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HEALTHCARE & PHARMACEUTICAL

Rapid Testing Kits Market Segmentation By Product Type (Over-The-Counter (OTC) Rapid Test Product And Professional Rapid Test Product); By Application (Infectious Disease (HIV, Influenza, Malaria, HPV, Hepatitis, And Others), Oncology, Cardiology, Toxicology, Glucose Monitoring, Pregnancy & Fertility, And Others); By End User (Hospital & Clinic, Diagnostic Laboratory, Home Care And Others) - Global Demand Analysis & Opportunity Outlook 2028

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Extensive insights into the Growth of Rapid Testing Kits Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS
  • April 21, 2020: FDA (The U.S. Food and Drug Administration) authorized the Laboratory Corporation of America (LabCorp) COVID-19 RT-PCR Test to grant testing of samples self-collected by patients at home.

  • March 24, 2020: Indian company Mylab Discovery has been the first commercially approved company in the country for its COVID 19 diagnostic test kits known as reverse transcription- polymerase chain reaction (RT-PCR) tests.

Rapid Testing Kits Overview

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.

Market Size and Forecast

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.

GROWTH DRIVERS

Growing need for COVID 19 test kits

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.

Growing cases of diseases across different parts of the globe

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 FREE SAMPLE 
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.

Constraints

Likelihood of faulty results

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.

Market Segmentation

Our in-depth analysis of the rapid testing kits market includes the following segments:

By Product Type

  • Over-the-counter (OTC) Rapid Test Product
  • Professional Rapid Test Product

By Application

  • Infectious Disease
    • HIV
    • Hepatitis
    • Influenza
    • Malaria
    • HPV
    • Others
  • Oncology
  • Cardiology
  • Pregnancy & Fertility
  • Toxicology
  • Glucose Monitoring
  • Others

By End User

  • Hospital & Clinic
  • Diagnostic Laboratory
  • Home Care
  • Others

By Region

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:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Top Featured Companies Dominating the Market

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.


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