} Rapid Test Kit v/s Professional Rapid Test Kit), By Technology (Lateral Flow Assays, Solid Phase, Agglutination, Immunospot Assay), By Duration (Less than 30 Minutes, Less than 10 Minutes, Less than 1 Hour, 1 Hour – 2 Hour, Others), By Application (Infectious Disease, Glucose Monitoring, Pregnancy & Fertility, Toxicology, Cardiology, Oncology, Others), By End User (Hospitals & Clinics, Home Care, Diagnostic Centers, Others), By Region”, has evaluated the future growth potential of global rapid test kit market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global rapid test kit market.
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