Rapid Tests Market Is Booming So Rapidly

Allied Market Research published a report, titled, "Rapid Tests Market by Product (Over-the-counter Rapid Test, Professional Rapid Test, and Others), Application (Infectious Disease, Cardiology, Oncology, Pregnancy, Infertility, Toxicology, Glucose Monitoring, and Others), and End User (Hospitals & Clinics, Home Care, Diagnostic Center, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global rapid tests industry was estimated at $33.32 billion in 2020, and is anticipated to hit $97.60 billion by 2030, registering a CAGR of 11.3% from 2021 to 2030.

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Drivers, restraints, and opportunities-

Rise in awareness regarding early diagnosis of disease, prevalence of infectious diseases, and need for low cost as well as accurate diagnostic testing drive the growth of the global rapid tests market. On the other hand, stringent government regulations for the approval of rapid tests restrain the growth to some extent. However, growth in personalized care and increase in promotional activities by manufacturers are projected to create lucrative opportunities in the industry.

Impact of Covid-19 on Rapid Tests Market-

The outbreak of the pandemic gave way to a steep incline in the number of rapid tests done among individuals, rapid tests are highly useful in detection of the corona virus. This, in turn, impacted the global rapid tests market positively, especially during the initial phase.

This trend is most likely to continue till the pandemic is completely over.

The glucose monitoring segment to maintain the lion's share-

On the basis of type, the glucose monitoring segment accounted for the highest market share in 2020, generating more than two-fifths of the global rapid tests market. The infectious disease segment, on the other hand, is anticipated to cite the fastest CAGR of 12.8% from 2021 to 2030, due to rise in incidence of diabetes. Upsurge in preliminary screening procedures in hospitals and increase in adoption of rapid tests in the developing regions of Asia and Africa boost the growth of the segment.

The home care segment to lead the trail-

On the basis of end-user, the home care segment generated the highest share in 2020, holding nearly two-fifths of the global rapid tests market. Increase in disposable incomes and growth in awareness about advance rapid tests drive the segment growth. The hospitals and clinics segment, however, is expected to cite the fastest CAGR of 11.8% from 2021 to 2030. This is attributed to rise in number of hospitals in both the developed as well as developing countries and increase in number of hospital visits for the diagnosis of the diseases.

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North America to dominate by 2030-

On the basis of region, North America contributed to the major market share in terms of revenue in 2020, holding nearly two-fifths of the global rapid tests market, owing to increase in demand for rapid tests and availability of advanced healthcare facilities with trained medical professionals. Asia-Pacific, simultaneously, is projected to cite the fastest CAGR of 12.8% from 2021 to 2030. This is due to surge in incidence of various diseases and rise in R&D investments in the developing countries such as India and China.

Prominent market players-

Akers Biosciences

Becton, Dickinson and Company

Danaher Corporation (Cepheid, Inc.)

F. Hoffmann-La Roche AG (Roche Diagnostics)

Bio-Rad Laboratories, Inc.

Abbott Laboratories (Alere Inc.)

Meridian Bioscience

OraSure Technologies

OraSure Technologies

Hologic