Rapid Testing Kit Market to Value Approx. USD39 billion by 2027
Increasing incidences of infectious diseases and the rising need for convenient home testing kits for fast and accurate analysis have led to the rapid adoption of rapid test kits. In 2020, the global rapid test kit market was valued at USD23.44 billion in 2020 and is anticipated to grow at a significant CAGR of 8.14% through 2027. The coronavirus outbreak led to the exponential demand for rapid COVID-19 antigen testing kits for diagnosing and detecting the presence of the SARS-CoV2 virus. Governments across the world are taking initiatives to boost the application of rapid testing kits as an alternative to RT-PCR tests. Many major biotechnology and pharmaceutical companies are developing advanced rapid testing kits, which deliver prompt results. Besides, the growing need for pregnancy test kits and the increasing application of rapid test kits in the food industry to detect foodborne pathogens and ensure fast and effective real-time testing are some factors propelling the growth of the rapid test kit market.
Here are the kinds of rapid testing kits that are predominantly used across the world.
Infectious Disease Testing kits
Infectious diseases are expected to account for the largest share (approx. 30%) in the global rapid testing kit market. The growing prevalence of infectious diseases in developed and developing regions and the rising trend of preventing medicine are expected to influence the growth of the rapid testing kit market positively. Prevention and control efforts for COVID-19 and the introduction of at-home testing kits by the market players are contributing to the increased adoption of COVID-19 antigen testing kits, supporting the market growth. Besides, the rising prevalence of HIV/AIDS, tuberculosis, Hepatitis, etc., are expected to support the adoption of the rapid testing kits market.
Drug Testing Kits
According to statistics, around 1 in every 18 people abuse drugs at some point in their lives. As an increasing number of people are consuming alcohol and drugs, governments across the world are implementing strict laws mandating drug and alcohol testing, which is attributing to the rapid adoption of drug testing kits. Although most of the kits are used by hospitals, clinics, and research institutions, many businesses are also opting for them to ensure their employees are operating in a safe working environment. Pre-employment drug screening has become mandatory in many organizations to keep the workplace free from drug users, abusers, and suppliers. The easy availability of drug testing kits by leading brands has also contributed to the growth of the rapid testing kits market.
Pregnancy Testing Kits
In 2021, pregnancy & fertility test kits accounted for 16.34% of the global rapid testing kit market. Increased awareness about pregnancy testing kits and technological developments in gynecology contribute to the rapid testing kit market growth. Besides, ease of availability and accessibility of home-based pregnancy test kits across online and offline channels, and the rising number of female populations are attributed to the market growth. The introduction of new and advanced pregnancy testing kits, growing fertility disorders, and an increase in demand for self-sufficiency testing kits are anticipated to fuel the growth of the rapid testing kits market in the coming years. According to TechSci Research report on “Rapid Test Kit Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027 Segmented By Type (Rapid Antigen Test v/s Rapid Antibody Test), By Product Type (Over-the-counter {OTC} Rapid Test Kit v/s Professional Rapid Test Kit), By Technology (Lateral Flow Assays, Solid Phase, Agglutination, Immunospot Assay), By Duration (Less than 30 Minutes, Less than 10 Minutes, Less than 1 Hour, 1 Hour – 2 Hour, Others), By Application (Infectious Disease, Glucose Monitoring, Pregnancy & Fertility, Toxicology, Cardiology, Oncology, Others), By End User (Hospitals & Clinics, Home Care, Diagnostic Centers, Others), By Region”, the global rapid testing kit market is expected to register growth at a significant rate of approx. 8.2% during the forecast period. The market growth can be attributed to the rising prevalence of infectious diseases and rising demand for test kits for the diagnosis of COVID-19.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com
