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Global Rapid Test Kit Market - Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2016-2026 Segmented By Type, By Product Type, By Technology, By Duration, By Application, By End User, By Region

Global Rapid Test Kit Market - Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2016-2026 Segmented By Type, By Product Type, By Technology, By Duration, By Application, By End User, By Region

  • November 2021
  • 287 pages
  • ID: 6010438
  • Format: PDF
  • TechSci Research

Summary

Table of Contents

Global Rapid Test Kit Market - Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2016-2026
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


Global rapid test kit market stood at USD23.44 Billion in 2020 and is expected to grow at a steady CAGR of 8.14% during the forecast period. This can be attributed to the growing prevalence of various infectious and non-infectious diseases worldwide. Additionally, the sudden outbreak and spread of pandemic COVID-19 has led to an increase in demand for rapid test kits being used for the diagnosis of COVID-19. This in turn has fueled the market growth in 2020. Additionally, growing diabetic population globally requiring monitoring of sugar levels to manage the disease is further expected to support the market growth during the forecast period. Besides, growing awareness pertaining to maintaining a healthy lifestyle and disease prevention and maintenance among the population worldwide has led to an increase in demand for self-diagnostics, thereby supporting the market growth over the next few years. Also, flourishing healthcare industry and increasing healthcare expenditure by both the governments and population across the globe is expected to foster the market growth during the forecast period.
Sudden Outbreak & Spread of COVID-19 Driving Market Growth
The growing number of people infected by the virus significantly changed the scenario of medical care across the world.Various healthcare companies, institutions and governments launched several COVID-19 rapid test kits.

For instance, in December 2020, Cipla Limited entered into a partnership with Premier Medical Corporation for commercialization of the rapid antigen test kits to detect COVID-19 within 15-20 minutes. Also, many governments across the globe such as the Government of United Kingdom launched country wide COVID-19 testing programs using rapid test kits.
Growing Preference of Home Healthcare Supporting Market Growth
The imposition of strict lockdown and restrictions on movements due to the spread of pandemic COVID-19 worldwide along with the fear of virus spread and catching the infection made population across the globe to shift towards home based healthcare.People avoided visiting healthcare facilities such as hospitals & clinics, diagnostic centers among others and rather preferred using rapid test kits at home for glucose monitoring, pregnancy/fertility testing, etc.

People also started using rapid antigen and antibody kits for COVID-19 testing at their homes, thereby positively influencing the market growth.
Growing Geriatric Population Aids Market Growth
According to the United Nations Department of Economic and Social Affairs, Population Division, the number of persons aged 65 years or above was 702.9 million. This number is expected to grow by 120% and reach 1548.9 million by 2050. The growing geriatric population (population aged 65 or above) is susceptible to various kinds of diseases both communicable and non-communicable, which is expected to positively influence the growth of global rapid test kit market.
Increasing Healthcare Expenditure to Support Market Growth
The growing healthcare expenditure across different countries globally is expected to improve the existing healthcare and medical devices market.This in turn, is expected to influence the market growth through 2026 positively.

According to the WHO, the global healthcare expenditure in 2018 stood around USD8.3 trillion which was about 10% of the global economy and it is expected to increase significantly in the coming years. However, the sudden outbreak and spread of the COVID-19 pandemic increased the demand for healthcare services, but the expenditure on lifestyle and other diseases across countries reduced. This expenditure is expected to increase in the coming years because of growing demand for other healthcare services and medical devices, thereby opening opportunities for global rapid test kits market.
Market Segmentation
The global rapid test kit market is segmented based on type, product type, technology, duration, application, end user, company and regional distribution.Based on type, the market can be split into rapid antigen test and rapid antibody test.

On the basis of product type the market can be divided into over-the-counter (OTC) rapid test and professional rapid test kit.In terms of technology, the market can be categorized into lateral flow assay, solid phase, agglutination and immunospot assay.

By duration, the market can be fragmented into less than 30 minutes, less than 10 minutes, less than 1 hour, 1hour-2hour and others.Based on application, the market can be fragmented into infectious disease, glucose monitoring, pregnancy & fertility, toxicology, cardiology, oncology, and others.

Based on end user, the market can be segmented into hospitals & clinics, home care, diagnostic centers, and others.
Company Profiles
F. Hoffmann-La Roche AG, Abbott Laboratories, Ltd., Danaher Corporation, Becton, Dickinson and Company, PerkinElmer, Inc., Siemens Healthineers AG, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., OraSure Technologies, Inc., Biomerieux Inc., ACON Laboratories, Inc., Cellex, Inc., MyMD Pharmaceuticals Inc., Luminex Corporation, Eurofins Scientific SE, are among the major market players in the global rapid test kit market.

Report Scope:

In this report, global rapid test kit market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Rapid Test Kit Market, By Type:
o Rapid Antigen Test
o Rapid Antibody Test
• Rapid Test Kit Market, By Product Type:
o Over-the-counter (OTC) Rapid Test Kit
o Professional Rapid Test Kit
• Rapid Test Kit Market, By Technology:
o Lateral Flow Assays
o Solid Phase
o Agglutination
o Immunospot Assay
• Rapid Test Kit Market, By Duration:
o Less than 30 minutes
o Less than 10 minutes
o Less than 1 Hour
o 1 Hour- 2 Hour
o Others
• Rapid Test Kit Market, By Application:
o Infectious Disease
o Glucose Monitoring
o Pregnancy and Fertility
o Toxicology
o Cardiology
o Oncology
o Others
• Rapid Test Kit Market, By End User:
o Hospitals & Clinics
o Home Care
o Diagnostic Centers
o Others
• Rapid Test Kit Market, By Region:
o North America
United States
Canada
Mexico
o Europe
France
Germany
United Kingdom
Italy
Spain
o Asia-Pacific
China
Japan
India
South Korea
Australia
o South America
Brazil
Argentina
Colombia
o Middle East & Africa
South Africa
Saudi Arabia
UAE
Kuwait

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global rapid test kit market.

Available Customizations:

With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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