According to the current analysis of Reports and Data, the global Rapid Test market was valued at USD 13.71 Billion in 2020 and is expected to reach USD 24.26 Billion by year 2028, at a CAGR of 7.30%. The initial diagnosis of diseases, as well as accuracy, play an essential role in the treatment of patients. The adoption of rapid diagnostic kits is increasingly recognized for its accuracy and economical testing for diseases such as syphilis, HIV, and tuberculosis. The need for diagnostic tests in several areas of medical care has created significant growth opportunities in the global rapid testing market. Quick tests, see tests that can be used in case of emergency in medical centers or for home treatment. The unique feature of this form of testing is the limited use of resources and simplicity of execution. Increasing the number of preliminary screening procedures in hospitals and increasing the number of rapid tests in developing regions are contributing factors to the growth of the sector. The rapid contagious disease test market is expected to experience the most robust growth over the forecast period. Factors such as the growing need for rapid test results to improve performance, strict government regulations, globalization of the food trade, and the increasing incidence of foodborne illness attributable to increased demand from the rapid testing market. 

Market Overview:

The pharma and healthcare industry is at a crossroads. Patients are benefiting from the promise of cell and gene therapies; uncommon diseases that were previously thought to be incurable are on the verge of finding true treatments. Artificial intelligence (AI) and machine-learning technologies are creating hopes that therapy discovery and development would be more innovative, as well as faster and cheaper. Manufacturing, the supply chain, and the entire healthcare ecosystem all have the potential to benefit from data-driven initiatives. Consumer attitudes and behaviours are shifting in a variety of ways, from growing use of technology and willingness to share data to an interest in using tools to make prescription and treatment decisions. Such factors will drive pharma and healthcare market growth in the coming years.

Some key highlights of the report:

• Rapid Test market is growing at a CAGR of 0% in Asia Pacific followed by North America and Europe, with 8.7 % and 8.5% CAGR, respectively. Demand for early diagnosis of disease is the key factor to accelerate the market growth during forecast period across all regions.
• The increasing introduction of combination products such as drug delivery and smart devices is inducing OEMs to work with contract manufacturing organizations (CMOs). The forward integration of OEMs to develop rapid diagnostic products will further drive market growth, owing to the availability of a wide range of products.
• Increasing demand for decentralized assessments is a crucial factor boosting the industry growth.
• The ever increasing consumer consciousness regarding food safety and rise in involvement of several government non-government bodies to provide safe food products to consumers will offer new opportunities to rapid test market players.
• The low cost of rapid tests is the primary reason behind the astral growth of the global market for rapid test. Furthermore, the favorable operational dynamics of rapid tests have also emerged as a key factor contributing towards the growth of the global rapid test market.
• Moreover, the stability of rapid tests at high temperatures coupled with the short span of execution for these tests has given an impetus to the growth of the global market. The use of rapid tests in point-of-care testing wherein the results are obtained on the same day has also driven market demand.
• At present, glucose monitoring is the largest revenue contributor and is anticipated to dominate the market. Easy availability of cost efficient products, high number of diabetic population, and increase in the use of glucose monitoring rapid tests devices among the general population fuel the growth of the market.
• Veterinary rapid diagnostic test has potential application in the diagnosis and management of animal’s disease which increase the growth of the overall global rapid test market.
• Rising healthcare expenditure, rise in pet adoption rate, growth in the demand of animal product and increasing number of veterinary practitioners are the major factors which will drive the overall veterinary rapid diagnostic test market.
• Increase in adoption of rapid tests for preliminary screening, and rise in incidence of infections such as HIV, HPV, hepatitis, and others have driven the growth of rapid tests globally.

 Key Players covered in this report are

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, and Roche Diagnostics.

Product Type (Revenue, USD Million; 2018–2028)

• Over-the-Counter (OTC) Rapid Test Product
• Professional Rapid Test Product

Application Type (Revenue, USD Million; 2018–2028)

• Infectious Disease
• Cardiology
• Oncology
• Pregnancy Fertility
• Toxicology
• Glucose Monitoring
• Others

End Use (Revenue, USD Million; 2018–2028)

• Hospital Clinic
• Diagnostic Laboratory
• Home Care
• Others

Key Regional Markets Studied in the Report:

• North America (U.S., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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