Wilmington, Delaware, United States, June 21, 2023 (GLOBE NEWSWIRE) -- The global rapid tests market was valued at USD 28.51 Bn in 2021 and is projected to surpass USD 62.34 Bn by 2031.
Significant adoption of rapid diagnostic tests for a range of infections, such as gastroenteritis, bloodstream infections, pneumonia, and respiratory viruses, is accelerating market growth. Rise in demand for point-of-care tests is likely to spur technological innovations in immunological rapid tests, especially in enzyme-linked immunosorbent assay (ELISA) and lateral flow. Surge in usage of lateral flow immunoassays for respiratory infection identification is a key trend propelling market growth.
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Companies are sharpening focus on reducing the cost of rapid test kits in order to drive adoption, especially among healthcare providers in countries where healthcare resources are scarce or limited. Need for development of rapid diagnostic tests with low turnaround time (typically less than 2 hours) is expected to broaden rapid tests market outlook in the near future. Surge in utilization of novel rapid tests in the hospital settings, especially in the emergency care settings, is creating substantial opportunities for companies in the market. As per recent market trends, the hospital end-user segment is anticipated to grow at a rapid pace in the near future. This is ascribed to large number of hospitals in developing countries adopting rapid diagnostic tests. The segment accounted for the leading market share in 2021.
Key Findings of Study
- Consistent Technological Advancement in Immunoassay: Based on technology, the immunoassay segment accounted for the leading share of the global rapid tests market in 2021. Extensive usage of lateral flow immunoassays for diagnosis of cryptococcal meningitis is anticipated to offer substantial opportunities for companies in the market. Steady innovation in immunoassays is expected to pave the way for development of rapid tests for the diagnosis of HIV, and viral hepatitis, and Lyme diseases.
- Rise in Demand for Affordable and Easy-to-use Diagnostic Tests for Infectious Diseases: Surge in demand for easy-to-use and low-cost laboratory rapid tests for the general population is expected to augment the rapid tests market size. For instance, ongoing research in point-of-care antigen testing for SARS-CoV-2 is expected to help healthcare providers in better management of this infectious disease. Increase in popularity of at-home tests for SARS-CoV-2 in the past few years is creating significant revenue for developers/providers of antigen tests.
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Key Growth Drivers of Rapid Tests Market
- Pressing need for early identification of highly transmissible illnesses is a key driver of the rapid tests market. Surge in prevalence of infectious diseases across the globe is bolstering applications of rapid diagnostic tests.
- Significant focus on technological advancements in rapid diagnostic tests is anticipated to drive the rapid tests market. Introduction of novel diagnostic technologies for bloodstream infection etiologies is likely to broaden market outlook. Rapid advancements in lateral flow assays and polymerase chain reaction (PCR) are expected to fuel market development.
Regional Growth Dynamics
North America is anticipated to account for the leading market share from 2022 to 2031. Rise in demand for novel rapid diagnostic tests for infectious diseases in the region is anticipated to create lucrative business opportunities for companies. Significant approval of rapid diagnostic products in the U.S. in the past few years is anticipated to augment the market value in North America in the near future. Surge in demand for point-of-care tests at hospitals is likely to bolster the market in the region.
The market in Asia Pacific is anticipated to witness significant growth during the forecast period. Presence of a large elderly patient population in several countries across Asia Pacific and rapid increase in awareness about convenience of rapid tests are expected to accelerate market development in the region in the next few years.
Competition Landscape
Leading companies are stepping up efforts to launch novel rapid test technologies. Key players are adopting mergers & acquisitions, partnership activities, and divestiture in order to increase market share.
Prominent companies operating in the market are:
- Abbott Laboratories
- Hologic, Inc.
- Becton, Dickinson & Company
- BioRad Laboratories
- F. Hoffmann La Roche
- Danaher Corporation
- Thermos Fisher Scientific, Inc.
- PerkinElmer, Inc.
- Quidel Corporation
- Meridian Bioscience Inc.
- OraSure Technologies
- Elbascience Biotechnology Inc.
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Segmentation
The global rapid tests market is segmented based on
Type
- Laboratory Rapid Test
- Over-the-counter/Home-use Rapid Test
Technology
- Immunoassay
- Chromatography
- Spectroscopy
- PCR
- Others
Application
- COVID-19 Test
- Infectious Disease
- Influenza
- Malaria
- Dengue
- HIV
- Others
- Glucose Test
- Pregnancy Test
- Cholesterol Test
- Others
End-user
- Hospitals
- Home Care
- Diagnostic Centers
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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