Growing demand for personalized care to drive the growth of global rapid test kit market
According to TechSci Research report, “Global Rapid Test Kit Market 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, Agglutination, Immunospot Assay, Solid Phase), By Duration (Less than 10 minutes, Less than 30 minutes, Less than 1 hour, 1 hour-2 hour, Others), By Application (Infectious Disease, Cardiology, Oncology, Pregnancy & Fertility, Toxicology, Glucose Monitoring, Others), By End Users (Hospitals & Clinics, Diagnostic Centers, Home Care, Others), By Region, Forecast & Opportunities, 2026”, the global rapid test kit market was valued at USD 23.44 Billion in 2020 and is expected to grow at a formidable rate of 8.14% during the forecast period on account of the widespread adoption of these kits across major healthcare facilities. Additionally, growing popularity of preliminary screening procedures is further expected to propel the market growth through 2026. Furthermore, growing prevalence of different diseases has led to an increase in demand for diagnostic tests, thereby fueling the market growth over the next few years. Besides, increasing healthcare costs are further expected to increase the demand for affordable rapid testing procedures. Moreover, increasing investment on R&D and new product launches by the major biotechnology and pharmaceutical giants is expected to create lucrative opportunities for the market growth. Also, dynamic marketing and advertising policies followed by major market players, especially for glucose monitoring and pregnancy kits, is further expected to drive the market growth. However, stringent regulatory norms for the approval of test kits might hamper the market growth through 2026. Also, sometimes a few test kits are called back since they deliver false results. This is also expected to restrict the market growth during the forecast period. Furthermore, lack of awareness especially in the emerging world might further impede the market growth. Additionally, these are good for preliminary screening or tests but cannot be completely relied upon. Hence, confirmatory or secondary tests are required after using rapid test kits.
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The global rapid test kit market is segmented based on type, product type, technology, duration, application, end-user, company and region. Based on product type, the marker can be split into over-the-counter (OTC) rapid test kit and professional rapid test kit. Among these, the over-the-counter (OTC) rapid test kit segment is expected to grow significantly through 2026 due to the growing prevalence of chronic diseases such as diabetes. Based on application, the market can be fragmented into infectious disease, cardiology, oncology, pregnancy & fertility, toxicology, glucose monitoring, and others. Among these, the infectious disease segment is dominating the market owing to the widespread use of these kits in preliminary screening of various infectious diseases such as hepatitis, HIV, among others. Furthermore, sudden outbreak of pandemic novel coronavirus disease has increased the demand for rapid test kits for screening and identifying the positive and suspected coronavirus cases.
F. Hoffmann-La Roche AG, Abbott Laboratories Ltd., Siemens Healthineers AG, OraSure Technologies, Inc., Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Danaher Corporation (Cepheid, Inc.), Eurofins Scientific SE, Luminex Corporation, PerkinElmer, Inc., Cellex, Inc., Thermo Fisher Scientific, Inc., Mesa Biotech, Inc., BioFire Diagnostics, Inc., Akers Biosciences, Inc. and others are some of the leading players operating in global rapid test kit market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.
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“Asia-Pacific is expected to register the highest growth in the global rapid test kits market owing to the increasing patient pool in the region suffering from various chronic and infectious diseases. Additionally, increasing healthcare awareness has led to an increase in the R&D activities especially in countries such as China, India and Japan. Furthermore, increasing international trade is expected to create lucrative opportunities for the market growth. Also, major market players are expanding their facilities in the region owing to the availability of low cost manufacturing and labor, thereby creating more growth opportunities in the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Rapid Test Kit Market 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, Agglutination, Immunospot Assay, Solid Phase), By Duration (Less than 10 minutes, Less than 30 minutes, Less than 1 hour, 1 hour-2 hour, Others), By Application (Infectious Disease, Cardiology, Oncology, Pregnancy & Fertility, Toxicology, Glucose Monitoring, Others), By End Users (Hospitals & Clinics, Diagnostic Centers, Home Care, Others), By Region, Forecast & Opportunities, 2026”, 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 global rapid test kit market.
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