Increased adoption of convenient home testing kits with fast and accurate results is driving rapid test kits market revenue growth
The global rapid test kit market size is expected to reach USD 26.55 Billion in 2030 and register a revenue CAGR of 7.3% over the forecast period, according to latest report by Reports and Data. Increasing prevalence of various infectious diseases is driving rapid testing kit market revenue growth. Use of rapid test kits in the food industry to detect foodborne pathogens and ensure faster and effective real-time food testing is also expected to boost market revenue.
Governments across the world are taking initiatives to boost mandatory testing. In January 2022, the US Government announced the purchase of one billion rapid test kits, which aims to promote testing capacity and mitigate the spread of COVID-19 throughout the country. Steady increase in the number of testing centers approved by the government and increase in the number of private points of care centers is driving the rapid test kit market revenue growth.
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The pharma and healthcare sector has significantly advanced in the recent years and is expected to register steady revenue growth over the forecast period owing to rapid innovations in medical technology, increasing investments, rising healthcare expenditure and high adoption of advanced products and systems. Factors such as rising prevalence of chronic diseases such as diabetes, cancer, cardiovascular diseases, and neurological disorders across the globe, rising cases of coronavirus, improving healthcare infrastructure and research facilities, and increasing adoption of remote patient monitoring services and home care settings are expected to fuel global market revenue growth over the forecast period. In addition, increasing number of hospitals and ambulatory care centers worldwide, high demand for personalized medicine, increasing investments in drug discovery and growing investments by public and private sectors are expected to drive global market growth in the coming years.
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product & service portfolio. The Rapid Test Kit Market market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.
Leading companies operating in the market are:
Abbott, Thermo Fisher Scientific, Ray Biotech Life, Inc., OraSure Technologies, BioMedomics Inc., CTK Biotech, Inc., AlphaBiolabs Ltd., GeneMatrix Inc., Seegene Inc., and Beijing Tigsun Diagnostics Co. Ltd.
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Rapid Test Kit Market Market Segmentation:
Test type Outlook (Revenue, USD Billion; 2019–2030)
- Rapid Antigen Test
- Rapid Antibody Test
Kit type Outlook (Revenue, USD Billion; 2019–2030)
- Over-The-Counter rapid test kits
- Professional Rapid Test Kits
Technology Outlook (Revenue, USD Billion; 2019–2030)
- Lateral Flow Immunoassay
- Solid Phase
Application Outlook (Revenue, USD Billion; 2019–2030)
- Infectious Diseases
- Glucose Monitoring
- Pregnancy and Fertility
- Food Safety Testing
- Drug Abuse Testing
End-use Outlook (Revenue, USD Billion; 2019–2030)
- Diagnostic centers
- Hospitals and Clinics
Geographic Segment Covered in the Report:
The Rapid Test Kit Market report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
• North America (USA and Canada)
• Europe (UK, Germany, France and the rest of Europe)
• Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
• Latin America (Brazil, Mexico, and the rest of Latin America)
• Middle East and Africa (GCC and rest of the Middle East and Africa)
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Some Key Highlights in the Report
- RT-PCR segment accounted for a significantly large revenue share in global rapid test kit market in 2021 due to the sudden outbreak of COVID-19 and mandatory testing orders.
- Pregnancy and fertility segment revenue is expected to register a faster CAGR during the forecast period owing to the high accuracy of the result and low complexity in the use of these kits.
- Rapid test kit market in Asia Pacific is expected to register a steady revenue growth rate over the forecast period owing to rising patient pool of various infectious and chronic diseases. In order to increase the availability of the kits, majority of the medical manufacturers are expanding their manufacturing units in this region owing to low-cost labor available there. This is expected to boost market revenue growth in the region.
- Rapid test kit market in Europe is expected to register a significantly rapid revenue growth rate during the forecast period. Market revenue growth is expected to be driven by stringent regulations of the governments on mass testing to curb the spread of COVID-19. Thus, increase in demand for these kits is expected to drive market revenue growth in the region.
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