The global rapid test kit market size is expected to reach USD 26.55 Billion in 2030 and register a revenue CAGR of 7.3% over the forecast period, according to latest report by Reports and Data. Increasing prevalence of various infectious diseases is driving rapid testing kit market revenue growth. Use of rapid test kits in the food industry to detect foodborne pathogens and ensure faster and effective real-time food testing is also expected to boost market revenue.
Governments across the world are taking initiatives to boost mandatory testing. In January 2022, the US Government announced the purchase of one billion rapid test kits, which aims to promote testing capacity and mitigate the spread of COVID-19 throughout the country. Steady increase in the number of testing centers approved by the government and increase in the number of private points of care centers is driving the rapid test kit market revenue growth.
Moreover, the use of advanced technologies in these kits are immunoassay or chromatography based, which delivers prompt results. The demand for such rapid test kits has grown significantly. Governments of most countries have implemented stringent pathogen testing to reduce the spread of COVID-19. Medical firms, mostly diagnostic service providers, are establishing positions in the rapid test kit industry, which is expected to drive global market revenue growth during the forecast period.
However, failing to eradicate the need for microscopy for more accurate results and lack of awareness of the newer and advanced rapid test kits among the population are factors challenging growth of rapid test kits market revenue growth. Moreover, many 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 in the case of children and pets.
Some Key Highlights in the Report:
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Increased adoption of convenient home testing kits with fast and accurate results is driving rapid test kits market revenue growth – Our Expert Opinion
Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
Abbott, Thermo Fisher Scientific, Ray Biotech Life, Inc., OraSure Technologies, BioMedomics Inc., CTK Biotech, Inc., AlphaBiolabs Ltd., GeneMatrix Inc., Seegene Inc., and Beijing Tigsun Diagnostics Co. Ltd.
Rapid Test Kit Market Segmentation:
Test type Outlook (Revenue, USD Billion; 2019–2030)
Kit type Outlook (Revenue, USD Billion; 2019–2030)
Technology Outlook (Revenue, USD Billion; 2019–2030)
Application Outlook (Revenue, USD Billion; 2019–2030)
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