APAC to Witness Robust Growth in Rapid Test Kit Market until 2025
Growing demand for personalized care to drive the growth of
global rapid test kit market
According
to TechSci Research report, “Global Rapid
Test Kit Market 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, Flow Through, Agglutination,
Immunospot Assay, Immunochromatographic Assay, Solid Phase), By Duration (Less
than 10 minutes, Less than 30 minutes, Less than 1 hour, 1 hour-2 hour,
Others), By Application (Infectious Disease, Cardiology, Oncology, Pregnancy
& Fertility, Toxicology, Glucose Monitoring, Others), By End Users
(Hospitals & Clinics, Diagnostic Centers, Public Health Labs, Private or
Commercial Labs, Physician Labs, Home Care, Others), By Region, Forecast &
Opportunities, 2025”, the global rapid test kit market
is expected to grow at a formidable rate during the forecast period on account
of the widespread adoption of these kits across major healthcare facilities.
Additionally, growing popularity of preliminary screening procedures is further
expected to propel the market growth through 2025. Furthermore, growing
prevalence of different diseases has led to an increase in demand for
diagnostic tests, thereby fueling the market growth over the next few years. Besides,
increasing healthcare costs are further expected to increase the demand for
affordable rapid testing procedures. Also, increasing use of rapid test kits in
food & beverage industry for food testing applications and prevention of
food borne diseases, is further expected to spur the market growth. Moreover,
increasing investment on R&D and new product launches by the major
biotechnology and pharmaceutical giants is expected to create lucrative
opportunities for the market growth. Also, dynamic marketing and advertising
policies followed by major market players, especially for glucose monitoring
and pregnancy kits, is further expected to drive the market growth. However,
stringent regulatory norms for the approval of test kits might hamper the
market growth through 2025. Also, sometimes a few test kits are called back
since they deliver false results. This is also expected to restrict the market
growth during the forecast period. Furthermore, lack of awareness especially in
the emerging world might further impede the market growth. Additionally, these
are good for preliminary screening or tests but cannot be completely relied
upon. Hence, confirmatory or secondary tests are required after using rapid
test kits.
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The global rapid test kit market is segmented based on type, product
type, technology, duration, application, end users, company and region. Based on product type, the marker can be split into
over-the-counter (OTC) rapid test kit and professional rapid test kit. Among these, the over-the-counter (OTC) rapid test kit segment is
expected to grow significantly through 2025 due to the growing prevalence of
chronic diseases such as diabetes. Based
on application, the market can be fragmented into infectious disease,
cardiology, oncology, pregnancy & fertility, toxicology, glucose
monitoring, and others. Here, the infectious disease segment is further
categorized into COVID-19, SERS, MERS, influenza, flu and others. Among these,
the infectious disease segment is expected to dominate the market owing to the
widespread use of these kits in preliminary screening of various infectious
diseases such as hepatitis, HIV, among others. Furthermore, sudden outbreak of
pandemic novel coronavirus disease has increased the demand for rapid test kits
for screening and identifying the positive and suspected coronavirus cases.
Roche Diagnostics, Abbott Laboratories, Siemens Healthcare, Global
BioDiagnostics Corporation, Becton, Dickinson, and Company, Bio-Rad
Laboratories, Inc., Cepheid, Inc., Eurofins, Luminex Corporation, PerkinElmer,
Cellex Inc, Merieux NutriSciences, Qiagen Company, Mesa Biotech, BioFire
Diagnostics and others are some of the leading players operating in global rapid
test kit market. The companies operating in the market are using organic
strategies such as product launches, mergers and collaborations to boost their
share.
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“Asia-Pacific
is expected to register the highest growth in the global rapid test kits market
owing to the increasing patient pool in the region suffering from various
chronic and infectious diseases. Additionally, increasing healthcare awareness
has led to an increase in the R&D activities especially in countries such
as China, India and Japan. Furthermore, increasing international trade is
expected to create lucrative opportunities for the market growth. Also, major
market players are expanding their facilities in the region owing to the
availability of low cost manufacturing and labor, thereby creating more growth
opportunities in the region.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global Rapid Test Kit Market 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,
Flow Through, Agglutination, Immunospot Assay, Immunochromatographic Assay,
Solid Phase), By Duration (Less than 10 minutes, Less than 30 minutes, Less
than 1 hour, 1 hour-2 hour, Others), By Application (Infectious Disease,
Cardiology, Oncology, Pregnancy & Fertility, Toxicology, Glucose Monitoring,
Others), By End Users (Hospitals & Clinics, Diagnostic Centers, Public
Health Labs, Private or Commercial Labs, Physician Labs, Home Care, Others), By
Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global rapid
test kit market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global rapid test kit market.
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