The global rapid tests market 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 are diagnostic assays designed for use where preliminary screening tests need to be conducted. These tests are easy, quick, and provide specific results; hence, are used in settings with limited resources. 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.
The rapid tests market is segmented based on product, application, end user, and region. Based on product, the market is bifurcated into over-the-counter (OTC) rapid test product and professional rapid test product. By application, the market is classified into infectious disease, cardiology, oncology, pregnancy & fertility, toxicology, glucose monitoring, and others. According to end user, it is segmented into hospital & clinic, diagnostic laboratory, home care, and others. Based on region, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Rapid tests are diagnostic assays designed for use where preliminary screening tests need to be conducted. These tests are easy, quick, and provide specific results; hence, are used in settings with limited resources. 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.
The rapid tests market is segmented based on product, application, end user, and region. Based on product, the market is bifurcated into over-the-counter (OTC) rapid test product and professional rapid test product. By application, the market is classified into infectious disease, cardiology, oncology, pregnancy & fertility, toxicology, glucose monitoring, and others. According to end user, it is segmented into hospital & clinic, diagnostic laboratory, home care, and others. Based on region, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a detailed quantitative analysis of the current market trends and future estimations from 2020 to 2030, which assists to identify the prevailing market opportunities
- An in-depth analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders to formulate region-specific plans
- A comprehensive analysis of the factors that drive and restrain the growth of the MRI system market is provided
- An extensive analysis of various regions provides insights that allow companies to strategically plan their business moves
KEY MARKET SEGMENTS
By Product:
- Over-the-counter (OTC) Rapid Test Products
- Professional Rapid Test Products
By Application:
- Infectious Disease
- HPV
- Hepatitis
- Influenza
- Malaria
- HIV
- Others
- Cardiology
- Oncology
- Pregnancy & Fertility
- Toxicology
- Glucose Monitoring
- Others
By End User
- Hospitals & Clinics
- Diagnostic Laboratories
- Home Care
- Others
By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
KEY MARKET PLAYERS
- Akers Biosciences, Inc
- Alere Inc (Abbott Laboratories)
- Becton, Dickinson and Company
- Bio-rad Laboratories, Inc
- Cepheid, Inc
- Hologic, Inc
- Meridian Bioscience, Inc
- OraSure Technologies, Inc
- Quidel Corporation
- Roche Diagnostics
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Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Landscape
Chapter 4: Rapid Tests Market, by Product
Chapter 5: Rapid Tests Market, by Application
Chapter 6: Rapid Tests Market, by End-user
Chapter 7: Rapid Tests Market, by Region
Chapter 8: Company Profiles
List of Tables
List of Figures
Executive Summary
According to a new report 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 119% 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 118% from 2021 to 2030
- Based on region, Asia-Pacific is projected to experience growth at the highest rate, registering a CAGR of 128% during the forecast period
Companies Mentioned
- 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
- F. Hoffmann-La Roche AG (Roche Diagnostics).
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 245 |
| Published | February 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 33329.15 million |
| Forecasted Market Value ( USD | $ 97606.33 million |
| Compound Annual Growth Rate | 11.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
