According to our latest study on "Rapid Test Kits Market Forecast to 2030 - Global Analysis - by Type, Product, Technology, Application, and End User" the market was valued at US$ 17.72 billion in 2022 and is expected to reach US$ 26.63 billion by 2030. It is estimated to register a CAGR of 5.2% from 2022 to 2030. The report highlights the key factors and trends impacting the market and focuses on prominent players and their strategies.
Rapid tests are simple to use and provide quick results; they are often referred to as rapid diagnostic tests (RDTs). Rapid tests are performed at the point of care, in contrast to the majority of routine tests, which have to be submitted to a lab; moreover, they generate results at the point of care. These kits aid in the identification and monitoring of underlying illnesses in living things. Although rapid test kits serve the primary purpose of initial screening, they prove highly beneficial in situations with scanty resource availability. The prime application of rapid test kits is to diagnose infectious disorders such as COVID-19, HIV, malaria, strep throat, and flu.
Manufacturers in the rapid test kits market emphasize on the adoption of strategies such as innovations, and product launches and approvals to maintain a competitive edge in the market. Such strategic initiatives by companies in the rapid test kits market benefit the overall market.
In January 2022, OraSure Technologies, Inc., a global leader in point-of-care and home diagnostic testing as well as sample collection technologies, launched the OraQuick HIV Self-Test, an oral swab-based in-home test for HIV-1 and HIV-2, for the European market. The test is accessible in six European countries: the UK, France, Germany, Italy, Spain, and Portugal.
In July 2021, Abbott launched the Panbio COVID-19 Antigen Self-Test to detect SARS-CoV-2 infection in adults and children with or without symptoms. Aligned with the current Indian Council of Medical Research (ICMR) advisory on self-use, these tests were made available to encourage the testing of symptomatic and asymptomatic cases, including individuals coming in contact with people with COVID-19 confirmed status.
In December 2020, the US Food and Drug Administration (FDA) issued an Emergency Use Authorization (EUA) for a virtually guided BinaxNOW COVID-19 Ag Card (by Abbott) rapid test, indicated for the at-home use for detection of COVID-19. BinaxNOW is a widely distributed and one of the most affordable rapid tests, which provides results in minutes.
In July 2020, the FDA granted Emergency Use Authorization (EUA) for a rapid, point-of-care, SARS-CoV-2 diagnostic test for use with its broadly available BD Veritor Plus System. The new assay generates results in 15 minutes on an easy-to-use, highly portable instrument. The test was meant to improve access to COVID-19 diagnostics by providing real-time results and aiding quick decision-making while the patient is still in the testing facility.
F. Hoffmann-La Roche Ltd, Becton Dickinson and Co, ARKRAY Inc, Sysmex Partec GmbH, Fujirebio Europe NV, bioMerieux SA, Cepheid, Meril Life Sciences Pvt Ltd, QIAGEN NV, OraSure Technologies Inc, Guangzhou Wondfo Biotech Co Ltd, Denka Co Ltd, Abbott Laboratories, Trinity Biotech Plc, SD Biosensor Inc, Bio-Rad Laboratories Inc, Hologic Inc, DiaSorin SpA, Premier Medical Corp Pvt Ltd, and Beckman Coulter Inc. are among the key players operating in the global rapid test kits market.
The report segments the global rapid test kits market as follows:
The rapid test kits market is segmented on the basis of type, product, technology, application, and end user.
The rapid test kits market, by type, is segmented into rapid antigen testing, rapid antibody testing, and others. The rapid antigen testing segment held the largest market share in 2022. It is anticipated to register the highest CAGR of 6.0% during 2022- 2023. An antigen can cause an immunological reaction upon entering the host body. Any nonhost materials such as chemicals, viruses, bacteria, or toxins can trigger an immunological response in the body. Antigens found in body tissues and cells can also cause immune responses. The mechanism of a rapid antigen test involves detecting such antigens in collected samples. Speedy results and ease of use are the primary benefits of rapid antigen test kits. For instance, the iHealth COVID-19 Antigen Rapid Test is an FDA-authorized, over-the-counter, self-administered test that delivers results in 15 minutes.
In terms of technology, the rapid test kits market is categorized into into lateral flow assay, solid phase, agglutination, immunospot assay, and cellular component-based. The lateral flow assay segment held the largest rapid test kits market share in 2022, and it is anticipated to register the highest CAGR of 5.7% during 2022- 2023. A lateral flow assay (LFA) is a paper-based platform embedded in test equipment to detect or quantify analytes in complex mixtures. Visible results are obtained within the window of 5-30 minutes. In hospitals, doctor's offices, and clinical laboratories, LFA-based assays are frequently utilized for the qualitative and quantitative detection of particular antigens, antibodies, and gene/DNA amplification products. LFAs can be used to examine a wide range of biological samples, such as whole blood, serum, plasma, perspiration, saliva, and urine. Lateral flow assays are a valuable and adaptable diagnostic tool for point-of-care settings.
The scope of the rapid test kits market report covers North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
In 2022, North America accounted for the largest market share. The market growth in this region is driven by increasing demand for innovative products from bioanalytical instrument manufacturers. The increasing focus on incorporating advanced diagnostic methods in government-aided and private healthcare facilities promotes the adoption of rapid test kits.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com