Global Rapid Test Kits Market Driven by Immunoassay and Chromatography-Based Tests
Posted on 11 May 2022
The global rapid test kits market size was valued at more than USD 25.50 billion in 2021 and is expected to register a CAGR of 8.1% over the 2019-2030 period to surpass USD 52 billion in 2030, driven primarily by the increasing prevalence of various infectious diseases. The market growth is also being fuelled by efforts by governments to strengthen healthcare systems by increasing rapid testing capacity for preliminary screening and modernizing health infrastructure. In addition, increased adoption of convenient home testing kits with fast and accurate results is further driving the growth of the global rapid test kits market.
These are the latest findings of Reports and Data (New York City, NY, USA), a market research and consulting company.
Governments across the world are taking initiatives to boost mandatory testing. For instance, in January 2022, the US government announced the purchase of one billion rapid test kits with the aim of promoting testing capacity and mitigating the spread of COVID-19 across the country. Globally, a steady rise in the number of government-approved testing centers and increase in the number of private points of care centers is driving the growth of the rapid test kits market. Moreover, rapid test kits use advanced technologies and are immunoassay or chromatography based, which delivers prompt results. The demand for such rapid test kits has grown significantly. In most countries, governments have implemented stringent pathogen testing to reduce the spread of COVID-19. Medical firms, mostly diagnostic service providers, are strengthening their foothold in the rapid test kits market, which is expected to drive the market growth during the forecast period.
However, continued dependency on the use of microscopy for more accurate results, and lack of awareness about newer and advanced rapid test kits are hampering the growth of the rapid test kits market. Moreover, several rapid antigen test kits include chemical preservatives such as ProClin and liquids such as Sodium Azide. These fluids are associated with potential risks due to misuse or accidental spillage on the skin or eye and ingestion, resulting in allergic reactions, skin and eye irritation, and serious health hazards. Accidental spillage or misuse of these fluids may not have very serious effects on adults but can prove to be hazardous for children.
Based on test type, the RT-PCR segment accounted for a significant revenue share in the global rapid test kits market in 2021 due to the sudden outbreak of COVID-19 and mandatory testing. Based on specimen type, the pregnancy and fertility segment is expected to register a faster CAGR during the forecast period owing to the high results accuracy and low complexity involved in the use of these kits.
Geographically, the rapid test kits market in Asia Pacific is expected to register a steady growth over the forecast period owing to a rising number of patients with various infectious and chronic diseases. In order to increase the availability of rapid test kits, most medical manufacturers are expanding their manufacturing units in Asia Pacific owing to low-cost labor available in the region, thereby boosting its rapid test kits market. The European rapid test kits market is expected to register a significant revenue growth rate during the forecast period, driven by stringent government regulations for mass testing to curb the spread of COVID-19.
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