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
The global rapid tests market was valued at $33,329.15 million in 2020, and is projected to reach $97,606.33 million by 2030, registering a CAGR of 11.3% from 2021 to 2030.
Rapid tests are diagnostic assays designed for use where preliminary screening tests need to be conducted. These tests are easy, quick, and provide specific results; hence, are used in settings with limited resources. Rapid tests are incorporated in diagnosis of different diseases and health conditions such as HIV, influenza, malaria, cancer, pregnancy & fertility, and others.
The rapid tests market is expected to grow at a significant rate during the forecast period 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. In addition, growth in personalized care and increased promotional activities by manufacturers encourage the usage of rapid tests, which further facilitate the growth of the market. However, stringent government regulations for the approval of rapid tests and recall of several products due to false results are expected to impede the market growth.
The rapid tests market is segmented based on product, application, end user, and region. Based on product, the market is bifurcated into over-the-counter (OTC) rapid test product and professional rapid test product. By application, the market is classified into infectious disease, cardiology, oncology, pregnancy & fertility, toxicology, glucose monitoring, and others. According to end user, it is segmented into hospital & clinic, diagnostic laboratory, home care, and others. Based on region, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
KEY BENEFITS FOR STAKEHOLDERS
This report provides a detailed quantitative analysis of the current market trends and future estimations from 2020 to 2030, which assists to identify the prevailing market opportunities.
An in-depth analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders to formulate region-specific plans.
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An extensive analysis of various regions provides insights that allow companies to strategically plan their business moves.
KEY MARKET SEGMENTS
By Product:
Over-the-counter (OTC) Rapid Test Products
Professional Rapid Test Products
By Application:
Infectious Disease
HPV
Hepatitis
Influenza
Malaria
HIV
Others
Cardiology
Oncology
Pregnancy & Fertility
Toxicology
Glucose Monitoring
Others
By End User
Hospitals & Clinics
Diagnostic Laboratories
Home Care
Others
BY Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia Pacific
Japan
China
Australia
India
South Korea
Rest of Asia Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
KEY MARKET PLAYERS
Akers Biosciences, Inc.
Alere Inc. (Abbott Laboratories)
Becton, Dickinson and Company
Bio-rad Laboratories, Inc.
Cepheid, Inc.
Hologic, Inc.
Meridian Bioscience, Inc.
OraSure Technologies, Inc.
Quidel Corporation
Roche Diagnostics
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