Asia Pacific to Witness Robust Growth in Rapid Test Kit Market until 2026
Growing demand for personalized care to drive the growth of
global rapid test kit market
According
to TechSci Research report, “Global Rapid
Test Kit Market By Type (Rapid Antigen Test v/s Rapid Antibody Test), By
Product Type (Over-the-counter (OTC) Rapid Test Kit v/s Professional Rapid Test
Kit), By Technology (Lateral Flow Assays, Agglutination, Immunospot Assay,
Solid Phase), By Duration (Less than 10 minutes, Less than 30 minutes, Less
than 1 hour, 1 hour-2 hour, Others), By Application (Infectious Disease,
Cardiology, Oncology, Pregnancy & Fertility, Toxicology, Glucose
Monitoring, Others), By End Users (Hospitals & Clinics, Diagnostic Centers,
Home Care, Others), By Region, Forecast & Opportunities, 2026”, the global rapid test kit market was valued at USD
23.44 Billion in 2020 and is expected to grow at a formidable rate of 8.14%
during the forecast period on account of the widespread adoption of these kits across major healthcare
facilities. Additionally, growing popularity of preliminary screening
procedures is further expected to propel the market growth through 2026.
Furthermore, growing prevalence of different diseases has led to an increase in
demand for diagnostic tests, thereby fueling the market growth over the next
few years. Besides, increasing healthcare costs are further expected to
increase the demand for affordable rapid testing procedures. Moreover,
increasing investment on R&D and new product launches by the major
biotechnology and pharmaceutical giants is expected to create lucrative
opportunities for the market growth. Also, dynamic marketing and advertising
policies followed by major market players, especially for glucose monitoring
and pregnancy kits, is further expected to drive the market growth. However,
stringent regulatory norms for the approval of test kits might hamper the
market growth through 2026. Also, sometimes a few test kits are called back
since they deliver false results. This is also expected to restrict the market
growth during the forecast period. Furthermore, lack of awareness especially in
the emerging world might further impede the market growth. Additionally, these
are good for preliminary screening or tests but cannot be completely relied
upon. Hence, confirmatory or secondary tests are required after using rapid
test kits.
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Global Rapid Test Kit Market"
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The global rapid test kit market is segmented based on type, product
type, technology, duration, application, end-user, company and region. Based on product type, the marker can be split into
over-the-counter (OTC) rapid test kit and professional rapid test kit. Among
these, the over-the-counter (OTC) rapid test kit segment is expected to grow
significantly through 2026 due to the growing prevalence of chronic diseases
such as diabetes. Based on application, the market can be fragmented into
infectious disease, cardiology, oncology, pregnancy & fertility, toxicology,
glucose monitoring, and others. Among these, the infectious disease segment is dominating
the market owing to the widespread use of these kits in preliminary screening
of various infectious diseases such as hepatitis, HIV, among others.
Furthermore, sudden outbreak of pandemic novel coronavirus disease has
increased the demand for rapid test kits for screening and identifying the positive
and suspected coronavirus cases.
F. Hoffmann-La Roche AG,
Abbott Laboratories Ltd., Siemens Healthineers AG, OraSure Technologies, Inc.,
Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Danaher Corporation
(Cepheid, Inc.), Eurofins Scientific SE, Luminex Corporation, PerkinElmer,
Inc., Cellex, Inc., Thermo Fisher Scientific, Inc., Mesa Biotech, Inc., BioFire
Diagnostics, Inc., Akers Biosciences, Inc. and others are some
of the leading players operating in global rapid test kit market. The companies
operating in the market are using organic strategies such as product launches,
mergers and collaborations to boost their share.
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“Asia-Pacific
is expected to register the highest growth in the global rapid test kits market
owing to the increasing patient pool in the region suffering from various
chronic and infectious diseases. Additionally, increasing healthcare awareness
has led to an increase in the R&D activities especially in countries such
as China, India and Japan. Furthermore, increasing international trade is
expected to create lucrative opportunities for the market growth. Also, major
market players are expanding their facilities in the region owing to the
availability of low cost manufacturing and labor, thereby creating more growth
opportunities in the region.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global Rapid Test Kit Market By Type (Rapid Antigen Test
v/s Rapid Antibody Test), By Product Type (Over-the-counter (OTC) Rapid Test
Kit v/s Professional Rapid Test Kit), By Technology (Lateral Flow Assays,
Agglutination, Immunospot Assay, Solid Phase), By Duration (Less than 10
minutes, Less than 30 minutes, Less than 1 hour, 1 hour-2 hour, Others), By
Application (Infectious Disease, Cardiology, Oncology, Pregnancy &
Fertility, Toxicology, Glucose Monitoring, Others), By End Users (Hospitals
& Clinics, Diagnostic Centers, Home Care, Others), By Region, Forecast
& Opportunities, 2026”, has
evaluated the future growth potential of global rapid test kit market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global rapid test kit market.
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