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Rapid Test Market Size to Hit USD 24.26 Billion By 2028 at a Healthy CAGR of 7.30% – Reports and Data

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Rapid Test Market Size to Hit USD 24.26 Billion By 2028 at a Healthy CAGR of 7.30% – Reports and Data

September 23
21:20 2022
Rapid Test Market Size to Hit USD 24.26 Billion By 2028 at a Healthy CAGR of 7.30% - Reports and Data
Rapid Test Market
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%.

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.

Increasing patients demand for preventive medical care, and increasing incidence of lifestyle-related diseases, such as cardiovascular disease and diabetes and the high burden of infectious diseases in developing countries. Rising awareness of early diagnosis of the disease, increasing need for inexpensive diagnostic tests, as well as the accuracy of diagnosis, are expected to stimulate growth of the rapid test market during the forecasted period. In addition, the growth of personalized attention and the increase in promotional activities of manufacturers encourage the use of rapid tests, thus stimulating market growth. However, stringent government regulations concerning the approval of rapid tests and the withdrawal of various products due to false results should hinder the growth of the market.

  Further key findings from the report suggest:

  • 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.
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  • 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.
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  • Increasing demand for decentralized assessments is a crucial factor boosting the industry growth.
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  • 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.
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  • 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.
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  • 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.
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  • 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.
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  • 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.
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  • 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.
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  • 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.

 

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Increasing popularity of preliminary screening across medical facilities, rising need for diagnostic tests, increased adoption in medical fraternity, increase in awareness regarding early diagnosis of disease, prevalence of infectious diseases, and the need for low-cost diagnostic testing coupled with diagnosis accuracy are key factors contributing to high CAGR of Rapid Test during forecast period – Our Expert Opinion

 

Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.

The growing popularity of over-the-counter medications driving market growth

Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.

Restriction on product launches and R&D activities to hamper the market growth

The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.

 

Competitive Landscape:

The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.

Top Companies Profiled in the Report:

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.

Rapid Test Market Segmentation:

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

 

Regional Outlook:

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
  • Latin America (Brazil, Rest of LATAM)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)

 

Frequently asked questions addressed in the report:

  • What is the revenue growth rate of the global Rapid Test market over the forecast period?
  • What are the major factors driving the growth of the Global Rapid Test Market?
  • What are the key challenges impacting the global Rapid Test market growth?
  • What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?

 

Thank you for reading our report. For more details please connect with us and our team will ensure the report is customized to meet all the needs of clients. The report also offers a comprehensive regional analysis and specific countries can be included in the report according to the requirements.

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