Rapid Testing Kits Market Share

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.