WILMINGTON, DE / ACCESSWIRE / February 22, 2023 / Transparency Market Research Inc. - The rise in demand for laboratory rapid tests at hospitals are generating sizable lucrative opportunities for players in Rapid Test Market, mainly owing to their affordability. Hospitals thus present the fastest growing market for rapid tests, propelled by enormous application of the tests for a wide range of diseases. Of the various technologies, the study found that immunoassays accounted for the largest revenue generator in the rapid test market in 2021. The global market is forecast to expand at a CAGR of 8.0% during 2022-2031.
The demand for products in the rapid test market is spurred by an explosive rise in demand for COVID-19 testing, including at-home tests. Of note, players are leaning toward integrating cutting-edge technologies for enabling accurate and rapid tests for COVID-19. A case in point is the growing popularity of the rapid antigen test (RAT), found in recent developments in the rapid test market
Industry players in the rapid test market are keen on expanding the reach of services through hospital networks in various geographies. The initiatives will stridently boost the future market demand for rapid tests.
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Key findings of Rapid Test Market Study
- Adoption of Point-of-care Tests for Various Infectious Diseases Generating Revenue Streams: Rapidly increasing adoption of point-of-care tests for various chronic diseases such as diabetes and infectious diseases notably including HIV and COVID-19 is creating enormous revenue potential for firms in the rapid test market. The lucrative demand is fueled by the growing demand for tests in hospital settings.
- Advancements in Immunoassay Methods to Bolster Revenue Potential: Immunoassays present large value-grab opportunities for firms in the rapid test market. They are widely adopted for testing for HIV, Lyme disease, and viral hepatitis. Advancements in immunoassay technologies will open up new revenue streams. The segment held the major market share in 2021.
- At-Home Tests Underpins Enormous Opportunities: Leading players in the rapid test market are focused on capturing new value propositions by developing and commercializing at-home tests or over-the-counter tests. Moreover, the rise in demand for immunoassay tests for assisting clinicians in treatment planning is generating new revenue streams.
Rapid Test Market: Key Drivers
- The high prevalence of infectious diseases is a key driver for the need for easy-to-use and affordable in-vitro tests, thus propelling the expansion of the rapid test market. Emerging direct-to-consumer distribution approaches in diagnostics are expanding the canvas for market players.
- Continuous focus on improving the sensitivity and accuracy of point-of-care (POC) tests is generating lucrative demand for products in the rapid test market
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Rapid Test Market: Regional Growth Dynamics
- North America is expected to hold a leading share of the global rapid test market during the forecast period. Massive commercialization of products and a rise in awareness about POC tests for infectious diseases have invigorated revenue generation in the regional market.
- Opportunities in the Asia Pacific market are projected to expand at a promising pace during the forecast period. The rise in spending on the treatment of infectious diseases and the rapidly aging population is favorable demographic factors fueling the prospects of the Asia Pacific rapid test market.
Rapid Test Market Competition Landscape
Key players are leaning on a mix of competitive strategies to consolidate their shares in the rapid test market. These included entering into partnerships, mergers and acquisitions, and constant product innovations.
Some of the key players in the market are
- OraSure Technologies,
- Meridian Bioscience Inc.,
- QuidelOrtho,
- PerkinElmer, Inc.,
- Bio-Rad Laboratories, Inc.,
- Thermo Fisher Scientific, Inc,
- Danaher Corporation,
- F. Hoffmann-La Roche Ltd.,
- Becton,
- Dickinson and Company,
- Hologic, Inc., and Abbott Laboratories
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Rapid Test Market Segmentation
Type
- Laboratory Rapid Test
- Over-the-counter/Home-use Rapid Test
Technology
- Immunoassay
- Chromatography
- Spectroscopy
- PCR
- Others
Application
- COVID-19 Test
- Infectious Disease
- Influenza
- Malaria
- Dengue
- HIV
- Others
- Glucose Test
- Pregnancy Test
- Cholesterol Test
- Others
End-user
- Hospitals
- Home Care
- Diagnostic Centers
- Others
Countries
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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