According to a recent market study published by Growth Market Reports, titled, “Global Rapid Tests Kits Market by product, by applications, by end-user, and by Region: Size, Share, Trends and Opportunity Analysis, 2018-2028”, the market was valued at US$ 4,760.7 Million in 2020 and is anticipated to grow at a growth rate 11.3% by the year 2028.

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Rapid Tests Kits, also known as rapid diagnostic tests (RDTs), are easy to use and typically provide results within 20 minutes. These tests are useful for conducting preliminary screening. In particular, Rapid Tests Kits are useful in settings where resources are limited. A rapid antigen test can be administered for individuals with or without COVID-19 symptoms.

These tests include the collection nose and throat secretions using nasopharyngeal swab and then examining them for protein fragments specific to the COVID-19 virus. Rapid antigen tests are most reliable when people are in the early stages of COVID-19, when the viral load is highest in the throat and nasal passages. The government has shipped millions of rapid COVID tests to nursing homes, schools, and other facilities. Rapid COVID tests are available at other point-of-care facilities, such as pharmacies.

The global Rapid Tests Kits market has been fragmented based on product, applications, end-users, and regions. In terms of products, the Rapid Tests Kits market is bifurcated into Over-the-Counter (OTC), and Professional. Based on applications, the global Rapid Tests Kits market is segmented into infectious disease, cardiology, oncology, pregnancy & fertility, toxicology, glucose monitoring, and others. The infectious disease segment is further categorized into HPV Rapid Tests Kits, hepatitis Rapid Tests Kits, other influenza Rapid Tests Kits, malaria Rapid Tests Kits, HIV Rapid Tests Kits, COVID-19 Rapid Tests Kits, and other infectious disease Rapid Tests Kits. Based on end-users, the global Rapid Tests Kits market is classified as hospitals & clinics, diagnostic, laboratories, homecare, and others.

COVID-19 did not hamper the Rapid Tests Kits market, as these tests are widely used in the healthcare sector. Manufacturers in the market were focused on investing in R&D activities, which drove the market during the pandemic. Growing R&D activities increased for COVID-19 pandemic, which is expected to fuel the market.

Researchers in several countries are working on creating effective and affordable Rapid Tests Kits kits to detect COVID-19 in people. These developments are expected to significantly propel the healthcare sector. Many major players and some startups from various countries have introduced COVID-19 diagnostic kits. This, in turn, is expected to propel the global Rapid Tests Kits market during the forecast period.

As per growth market reports industry analyst Raksha sharma, “The global rapid tests kits market is anticipated to witness significant growth during forecast period 2021-2028. The demand for diagnostic tests across various domains within healthcare has created commendable growth opportunities which are expected to contribute to the growth of the global Rapid Tests Kits Market. 

Increasing number of Covid-19 cases has encouraged people to conducting rapid test in the comfort of their homes instead of going to a certified testing centers or calling in technicians from pathologies. Moreover, the demand for fast and self-contained tests is increasing due to growing incidences of infertility and gynecological disorders, which in turn, propels the pregnancy & fertility segment during the forecast period.

Key Takeaways from the Study

  • Key players operating in the market are Abbott, BD, Bio-Rad Laboratories, Inc., Cepheid, Meridian Bioscience, Inc., OraSure Technologies, Quidel Corporation, F. Hoffmann-La Roche Ltd. , VedaLab, Atlas Medical GmbH, Abingdon Health, Vitrosens Biotechnology, Advin Health care, Rapikit, and MP Biomedicals. These companies are considered as key manufacturers of rapid test based on their revenue, research development (R&D) activities, product offerings, regional presence, and supply chain management system.
  • Based on products, the global Rapid Tests Kits market is bifurcated into over-the-counter and professional. The over-the-counter segment held a significant market share and is anticipated to grow in the coming years. This, in turn, is increasing the sale of rapid test kits. Rapid test done by professional or certified testing centers increase accuracy, which in turns, is expected to drive the professional segment during the forecast period.
  • Based on applications, the global Rapid Tests Kits market is segmented into infectious disease, cardiology, oncology, pregnancy & fertility, toxicology, glucose monitoring, and others. The infectious disease segment is further categorized into HPV Rapid Tests Kits, hepatitis Rapid Tests Kits, influenza Rapid Tests Kits, malaria Rapid Tests Kits, HIV Rapid Tests Kits, COVID-19 Rapid Tests Kits, and other infectious disease Rapid Tests Kits. The infectious disease segment is expected to hold a significant share of the market during the forecast period owing to increasing cases of infectious disease such as HPV, malaria, HIV, and hepatitis.
  • Based on end-users, the global Rapid Tests Kits market is classified as hospitals & clinics, diagnostic, laboratories, homecare, and others. The diagnostic segment is estimated to holds a significant market share during the forecast period, as these center conduct various types of test such as COVID-19, HIV, glucose monitoring, and HPV. The homecare segment is expected to account for a considerable share of the rapid test market in the coming years due to the spread of Coronavirus pandemic and rising awareness regarding the at-home test kits such as glucose monitoring. The others segment is expected to hold a substantial market share and is anticipated to grow during the forecast period.
  • On the basis of regions, the global Rapid Tests Kits market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is projected to expand at a significant CAGR during the forecast period, owing to increasing use of rapid antigen test kits at home. The market in Europe is anticipated to expand at a rapid pace during the forecast period, due to the presence of large number of players in the region. The market in Asia Pacific is projected to hold considerable share of the market during the forecast period, owing to increasing R&D activities in countries such as China and India.

Report Scope

Report Metric

Details

Market Value in 2020

US$ 4,760.7 Million

Market Growth Rate (from 2020 to 2028)

11.3%

Historical Data

2018 & 2019

Base Year

2020

Forecast Period

2021 - 2028

Units Considered

Value (US$ Million)

Market Segments

By Product Type, By Application, By End-user and By region

Key Companies Profiled

Abbott, BD, Bio-Rad Laboratories, Inc., Cepheid, Meridian Bioscience, Inc., OraSure Technologies, Quidel Corporation, F. Hoffmann-La Roche Ltd. , VedaLab, Atlas Medical GmbH, Abingdon Health, Vitrosens Biotechnology, Advin Health care, Rapikit, and MP Biomedicals

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.


Target Audience

  • Supply-side: Manufacturer, distributors, wholesaler, and Supplier.
  • Demand Side: Hospitals & clinics, Diagnostic laboratories, Home care, Research Institutes, Others.
  • Associations and Industry Bodies: World Health Organization (WHO), Food and Drug Administration (FDA), European Union (EU), International Organization for Standardization (ISO), Central Drugs Standard Control Organization (CDSCO), Department of Science and Technology (DST), Centers for Disease Control and Prevention (CDC), Defense Research and Development Organization (DRDO), National Institute of Allergy and Infectious Diseases (NIAID), and others.