The global rapid test market is anticipated to grow at a considerable CAGR of 8.2% during the forecast period (2024-2031). The increasing government initiatives for diagnosing infectious diseases owing to the growing prevalence of infectious diseases and the key developments by the market players. In order to monitor the infection rate of specific pathogens, infection monitoring and surveillance programs have grown over the past few several years. Rapid diagnostic assays are used in these programs to identify and confirm infections. As a result, it is anticipated that these programs would raise demand for quick diagnostic tests, which will probably propel the market expansion. Early and prompt detection of infectious diseases is critical for vector control measures as well as driving disease surveillance programs.
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Rapid test kits, with their convenient accessibility and short turnaround times for results, are being used more and more to monitor newly developing illnesses. For instance, in February 2021, the Centers for Disease Control and Prevention (CDC), recorded 7,860 cases of tuberculosis (TB) in the US. Furthermore, while microscopy and culture remain essential for TB laboratory diagnosis, the spectrum of rapid diagnostic test kits, particularly the Nucleic Acid Amplification Test (NAAT), has greatly expanded. Furthermore, in 2021, the World Health Organization (WHO) recommended the use of molecular NAATs for TB detection instead of smear microscopy since they detect Tuberculosis more accurately, especially in patients with paucibacillary and persons living with HIV. They are becoming more widely available for detecting mycobacterium tuberculosis complex in clinical specimens and for diagnosing multi-drug resistant strains.
Many government initiatives were started during COVID-19 which has positively impacted the market. Acts respecting certain measures related to COVID-19 took place in almost every country around the globe. For instance, in December, 2021, Government of Canada introduced legislation to increase access to rapid testing across the country. For which, the Government has proposed $1.7 billion to increase access to COVID-19 rapid testing for everyone in Canada. It has also provided around $3.0 billion via the Safe Restart Agreement (SRA) to provinces and territories to increase capacity of conducting polymerase chain reaction (PCR) testing.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Product
o By Technology
o By Application
o By End-Users
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includes Thermo Fisher Scientific Inc., ACON Laboratories, Inc., and Abbott Laboratories, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Rapid Test Market Report Segment
By Product
- Laboratory Rapid Test
- Over-the-Counter (OTC) Rapid Test
By Technology
- Immunoassay
- Chromatography
- Spectroscopy
- Polymerase Chain Reaction (PCR)
By Application
- Infectious Disease
- Pregnancy Test
- Glucose Test
- Others (Cholesterol test, Diabetes)
By End-Users
- Hospitals & Clinics
- Diagnostic Laboratories
- Home Care
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Global Rapid Test Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
· Alfa Scientific Designs Inc.
· Artron Laboratories Inc
· BioMerieux
· BTNX Inc.
· Cenogenics Corporation
· Cepheid
· Danaher Corporation
· DiaSorin S.p.A
· F. Hoffmann-La Roche Ltd
· HemoCue America
· Hologic, Inc.
· Meridian Bioscience, Inc.
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