Rapid Tests Kits Market Size, Industry Trends Report | 2031

Report Description

Rapid Tests Kits Market Outlook

The Global Rapid Tests Kits Market was valued at USD xx million in 2020 and is projected to reach USD xx million by 2028, expanding at a CAGR of xx% during the forecast period. Food goods are tested for infections, meat speciation, GMOs, allergies, pesticides, mycotoxins, heavy metals, and other contaminants using Rapid Tests Kits. The market for Rapid Tests Kits is being driven by the increased demand for both faster and quantitative test results to assure food safety. Market companies are increasing their global footprint and service offerings in response to these new prospects.

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.

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 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.

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Scope of Rapid Tests Kits Market Report

The report on the Global Rapid Tests Kits market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Rapid Tests Kits Market Dynamics

Increasing Prevalence of Infectious Diseases

A rapid test is widely used in diagnosing infectious diseases such as HIV, malaria, influenza, flu, HPV, hepatitis, and strep throat. Rapid Tests Kits are widely adopted for preliminary screening and increasing incidences of infections such as hepatitis, HIV, and HPV, thus propelling the global Rapid Tests Kits market during the forecast period. Lateral-flow and immunochromatographic Rapid Tests Kits are used to detect certain infections, as these are point-of-care (POC) tests. Increasing incidences of infectious diseases is projected to fuel the Rapid Tests Kits market during the forecast period.

Sudden Outbreak & Spread of COVID-19

Several people were infected by the COVID-19 virus, which significantly changed the scenario of healthcare infrastructure across the world. Governments, healthcare companies, and institutions have developed multiple COVID-19 rapid test kits. For instance, in 2020, Cipla Inc. partnered with Premier Medical Corporation Private Limited for the commercialization of the rapid antigen detection test kits in India, which detects the COVID-19 virus within 15 to 20 minutes. Additionally, governments around the world, such as the UK Government developed nationwide COVID-19 testing program with the help of rapid test kits.

Growing Preference for Home Healthcare

Governments have imposed strict lockdown and restrictions on traveling and movement of goods & services due to the spread the COVID-19 pandemic worldwide. The fear of contracting and spreading the virus made people across the globe adopt home-based healthcare treatment. People avoided visiting healthcare facilities such as diagnostic centers and hospitals & clinics. They preferred using rapid test kits at home for pregnancy/fertility testing and glucose monitoring. People started using rapid antibody and antigen kits for COVID-19 testing at homes, which in turn, propelled the market.

Rising Geriatric Population

According to the United Nation Population Division of the Department of Economic and Social Affairs, the number of people aged 65 years or above was 703 million in 2019 and this number is anticipated to rise to 120% between 2019 and 2050. This number is expected to reach 1548.9 million by 2050. Growing geriatric population, exposed to various kinds of non-communicable and communicable diseases, is anticipated to drive the market in the coming years. Rapid test kits are used for glucose monitoring, thus propelling the market during the forecast period.

Increasing Healthcare Expenditure

The expenditure on healthcare is growing across different countries, which is projected to improve the existing medical and healthcare devices market. This is anticipated to fuel the market by 2028. According to the WHO, the global spending on healthcare was around USD 8.3 trillion in 2018, which was about 10% of the global economy.

This spending is projected to increase significantly in the coming years. The demand for healthcare services has increased due to the sudden outbreak and spread of the COVID-19 virus. This expenditure is expected to increase in the coming years due to the rising demand for other healthcare services and medical devices, thereby creating opportunities in the global rapid test kit market.

Rapid Tests Kits Market Segmental Outlook

The Global Rapid Tests Kits market is segmented on the basis of Product, Application, End-user, and regions.

Based on products, the Rapid Tests Kits market is bifurcated into Over-the-Counter (OTC), and Professional. At present, the Over-the-Counter (OTC) rapid test product segment contributes for the highest market share among all products, and is anticipated to continue to remain dominant during the forecast period majorly due to the rise in incidence of diabetes. Also factors such as rise in preliminary screening procedures in hospitals and surge in adoption of Rapid Tests Kits in the developing regions of Asia and Africa drive the growth of the professional rapid test products market.

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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.

During the projected period, the infectious disease rapid testing market is expected to develop at the fastest rate. The global infectious disease quick tests market is growing due to an increase in the usage of Rapid Tests Kits for preliminary screening and an increase in the incidence of illnesses such as HIV, HPV, hepatitis, and others.

Glucose monitoring is the greatest revenue contributor at the moment, and it is expected to continue to dominate the market over the projection period. The market's growth is fueled by the easy availability of low-cost products, a large diabetes population, and an increase in the use of glucose monitoring fast testing devices among the general population.

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.

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Rapid Tests Kits Market Regional Outlook

Based on regions, the global Rapid Tests Kits market is fragmented into North America, Europe, 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 US is expected to account for a significant share of the market in the region during the forecast period. In the US, allergies are the sixth leading cause of chronic illness.

To help ensure that the people in the country have COVID-19 tests on hand, if a need arises, the Biden Administration has purchased one billion at-home, rapid COVID-19 tests to give to provide the citizens for free.

Asia-Pacific presents lucrative opportunities for the players operating in the Rapid Tests Kits market, on account of its high population base, increase in disposable incomes, and growth in awareness about advance Rapid Tests Kits. Furthermore, the fast test market is growing due to an increase in the incidence of various diseases and an increase in R&D spending in developing nations such as India, China, and Brazil.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Rapid Tests Kits Market
• Historical, Current, and Projected Market Size in terms of Value and Volume
• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
• Industry Drivers, Restraints, and Opportunities Covered in the Study
• Recent Industry Trends and Developments
• Competitive Landscape & Strategies of Key Players
• Neutral Perspective on Global Rapid Tests Kits Market Performance