𝐆𝐥𝐨𝐛𝐚𝐥 𝐫𝐚𝐩𝐢𝐝 𝐭𝐞𝐬𝐭 𝐤𝐢𝐭 𝐦𝐚𝐫𝐤𝐞𝐭 𝐢𝐬 𝐚𝐧𝐭𝐢𝐜𝐢𝐩𝐚𝐭𝐞𝐝 𝐭𝐨 𝐠𝐫𝐨𝐰 𝐚𝐭 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟖.𝟏𝟒% 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝 𝐭𝐨 𝐫𝐞𝐚𝐜𝐡 𝐔𝐒𝐃𝟑𝟖.𝟕𝟏 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝟐𝟎𝟐𝟕. Global rapid test kit market is driven by the growing prevalence of various infectious and non-infectious diseases worldwide. Additionally, the sudden outbreak and spread of pandemic COVID-19 has led to an increase in demand for rapid test kits being used for the diagnosis of COVID-19. This in turn fueled the market growth in 2020. Additionally, growing diabetic population globally requiring monitoring of sugar levels in order to manage the disease is further expected to support the market growth during the forecast period.
Global rapid test kit market is segmented based on type, product type, technology, duration, application and end user. Based on product type, over the counter rapid test accounted for the leading share in the past as these tests cost effective alternatives to expensive laboratory testings.
Based on the region, Asia Pacific is expected to witness the fastest CAGR of 9.05% during the forecast period. This can be attributed to the large and growing geriatric population in the region, which is susceptible to different kinds of diseases, especially in countries like China, India, and Japan. Additionally, supportive government policies and healthcare schemes launched by them across different countries in the region is expected to support market growth. For instance, in October 2020, Japan’s Ministry of Health, Labour and Welfare approved the use of Quick Navi-Flu2, a rapid diagnostic kit for detecting influenza virus antigen in the country. This kit is being manufactured by two Japanese firms Denka Company Limited and Otsuka Pharmaceutical Co., Ltd.
Leading companies operating in the market include F. Hoffmann-La Roche AG, Abbott Laboratories, Ltd., Danaher Corporation, Becton, Dickinson and Company, PerkinElmer, Inc., Siemens Healthineers AG, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., OraSure Technologies, Inc., Biomerieux Inc., ACON Laboratories, Inc., Cellex, Inc., MyMD Pharmaceuticals Inc., Luminex Corporation, Eurofins Scientific SE.