Rapid Test Kit Market will Reach Nearly USD 26.55 Billion, Expanding at a CAGR of 7.3% during the Forecast Period of 2030 | Reports and Data
The global rapid test kit market size is expected to reach USD 26.55 Billion in 2030 and register a revenue CAGR of 7.3% over the forecast period, according to latest report by Reports and Data. Increasing prevalence of various infectious diseases is driving rapid testing kit market revenue growth. Use of rapid test kits in the food industry to detect foodborne pathogens and ensure faster and effective real-time food testing is also expected to boost market revenue.
Governments across the world are taking initiatives to boost mandatory testing. In January 2022, the US Government announced the purchase of one billion rapid test kits, which aims to promote testing capacity and mitigate the spread of COVID-19 throughout the country. Steady increase in the number of testing centers approved by the government and increase in the number of private points of care centers is driving the rapid test kit market revenue growth.
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Moreover, the use of advanced technologies in these kits are immunoassay or chromatography based, which delivers prompt results. The demand for such rapid test kits has grown significantly. Governments of most countries have implemented stringent pathogen testing to reduce the spread of COVID-19. Medical firms, mostly diagnostic service providers, are establishing positions in the rapid test kit industry, which is expected to drive global market revenue growth during the forecast period.
However, failing to eradicate the need for microscopy for more accurate results and lack of awareness of the newer and advanced rapid test kits among the population are factors challenging growth of rapid test kits market revenue growth. Moreover, many rapid antigen test kits include chemical preservatives such as ProClin and liquids such as Sodium Azide. These fluids are associated with potential risks due to misuse or accidental spillage on the skin or eye and ingestion, resulting in allergic reactions, skin and eye irritation, and serious health hazards. Accidental spillage or misuse of these fluids may not have very serious effects on adults but can prove to be hazardous in the case of children and pets.
Some Key Highlights in the Report
- RT-PCR segment accounted for a significantly large revenue share in global rapid test kit market in 2021 due to the sudden outbreak of COVID-19 and mandatory testing orders.
- Pregnancy and fertility segment revenue is expected to register a faster CAGR during the forecast period owing to the high accuracy of the result and low complexity in the use of these kits.
- Rapid test kit market in Asia Pacific is expected to register a steady revenue growth rate over the forecast period owing to rising patient pool of various infectious and chronic diseases. In order to increase the availability of the kits, majority of the medical manufacturers are expanding their manufacturing units in this region owing to low-cost labor available there. This is expected to boost market revenue growth in the region.
- Rapid test kit market in Europe is expected to register a significantly rapid revenue growth rate during the forecast period. Market revenue growth is expected to be driven by stringent regulations of the governments on mass testing to curb the spread of COVID-19. Thus, increase in demand for these kits is expected to drive market revenue growth in the region.
- On September 28, 2020, the WHO announced global partnerships with the Bill & Melinda Gates Foundation, the Clinton Health Access Initiative (CHAI), the Africa Centers of Disease, Control and Prevention (Africa CDC), the Foundation for Innovative New Diagnostics, and the Global Fund Unitaid to make available 120 million quality rapid test kits of COVID-19 to Low and Middle-Income Countries (LMICs).
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Abbott, Thermo Fisher Scientific, Ray Biotech Life, Inc., OraSure Technologies, BioMedomics Inc., CTK Biotech, Inc., AlphaBiolabs Ltd., GeneMatrix Inc., Seegene Inc., and Beijing Tigsun Diagnostics Co. Ltd.
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Rapid Test Kit Market Segmentation:
Test type Outlook (Revenue, USD Billion; 2019–2030)
- Rapid Antigen Test
- Rapid Antibody Test
Kit type Outlook (Revenue, USD Billion; 2019–2030)
- Over-The-Counter rapid test kits
- Professional Rapid Test Kits
- 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 Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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