Rapid Tests Market Expected to Reach $97.61 Billion by 2030 | CAGR of 11.3%

According to a new report published by Allied Market Research, titled, “Rapid Tests Market by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global rapid tests market size was valued at $33,329.15 million in 2020, and is projected to reach $97,606.33 million by 2030, registering a CAGR of 11.3% from 2021 to 2030.

Rapid tests provide diagnostic results spontaneously to patients. They are preferably used in preliminary screenings as well as in setting with limited resources.Rapid tests are used in diagnosis of different diseases & health conditions such as influenza, malaria, cancer, pregnancy & fertility, and others.

Increase in incidence of chronic diseases such as diabetes, cardiovascular disorders, & cancer, rise in awareness about rapid tests owing to the test convenience, and low cost of the tests majorly drive the growth of the rapid tests market. In addition, other factors, such as speed of diagnosis, specificity, and stability fuel the market growth globally. Moreover, growth in personalized care and increased promotional activities by manufacturers encourage the usage of rapid tests, which further facilitate the growth of the market. However, stringent government regulations for the approval of rapid tests and recall of several products due to false results are expected to impede the market growth.

The outbreak of coronavirus (COVID-19) began in late December, 2019 in Hubei province of Wuhan city in China. The virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) is transmitted among humans. The application of COVID-19 rapid test is useful in detection of corona virus, and thus provides essential guidance for subsequent diagnosis, evaluation, and treatment of COVID-19. The demand for COVID-19 rapid test increased with surge in number of COVID-19 patients.

Based on product, the professional rapid test products occupied the largest share in 2020, and is anticipated to continue its dominance during the forecast period, owing to increased demand for rapid tests in hospitals and mandated government policies for screening of diseases such as HIV, malaria, influenza, and others. However, the over-the-counter (OTC) rapid test product segment is expected to grow at the highest CAGR from 2021 to 2030.

Based on application, the glucose monitoring segment occupied the largest share in 2020, and is anticipated to dominate the rapid tests market during the forecast period due to increase in prevalence of diabetes and growth in awareness of home care glucose rapid tests kits. On the other side, infectious disease segment is expected to exhibit the fastest market growth during the forecast period owing to surge in prevalence of infectious disease and surge in demand for low cost & accurate rapid tests for preliminary infectious disease testing.

Based on end user, the home care segment occupied the largest share in 2020 and is anticipated to continue its dominance during the forecast period, due to increased demand for personalized care rapid tests and cost-efficient product availability. On the other side, the hospital & clinic segment is anticipated to exhibit the fastest market growth during the forecast period due to increase in demand for rapid tests.

North America was the leading revenue contributor to the global rapid tests market in 2020, attributed to high use of rapid tests due to increase in awareness of preliminary screening and rise in incidence of chronic diseases in the region. However, Asia-Pacific is anticipated to grow at the highest CAGR of 10.5% during the study period, owing to growth in affordability, surge in healthcare expenditure, and rise in awareness toward rapid tests.

Key findings of the study:

• Based on product, the over-the-counter (OTC) rapid test product segment is expected to show the fastest rapid tests market growth, at a CAGR of 11.9% from 2021 to 2030.
• Based on application, the glucose monitoring segment held maximum global rapid tests market share in 2020 and is expected to remain dominant throughout the forecast period.
• Based on end user, the hospitals & clinicssegment exhibited growth at a CAGR of 11.8% from 2021 to 2030.
• Based on region, Asia-Pacific is projected to experience growth at the highest rate, registering a CAGR of 12.8% during the forecast period.