The global rapid testing kits market refers to quick medical diagnostic test kits. These kits are suitable for preliminary or emergency medical screening and application in medical facilities with restricted resources. The kit includes tests based on agglutination, immuno-chromatographic, immuno-dot, and/or immuno-filtration techniques. They provide same-day results, within 2 hours. Due to rapid results and ease of handling provided by these test kits, it is possible to impart timely treatment and they are performed without the use of automated diagnostic equipment.
The global outbreak of the COVID 19 pandemic has imparted huge demand for “Antibody Rapid Testing Kits” to test and isolate the infected patients. The escalating numbers of patients in hospitals encourage the concerned governments to get as many testing kits as they can in the shortest possible time to contain the pandemic.
The rapid testing kits market is estimated to attain a notable CAGR during the forecast period, i.e., 2020-2028. The market is segmented by product type, application, end-user, and region. The global need for antibody testing kits to contain the COVID 19 pandemic has created significant growth opportunities in the global rapid testing market owing to soaring confirmed cases that are going beyond control and there is a major shortage of these test kits all across the globe. Many private companies have begun manufacturing rapid test kits to sustain the massive demand.
Diverse pharmaceutical and biotechnology companies are collaborating to escalate the production of coronavirus testing kits. This in turn is expected to positively drive the market growth.
Increase in incidence of infections such as HIV, HPV and hepatitis, and rising cases of cardiovascular diseases, sexually transmitted diseases, diabetes, and gastrointestinal diseases have driven the demand of rapid tests globally.
At present, glucose monitoring is the biggest revenue contributor after COVID 19 testing, which is dominating the market. Big mass of diabetic population, cost effective kits and rising awareness about home based kits is driving this segment of market. CLICK TO DOWNLOAD SAMPLE REPORT
Veterinary test market also contributes significantly to the overall market growth owing to rise in pet adoption rate, increment in the demand of animal product, and rising number of veterinary practitioners.
Additionally, constantly improving healthcare industry, increase in government initiatives, rising demand for home healthcare and increasing prevalence of lifestyle induced disorders are also major contributors towards the growth of rapid testing kits market.
There have been many instances where the results were false-negative and false-positive.
The Indian Council of Medical Research (ICMR) on April 27, 2020, directed states to stop the usage of rapid antibody test kits that were procured from China-based Guangzhou Wondfo Biotech and Zhuhai Livzon Diagnostics after they showed wide variations in results.
Additionally, strict & time-consuming approval policies, and a hesitation to change existing diagnostic practices are anticipated to restrain the market growth.
Our in-depth analysis of the rapid testing kits market includes the following segments:
Geographically, the rapid testing kits market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America is anticipated to dominate the overall market in the forecast period on the account of rising awareness amongst the patients, coupled with high per capita healthcare expenditure, and the high widespread presence of target diseases.
Presently, owing to the grievous outbreak of COVID 19 across Europe, the rapid testing kit market is expected to rise exponentially in the forecast period. According to the WHO, Europe remains at the centre of the pandemic. There’s a continuous increase in new confirmed cases in the European Region. Furthermore, Europe was the first region to develop RT-PCR based coronavirus testing kits.
In the Asia-Pacific region, the rapid testing kits market is expected to witness a remarkable boost as it offers significant opportunities for the players working in the market owing to its big population base, rise in disposable incomes, and rise in awareness for advance rapid tests. Further, large base of patients with unmet medical needs and rising investments in research and development for healthcare industry in the developing countries such as India, China, and Brazil, supporting the growth of the rapid test kits market. These developing countries are already struck by COVID 19, China being the first country where coronavirus outbreak was first reported.
Changing healthcare dynamics in the Latin American and African economies will fuel the future market growth. Rapid testing kits will swiftly acquire acceptance in these regions since the cost effective character of rapid testing kits and the cost sensitive nature of patients in that region ideally complement each other.
According to Health Policy Watch, In South Africa, testing for COVID 19 is still low in comparison to the rest of the world. In Latin America, Chile has improved its testing five-fold for a cumulative total of 1209 tests per million; followed by Costa Rica, which has doubled its testing capacity to 600 tests per million.
The rapid testing kits market is further classified on the basis of region as follows:
Some of the affluent industry leaders in the global rapid testing kits market are BioMedomics, Altona Diagnostics, Abbott Laboratories, BioMerieux, Roche Diagnostics, Meridian Bioscience, Cepheid, MyLab, Qiagen and AccuBioTech.
Owing to the global pandemic, many pharmaceutical and biotechnology companies such as Altona Diagnostics, Roche Diagnostics, Siemens, among others in the European region are rapidly manufacturing and supplying coronavirus testing kits. For instance, Roche Diagnostics has started shipping around 400K testing kits to the United States every week.
Abbott Laboratories, in March 2020, launched a small and portable coronavirus test kit, which can detect if someone is infected, in just 5 minutes and can be used in almost any health-care setting.
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization