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Rapid Tests Market size was valued at USD 1.41 billion in 2023 and is set to exceed USD 4.07 billion by 2036, expanding at over 8.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of rapid tests is evaluated at USD 1.51 billion.
The global market refers to quick medical diagnostic test kits. These kits are suitable for preliminary or emergency medical screening and application in medical facilities with restricted resources. The kit includes tests based on agglutination, immuno-chromatographic, immuno-dot, and/or immuno-filtration techniques. They provide same-day results, within 2 hours. Due to rapid results and ease of handling provided by these test kits, it is possible to impart timely treatment and they are performed without the use of automated diagnostic equipment.
The global outbreak of the COVID 19 pandemic has imparted huge demand for “Antibody rapid tests” to test and isolate the infected patients. The escalating numbers of patients in hospitals encourage the concerned governments to get as many testing kits as they can in the shortest possible time to contain the pandemic.
Growth Drivers
Growing need for COVID 19 test kits
Diverse pharmaceutical and biotechnology companies are collaborating to escalate the production of coronavirus testing kits. This in turn is expected to positively drive the market growth.
Growing cases of diseases across different parts of the globe
Increase in incidence of infections such as HIV, HPV and hepatitis, and rising cases of cardiovascular diseases, sexually transmitted diseases, diabetes, and gastrointestinal diseases have driven the demand of rapid tests globally.
At present, glucose monitoring is the biggest revenue contributor after COVID 19 testing, which is dominating the market. Big mass of diabetic population, cost effective kits and rising awareness about home based kits is driving this segment of market.
Veterinary test market also contributes significantly to the overall market growth owing to rise in pet adoption rate, increment in the demand of animal product, and rising number of veterinary practitioners.
Additionally, constantly improving healthcare industry, increase in government initiatives, rising demand for home healthcare and increasing prevalence of lifestyle induced disorders are also major contributors towards the growth of rapid tests market.
Challenges
Likelihood of faulty results
There have been many instances where the results were false-negative and false-positive.
The Indian Council of Medical Research (ICMR) on April 27, 2020, directed states to stop the usage of rapid antibody test kits that were procured from China-based Guangzhou Wondfo Biotech and Zhuhai Livzon Diagnostics after they showed wide variations in results.
Additionally, strict & time-consuming approval policies, and a hesitation to change existing diagnostic practices are anticipated to restrain the market growth.
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
8.5% |
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Base Year Market Size (2023) |
USD 1.41 billion |
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Forecast Year Market Size (2036) |
USD 4.07 billion |
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Regional Scope |
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The rapid tests market is segmented by product type, application, end-user, and region. The global need for antibody testing kits to contain the COVID 19 pandemic has created significant growth opportunities in the global rapid testing market owing to soaring confirmed cases that are going beyond control and there is a major shortage of these test kits all across the globe. Many private companies have begun manufacturing rapid test kits to sustain the massive demand.
Our in-depth analysis of the global market includes the following segments:
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By Product Type |
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By Application |
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By End User |
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Geographically, the rapid tests market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America industry is predicted to hold largest revenue share by 2036, on account of rising awareness amongst the patients, coupled with high per capita healthcare expenditure, and high widespread presence of target diseases.
Presently, owing to the grievous outbreak of COVID 19 across Europe, the rapid testing kit market is expected to rise exponentially in the forecast period. According to the WHO, Europe remains at the centre of the pandemic. There’s a continuous increase in new confirmed cases in the European Region. Furthermore, Europe was the first region to develop RT-PCR based coronavirus testing kits.
In the Asia-Pacific region, the rapid tests market is expected to witness a remarkable boost as it offers significant opportunities for the players working in the market owing to its big population base, rise in disposable incomes, and rise in awareness for advance rapid tests. Further, large base of patients with unmet medical needs and rising investments in research and development for healthcare industry in the developing countries such as India, China, and Brazil, supporting the growth of the rapid test kits market. These developing countries are already struck by COVID 19, China being the first country where coronavirus outbreak was first reported.
Changing healthcare dynamics in the Latin American and African economies will fuel the future market growth. rapid tests will swiftly acquire acceptance in these regions since the cost effective character of rapid tests and the cost sensitive nature of patients in that region ideally complement each other.
According to Health Policy Watch, In South Africa, testing for COVID 19 is still low in comparison to the rest of the world. In Latin America, Chile has improved its testing five-fold for a cumulative total of 1209 tests per million; followed by Costa Rica, which has doubled its testing capacity to 600 tests per million.
April 21, 2020: FDA (The U.S. Food and Drug Administration) authorized the Laboratory Corporation of America (LabCorp) COVID-19 RT-PCR Test to grant testing of samples self-collected by patients at home.
March 24, 2020: Indian company Mylab Discovery has been the first commercially approved company in the country for its COVID 19 diagnostic test kits known as reverse transcription- polymerase chain reaction (RT-PCR) tests.
Author Credits: Radhika Pawar
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