Rapid Tests Market Statistics 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 test is for preliminary screening. It is easy to use, quick to perform, and gives appropriate results. Rapid tests are incorporated in diagnosis of different diseases and health conditions such as HIV, influenza, malaria, cancer, pregnancy & fertility, and others
The rapid tests market is expected to grow at a significant rate during the forecast period, owing to increase in awareness regarding early diagnosis of disease, prevalence of infectious diseases, and need for low cost as well as accurate diagnostic testing. In addition, 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.
Impact Of Covid-19 On Rapid Tests Market (Pre And Post Analysis)
Coronavirus (COVID-19) was discovered in late December, 2019 in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted among humans. The application of COVID-19 rapid test is useful in detection of corona virus, and thus provides essential guidance for the subsequent diagnosis, evaluation, and treatment of COVID-19. The demand for COVID-19 rapid test increased with increase in number of COVID-19 patients.
By Product
Professional Rapid Test Products segment is projected as one of the most lucrative segment.
The rapid tests market is segmented based on product, application, end user, and region. Based on products, the market is bifurcated as over-the-counter (OTC) rapid test product and professional rapid test product. Based on application, the market is categorized as infectious disease (HPV, hepatitis, influenza, malaria, HIV, and others), cardiology, oncology, pregnancy & fertility, toxicology, glucose monitoring, and others. Based on end user, the market is categorized as hospital & clinic, diagnostic laboratory, home care, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Application
Glucose Monitoring segment is projected as one of the most lucrative segment.
Product Segment Review
At present, the professional rapid test product segment contributes for the highest rapid tests market share among all products, and is anticipated to continue to remain dominant during the forecast period. Factors such as rise in preliminary screening procedures in hospitals and surge in adoption of rapid tests in the developing regions of Asia and Africa drive the growth of the professional rapid test products market. On the other side, over-the-counter (OTC) rapid test product segment is anticipated to exhibit the fastest growth rate during the forecast period majorly due to the rise in incidence of diabetes.
Application Segment Review
Based on major application, the rapid tests market is segmented into infectious disease, cardiology, oncology, pregnancy & fertility, toxicology, glucose monitoring, and others. The infectious disease market is anticipated to grow at the highest rate during the forecast period. Increase in adoption of rapid tests for preliminary screening, and rise in incidence of infections such as HIV, HPV, hepatitis, and others drive the growth of the infectious disease rapid tests market, globally. At present, glucose monitoring is the largest revenue contributor and is anticipated to dominate the market during the forecast period. Easy availability of cost efficient products, high number of diabetic population, and increase in the use of glucose monitoring rapid tests devices among the general population fuel the growth of the market.
By End User
Home Care segment is projected as one of the most lucrative segment.
Snapshot Of Asia-pacific Rapid Tests Market
Asia-Pacific presents lucrative opportunities for the players that operate in the rapid tests market, on account of its high population base, increase in disposable incomes, and growth in awareness about advance rapid tests. Furthermore, surge in incidence of various diseases and rise in R&D investments in the developing countries such as India, China, and Brazil, support the growth of the rapid test market. Moreover, India and China are expected to grow at high CAGR in Asia-Pacific rapid tests market.
Key Players:
The key players operating in the rapid tests market include Akers Biosciences, Abbott Laboratories (Alere Inc.),Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Danaher Corporation (Cepheid, Inc.), Hologic, Meridian Bioscience, OraSure Technologies, OraSure Technologies, and F. Hoffmann-La Roche AG (Roche Diagnostics).
By Region
Asia-Pacific would exhibit the highest CAGR of 6.9% during 2020-2030.
Key Benefits For Stakeholders
- This report provides a detailed quantitative analysis of the current rapid tests market trends and forecast estimations from 2020 to 2030, which assists to identify the prevailing market opportunities.
- An in-depth rapid tests market analysis includes analysis of various regions, which is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of factors that drive and restrain the growth of the global the rapid tests market is provided.
- The projections in this report are made by analyzing the current trends and future market potential from 2020 to 2030, in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the rapid tests market are profiled in this report and their strategies are analyzed thoroughly, which help in understanding competitive outlook of the market.
Rapid Tests Market Report Highlights
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Analyst Review
The adoption of rapid tests is expected to increase due to rise in prevalence of chronic diseases such as cardiovascular disorders, cancer, and diabetes.
Increase in incidence of infectious diseases and rise in government initiatives for preliminary screening of infectious diseases are expected to drive the growth of the market. Moreover, factors such as high demand for home-based healthcare rapid tests and affordability of these kits in the developing economies are projected to supplement the growth. In addition, surge in diabetic population and rise in awareness about home care glucose testing are expected to boost the growth of the rapid tests market. However, stringent government regulations for the approval of rapid tests and recall of several products due to false results have hampered the market growth. North America is anticipated to dominate the global market during the forecast period due to surge in healthcare awareness and increase in use of home care medicinal devices. In addition, Asia-Pacific and LAMEA are expected to offer lucrative opportunities to the key players during the forecast period.
The total market value of rapid tests market is $33,329.15 million in 2030.
Top companies such as F. Hoffmann-La Roche AG (Roche Diagnostics), Abbott Laboratories (Alere Inc.), Danaher Corporation, Becton, Dickinson and Company, Hologic Inc., Bio-Rad Laboratories, Inc. held a high market position in 2020. These key players held a high market postion owing to the strong geographical foothold in different regions.
Professional Rapid Test Products segment is the most influencing segment owing to increase in awareness regarding early diagnosis of disease, prevalence of infectious diseases, and need for low cost as well as accurate diagnostic testing.
The forcast period for rapid tests market is 2020 to 2030
The market value of rapid tests market in 2020 is $97,606.33 million.
The base year is 2020 in rapid tests market
increase in awareness regarding early diagnosis of disease, prevalence of infectious diseases, and need for low cost as well as accurate diagnostic testing, growth in personalized care and increased promotional activities by manufacturers encourage the usage of rapid tests are the key trends in the rapid tests market report.
Asia-Pacific has the highest growth rate of 12.8% in the market which is growing due to presence of large patient population, strong presence of key players, increase in number of hospitals equipped with advanced rapid tests along with surge in utilization of rapid diagnostics tests.
Yes, the rapid tests market companies are profiled in the report.
Yes, the rapid tests market report provides PORTER Analysis
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