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.
Which is the most influencing segment growing in the rapid tests market report?
Professional Rapid Test Products segment is the most influencing segment owing to increase in awareness regarding early diagnosis of disease, prevalence of infectious diseases, and need for low cost as well as accurate diagnostic testing.
What are the key trends in the rapid tests market report?
Increase in awareness regarding early diagnosis of disease, prevalence of infectious diseases, and need for low cost as well as accurate diagnostic testing, growth in personalized care and increased promotional activities by manufacturers encourage the usage of rapid tests are the key trends in the rapid tests market report.
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- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market
Covid-19 Situation –
- The outbreak of epidemics has led to an increase in the number of individual rapid tests, rapid tests are very useful in detecting corona virus. This, in turn, has a positive impact on the global rapid testing market, especially in the early stages.
- It is expected that this practice will continue until the pandemic is completely stopped.
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The glucose monitoring segment to maintain the lion’s share –
Based on type, the blood glucose monitoring segment achieved the highest market share in 2020, accounting for more than two-fifths of the global rapid testing market. The infectious disease segment, on the other hand, is expected to cite the fastest CAGR of 12.8% from 2021 to 2030, due to the increase in diabetes. The increase in early diagnostic procedures in hospitals and the rise in the adoption of rapid tests in the developing regions of Asia and Africa are driving the growth of the sector.
The home care segment to lead the trail –
On the basis of end user, the home care sector generated the largest share in 2020, holding nearly two-fifths of the global rapid testing market. The increase in disposable income and increasing awareness of advanced rapid testing is driving the growth of the segment. The hospital and hospital sector is expected to quote the fastest CAGR of 11.8% from 2021 to 2030. This is due to the increase in the number of hospitals in developed and developing countries and the increase in the number of hospital visits for diagnosis.
Major Key Market Players in the Industry –
- Akers Biosciences
- Becton
- Dickinson and Company
- Danaher Corporation (Cepheid, Inc.)
- Hoffmann-La Roche AG (Roche Diagnostics)
- Bio-Rad Laboratories, Inc.
- Abbott Laboratories (Alere Inc.)
- Meridian Bioscience
- OraSure Technologies
- OraSure Technologies
- Hologic
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Market: By Region Outlook
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Turkey, Saudi Arabia, Rest of LAMEA)
Important Questions Being Answered by This Market Report Are –
Q1. What would be forecast period in the market report?
Q2. What are the market values / growth % of emerging region?
Q3. Does the rapid tests market company is profiled in the report?
Q4. Does the rapid tests market report provide PORTER Analysis?
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Key findings of the study –
- Based on product, the over-the-counter (OTC) products segment is expected to show the fastest growth in the rapid testing market, growing at a CAGR of 11.9% from 2021 to 2030.
- Based on application, the blood glucose monitoring segment accounted for the largest share of the global rapid test market in 2020 and is expected to remain constant during the forecast period.
- On an end-user basis, the hospital and hospital sector grew at a CAGR of 11.8% from 2021 to 2030.
- By region, Asia-Pacific is expected to experience the highest growth rate, registering a CAGR of 12.8% during the forecast period.
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