The global rapid test kit market size is expected to reach USD 52.35 Billion in 2030 and register a revenue CAGR of 8.1 % 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.
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.
In-depth Study of the Competitive Landscape:
The global Rapid Test Kit market consists of various market players, which make this business sphere highly competitive. In this section of the report, the authors have provided authentic information on product portfolios, new product innovations, technological capabilities, and product pricing strategies of each of these players. Moreover, it discusses the key strategies implemented by these players, such as mergers & acquisitions, joint ventures, collaborations, partnerships and agreements, to build on their market presence.
Top companies profiled in the report include:
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.
Key Market Regions Covered in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Test Type Outlook (Revenue, USD Billion; 2019-2030)
- Rapid Antigen Test
- Rapid Antibody Test
- RT- PCR
- Others
Kit Type Outlook (Revenue, USD Billion; 2019-2030)
- Over-the-Counter (OTC) Rapid Test Kits
- Professional Rapid Test Kits
- Others
Technology Type Outlook (Revenue, USD Billion; 2019-2030)
- Immunospot Assay
- Solid Phase
- Lateral Flow Assay
- Agglutination
- Chromatography
- Spectroscopy
End-use Outlook (Revenue, USD Billion; 2019-2030)
- Hospitals & Clinics
- Home Care
- Diagnostics Centers
- Others
Specimen Type Outlook (Revenue, USD Billion; 2019-2030)
- Infectious Disease
- Glucose Monitoring
- Pregnancy and Fertility
- Toxicology
- Cardiology
- Oncology
- Others
Duration Outlook (Revenue, USD Billion; 2019-2030)
- Less than 10 minutes
- Less than 30 minutes
- Less than 1 hour
- 1-2 hours
- Others
Application Outlook (Revenue, USD Billion; 2019-2030)
- Nasopharyngeal Swab
- Oropharyngeal Swab
- Nasal Swab
- Blood
- Others
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Rapid Test Kit market over the forecast period?
- What are the major factors driving the growth of the Global Rapid Test Kit Market?
- What are the key challenges impacting the global Rapid Test Kit market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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