Global Rapid Test Kit Market Forecast 2016-2026

Posted December 29, 2021 by sonikashukla98

Global rapid test kit market stood at USD23.44 Billion in 2020 and is expected to grow at a steady CAGR of 8.14% during the forecast period.

Bharat Book Bureau Provides the Trending Market Research Report on “Global Rapid Test Kit Market - Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2016-2026 Segmented 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, Solid Phase, Agglutination, Immunospot Assay), By Duration (Less than 30 Minutes, Less than 10 Minutes, Less than 1 Hour, 1 Hour - 2 Hour, Others), By Application (Infectious Disease, Glucose Monitoring, Pregnancy & Fertility, Toxicology, Cardiology, Oncology, Others), By End User (Hospitals & Clinics, Home Care, Diagnostic Centers, Others), By Region” under Life Sciences Market Research Reports Category. Our report offers a collection of superior market research, market analysis, competitive intelligence and Market reports.

Global rapid test kit market stood at USD23.44 Billion in 2020 and is expected to grow at a steady CAGR of 8.14% during the forecast period. This can be attributed to 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 has fueled the market growth in 2020. Additionally, growing diabetic population globally requiring monitoring of sugar levels to manage the disease is further expected to support the market growth during the forecast period. Besides, growing awareness pertaining to maintaining a healthy lifestyle and disease prevention and maintenance among the population worldwide has led to an increase in demand for self-diagnostics, thereby supporting the market growth over the next few years. Also, flourishing healthcare industry and increasing healthcare expenditure by both the governments and population across the globe is expected to foster the market growth during the forecast period.

Sudden Outbreak & Spread of COVID-19 Driving Market Growth

The growing number of people infected by the virus significantly changed the scenario of medical care across the world. Various healthcare companies, institutions and governments launched several COVID-19 rapid test kits. For instance, in December 2020, Cipla Limited entered into a partnership with Premier Medical Corporation for commercialization of the rapid antigen test kits to detect COVID-19 within 15-20 minutes. Also, many governments across the globe such as the Government of United Kingdom launched country wide COVID-19 testing programs using rapid test kits.

Growing Preference of Home Healthcare Supporting Market Growth

The imposition of strict lockdown and restrictions on movements due to the spread of pandemic COVID-19 worldwide along with the fear of virus spread and catching the infection made population across the globe to shift towards home based healthcare. People avoided visiting healthcare facilities such as hospitals & clinics, diagnostic centers among others and rather preferred using rapid test kits at home for glucose monitoring, pregnancy/fertility testing, etc. People also started using rapid antigen and antibody kits for COVID-19 testing at their homes, thereby positively influencing the market growth.

Growing Geriatric Population Aids Market Growth

According to the United Nations Department of Economic and Social Affairs, Population Division, the number of persons aged 65 years or above was 702.9 million. This number is expected to grow by 120% and reach 1548.9 million by 2050. The growing geriatric population (population aged 65 or above) is susceptible to various kinds of diseases both communicable and non-communicable, which is expected to positively influence the growth of global rapid test kit market.

Increasing Healthcare Expenditure to Support Market Growth

The growing healthcare expenditure across different countries globally is expected to improve the existing healthcare and medical devices market. This in turn, is expected to influence the market growth through 2026 positively. According to the WHO, the global healthcare expenditure in 2018 stood around USD8.3 trillion which was about 10% of the global economy and it is expected to increase significantly in the coming years. However, the sudden outbreak and spread of the COVID-19 pandemic increased the demand for healthcare services, but the expenditure on lifestyle and other diseases across countries reduced. This expenditure is expected to increase in the coming years because of growing demand for other healthcare services and medical devices, thereby opening opportunities for global rapid test kits market.

Market Segmentation

The global rapid test kit market is segmented based on type, product type, technology, duration, application, end user, company and regional distribution. Based on type, the market can be split into rapid antigen test and rapid antibody test. On the basis of product type the market can be divided into over-the-counter (OTC) rapid test and professional rapid test kit. In terms of technology, the market can be categorized into lateral flow assay, solid phase, agglutination and immunospot assay. By duration, the market can be fragmented into less than 30 minutes, less than 10 minutes, less than 1 hour, 1hour-2hour and others. Based on application, the market can be fragmented into infectious disease, glucose monitoring, pregnancy & fertility, toxicology, cardiology, oncology, and others. Based on end user, the market can be segmented into hospitals & clinics, home care, diagnostic centers, and others.

Company Profiles

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, are among the major market players in the global rapid test kit market.

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Last Updated December 29, 2021