Rapid Tests Hold Huge Potential In Diagnosing Various Diseases Faster. North America To Witness The Highest Growth
Rapid Tests Market is expected to exceed the market valuation of more than US$ XX billion by 2027 expanding at a reasonable CAGR of around XX% during the forecast period (2021-2027). Rapid Diagnostic Tests (RDTs) or Rapid Tests are diagnostic tests which provide results immediately and conveniently while the patient is still in the medical facility. These tests reduce the need of waiting and revisiting the facility for the patients. Also, they increase the likelihood of on time treatments and reduces the risk of late diagnosis. There are several types of rapid tests with different advantage and disadvantages. The lateral flow test is the simplest. The reactants and detectors are present on a test strip which then migrates across the zone where the antigen/antibody is present. The results then appear in a few minutes. Lateral flow tests are also the most common for the diagnosis of malaria, which is a life-threatening disease. 229 million cases of malaria were reported worldwide in 2019. Other common tests include dengue, infections, leishmania, typhoid etc.
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Many rapid tests have been implemented for infectious diseases and are especially available in laboratories and emergency departments. They help in quick diagnosis of infectious diseases, infection prevention and appropriate infection management. Successful implementation of rapid tests in emergency departments is only possible when their performance characteristics, cost and potential benefits to the patients match certain standards. For example, the sensitivity and specificity of the assays perform a major role in their efficiency and their usefulness. The sensitivity of the Sofia S. pneumoniae FIA assay of the S. pneumoniae virus is 66%, whereas that of the Sofia StrepA FIA is 84.9%.
The recent covid-19 pandemic in 2019 took the world by a storm. The pandemic brought the world to a standstill. All industries have suffered some form of loss due to the pandemic. In addition to this the pandemic has also cost many lives. Till date there have been 177,470,620 covid-19 cases in the world and 3,839,931 deaths. Most nations around the world were affected by the pandemic which not only took lives but also took away jobs. The pandemic caused a huge economic burden all around the world with most industries bearing some form of loss. The Rapid Tests industry also saw a slowdown during the pandemic as the industries were shut and production of affected. However with the emergence of Covid-19 rapid tests, the industry growth is growing again.
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Based on product type, the rapid tests market is segmented into Over the counter (OTC) Rapid Test Product, and Professional Rapid Test Product. Amongst product type, the professional rapid tests segment of the rapid tests market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027. The Over-the-Counter rapid tests are growing at a CAGR of XX% from 2021-2027. Rapid tests usually have easy instructions and provides quick results without any side effects. This makes them very easy to use at homes and self-diagnose one’s symptoms for a disease whenever necessary. Due to this, the over-the-counter segment of the rapid tests market saw a higher growth than the professional rapid tests.
Based on application, the rapid tests market is segmented into Infectious Disease, Cardiology, Oncology, Pregnancy & Fertility, Toxicology, Glucose Monitoring, and Others. The infectious disease segment is further fragmented into HPV, Hepatitis, Influenza, Malaria, HIV, and Others. Amongst application, infectious diseases accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analyzed period. The rising rate of infectious diseases like hepatitis, HIV, HPV, and others is influencing the growth of this segment. Additionally, increase in the number of cost-efficient rapid tests is also influencing the market growth.
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Based on end-user, the rapid tests market is segmented into Hospital & Clinic, Diagnostic Laboratory, Home Care, and Others. The hospital & clinic segment generated revenue of US$ XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX billion by 2027F. The Home Care segment was also seen growing at a fast pace during the forecast period. This is because of increasing diseases and the availability of more over the counter rapid tests kits which makes it easier for individuals to test themselves before visiting the healthcare centers.
Additionally, the report provides detailed initiatives that are being taken in the field of Rapid Tests, globally. The report provide a detailed analysis of regions including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Spain, Italy, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and the Rest of the World. North America dominated the market in 2020, with XX% share.
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ACON Laboratories, Inc., Abbott Laboratories, Artron Laboratories Inc., Alfa Scientific Designs, Inc., Becton, Dickinson and Company, BTNX, Inc., bioMérieux SA, Cardinal Health, Bio-Rad Laboratories, Inc., and Danaher Corporation are some of the prominent players operating in the global Rapid Tests market. Several M&As along with partnerships have been undertaken by these players to make Rapid Tests as cost-effective and as widely available as possible.
Rapid Tests Market Segmentation
Market Insight, by Product Type
- Over-the-counter (OTC) Rapid Test Product
- Professional Rapid Test Product
Market Insight, by Application
- Infectious Disease
- Pregnancy & Fertility
- Glucose Monitoring
Market Insight, by End-User
- Hospital & Clinic
- Diagnostic Laboratory
- Home Care
Market Insight, by Region
- North America Rapid Tests Market
- United States
- Rest of North America
- Europe Rapid Tests Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Rapid Tests Market
- Rest of Asia-Pacific
- Rest of World Rapid Tests Market
Top Company Profiles
- ACON Laboratories, Inc.
- Abbott Laboratories
- Artron Laboratories Inc.
- Alfa Scientific Designs, Inc.
- Becton, Dickinson and Company
- BTNX, Inc.
- bioMérieux SA
- Cardinal Health
- Bio-Rad Laboratories, Inc.
- Danaher Corporation