Dublin, Dec. 23, 2022 (GLOBE NEWSWIRE) -- The "Rapid Tests Market by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global rapid tests market was valued at $33,329.15 million in 2020, and is projected to reach $97,606.33 million by 2030, registering a CAGR of 11.3% from 2021 to 2030.
Rapid tests are diagnostic assays designed for use where preliminary screening tests need to be conducted. These tests are easy, quick, and provide specific results; hence, are used in settings with limited resources. Rapid tests are incorporated in diagnosis of different diseases and health conditions such as HIV, influenza, malaria, cancer, pregnancy & fertility, and others.
The rapid tests market is expected to grow at a significant rate during the forecast period owing to increase in awareness regarding early diagnosis of disease, prevalence of infectious diseases, and need for low cost as well as accurate diagnostic testing. In addition, growth in personalized care and increased promotional activities by manufacturers encourage the usage of rapid tests, which further facilitate the growth of the market. However, stringent government regulations for the approval of rapid tests and recall of several products due to false results are expected to impede the market growth.
The rapid tests market is segmented based on product, application, end user, and region. Based on product, the market is bifurcated into over-the-counter (OTC) rapid test product and professional rapid test product. By application, the market is classified into infectious disease, cardiology, oncology, pregnancy & fertility, toxicology, glucose monitoring, and others. According to end user, it is segmented into hospital & clinic, diagnostic laboratory, home care, and others. Based on region, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
| Report Attribute | Details |
| No. of Pages | 245 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value (USD) in 2020 | $33329.15 million |
| Forecasted Market Value (USD) by 2030 | $97606.33 million |
| Compound Annual Growth Rate | 11.3% |
| Regions Covered | Global |
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a detailed quantitative analysis of the current market trends and future estimations from 2020 to 2030, which assists to identify the prevailing market opportunities
- An in-depth analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders to formulate region-specific plans
- A comprehensive analysis of the factors that drive and restrain the growth of the MRI system market is provided
- An extensive analysis of various regions provides insights that allow companies to strategically plan their business moves
KEY MARKET SEGMENTS
By Product:
- Over-the-counter (OTC) Rapid Test Products
- Professional Rapid Test Products
By Application:
- Infectious Disease
- HPV
- Hepatitis
- Influenza
- Malaria
- HIV
- Others
- Cardiology
- Oncology
- Pregnancy & Fertility
- Toxicology
- Glucose Monitoring
- Others
By End User
- Hospitals & Clinics
- Diagnostic Laboratories
- Home Care
- Others
By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
KEY MARKET PLAYERS
- 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
- Roche Diagnostics
Key Findings Of The Study:
- Based on product, the over-the-counter (OTC) rapid test product segment is expected to show the fastest rapid tests market growth, at a CAGR of 119% from 2021 to 2030
- Based on application, the glucose monitoring segment held maximum global rapid tests market share in 2020 and is expected to remain dominant throughout the forecast period
- Based on end user, the hospitals & clinicssegment exhibited growth at a CAGR of 118% from 2021 to 2030
- Based on region, Asia-Pacific is projected to experience growth at the highest rate, registering a CAGR of 128% during the forecast period
Key Topics Covered:
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Landscape
Chapter 4: Rapid Tests Market, by Product
Chapter 5: Rapid Tests Market, by Application
Chapter 6: Rapid Tests Market, by End-user
Chapter 7: Rapid Tests Market, by Region
Chapter 8: Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/isou6x
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