Rapid Testing Kits Market Trends

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.