Rapid Test Kit Market Forecast Report 2020 – 2027
The rising number of government initiatives and the widespread outbreak of the coronavirus are the key drivers that are contributing to the growth of the rapid test kit market.
The significant factors boosting the growth of the rapid test kit market include the growing number of government initiatives on various research studies, the increasing need for fast detection of diseases, and the rising number of COVID-19 patients at the global level. The global pandemic COVID-19 is affecting the overall population of the world. The number of COVID-19 patients is drastically increased, which in turn, is generating a strong demand for rapid test kits in the market. Rapid test kits help in the initial diagnosis of the disease and offer accurate results, which play an essential role in the treatment of patients.
According to the rapid test kit market report, various developing economies such as India are emphasizing on the development of rapid test kits to detect the COVID-19 virus to eliminate the spread of the virus. The National Institute of Virology (NIV) in India has developed an indigenous antibody detection kit for COVID-19. The test kit will be able to test more than 85 samples in a single run of more than 2 hours. This factor will help healthcare professionals to proceed with the next steps of the treatment. All these factors are responsible for the expansion of the rapid test kit market size in the coming years.
On the basis of the technology, the lateral flow technology segment is projected to witness a faster CAGR during the forecast period. This technology is often used in the animal health industry for monitoring various health conditions such as fertility, equine pregnancy, infectious diseases, and others. Hence, the strong demand for veterinary test kits among individuals for pets is surging the growth of the segment.
Based on the application, the hospitals and clinics testing segment is anticipated to witness considerable growth in the next six years. This is attributed to the growing number of chronic diseases across the globe, which in turn, is generating an upsurge in demand for test kits to reduce the diagnosis time. Furthermore, the home test kits segment is expected to experience substantial growth during the forecast period. Home test kits are convenient for patients to use at home for rapid diagnosis, which helps in saving costs and time invested in testing laboratories. The combination of these factors is strengthening the growth of the segment.
On the basis of the region, the North American region is predicted to be the fastest growing region in the rapid test kit market in the next six years. This is due to the growing number of COVID-19 cases in this region and the large presence of advanced healthcare infrastructure. In contrast, the Asia-pacific region is expected to grow at a higher CAGR during the forecast period owing to the increasing number of populations in countries such as India and China. These countries have a large number of patients with untreated medical conditions, which surges the demand for rapid test kits in the region.
The key players of the rapid test kit market include Alfa Scientific Designs Inc., Creative Diagnostics, Artron Laboratories Inc., Becton, Dickinson and Company, ACON Laboratories, Inc., Abbott Laboratories Inc, BTNX Inc., Meridian Bioscience Inc., and F. Hoffmann-La Roche Ltd., among others.
The research report on the rapid test kit market provides an in-depth analysis of the market revenue based on technology, product type, duration, type, application, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.