Rapid Tests Market is expected to exceed the market valuation of more than US$ XX billion in 2027 and is expected to grow at a significant CAGR of XX% during the forecast period (2021-2027). Rapid tests are parasite-based diagnosis tests in cases where microscopy is not possible. These tests are designed to be used in point-of-care (POC) and are adapted for use in low-resource setting. Rapid tests are low-cost, simple to use, specific, sensitive, stable and stable and high temperatures. These tests are being used for a variety of diseases. Rapid Tests can be used in settings with minimally trained healthcare professionals, additionally, the samples can be collected non-invasively or with low invasion such as blood extraction from capillaries. There are a variety of platforms for rapid tests, each with their own benefits and limitations.
Key factors influencing the market growth include, increasing awareness among people, increasing prevalence of infectious disease and the gaining popularity of high accuracy, low-cost rapid tests. Additionally, the promotion of personalized care and tests approach by rapid tests manufacturers is also booming the rapid tests market. Furthermore, the WHO, the CDC and the European Centre for Disease Prevention and Control are engaged in mapping prevalence and incidence of infectious diseases around the world. The most common infectious diseases are respiratory infections and tuberculosis which are 43% prevalence of all the infectious diseases and HIV/AIDS and sexually transmitted infections with 26% prevalence. Drawbacks to the market include stringent government regulations and recalling several products due to false results. The recent Covid-19 rapid test kits have also increased their popularity. All these development are boosting the growth of the rapid tests market.
ACON Laboratories, Inc., Abbott Laboratories, Artron Laboratories Inc., Alfa Scientific Designs, Inc., Becton, Dickinson and Company, BTNX, Inc., bioMérieux SA, Cardinal Health, Bio-Rad Laboratories, Inc., and Danaher Corporation are some of the prominent players operating in the Rapid Tests market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Product Type, Over-the-Counter Rapid Tests segment holds the major share”
Based on product type, the rapid tests market is segmented into Over the counter (OTC) Rapid Test Product, and Professional Rapid Test Product. Amongst product type, the professional rapid tests segment of the rapid tests market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027. The Over-the-Counter rapid tests are growing at a CAGR of XX% from 2021-2027. Rapid tests usually have easy instructions and provides quick results without any side effects.
“Amongst Application, Infectious Diseases segment holds the major share”
Based on application, the rapid tests market is segmented into Infectious Disease, Cardiology, Oncology, Pregnancy & Fertility, Toxicology, Glucose Monitoring, and Others. The infectious disease segment is further fragmented into HPV, Hepatitis, Influenza, Malaria, HIV, and Others. Amongst application, infectious diseases accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analyzed period. The rising rate of infectious diseases like hepatitis, HIV, HPV, and others is influencing the growth of this segment.
“Amongst End-User, Hospital & Clinic segment holds the major share”
Based on end-user, the rapid tests market is segmented into Hospital & Clinic, Diagnostic Laboratory, Home Care, and Others. The hospital & clinic segment generated revenue of US$ XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX billion by 2027F. The Home Care segment was also seen growing at a fast pace during the forecast period.
“North America represents one of the largest markets of Rapid Tests market”
For a better understanding of the market dynamics of the Rapid Tests market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. North America dominated the market and grabbed around XX% market share owing to technological advancements and rising chronic diseases.
Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry
Customization Options:
Rapid Tests market can further be customized as per the requirement or any other market segment. Besides this, understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.