Rapid Tests Market: Current Analysis and Forecast (2021-2027)
Rapid tests are parasite-based diagnosis tests in cases where microscopy is not possible. These tests are designed to be used in point-of-care (POC) and are adapted for use in low-resource setting. Rapid tests are low-cost, simple to use, specific, sensitive, stable, and high temperatures. These tests are being used for a variety of diseases.
Rapid Tests can be used in settings with minimally trained healthcare professionals, additionally, the samples can be collected non-invasively or with low invasion such as blood extraction from capillaries. There are a variety of platforms for rapid tests, each with their own benefits and limitations. Mechanism of these tests are usually based on immunoassay technology, where a fixed reagent can react with the target antigen or antibody and is linked to some type of a visible detector which then reacts to the sample of the patient. In addition to their use as diagnostic tools, rapid tests can also be used as epidemiological tools. It enables the rapid screening of a potentially affected population and can be used with lymphatic filariasis to test if a mass drug administration has been successful. Rapid tests are less necessary in diseases that can be syndromically identified, but it can also prevent over prescription of antibiotics.
Based on product type, the rapid tests market is segmented into Over the counter (OTC) Rapid Test Product, and Professional Rapid Test Product. Amongst product type, the professional rapid tests segment of the rapid tests market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027.
Based on application, the rapid tests market is segmented into Infectious Disease, Cardiology, Oncology, Pregnancy & Fertility, Toxicology, Glucose Monitoring, and Others. The infectious disease segment is further fragmented into HPV, Hepatitis, Influenza, Malaria, HIV, and Others. Amongst application, infectious diseases accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analyzed period.
Based on end-user, the rapid tests market is segmented into Hospital & Clinic, Diagnostic Laboratory, Home Care, and Others. The hospital & clinic segment generated revenue of US$ XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX billion by 2027F.
For a better understanding of the market adoption of Rapid Tests Industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Rapid Tests market on account of the increasing infectious diseases which are on the rise all over the world.
Some of the major players operating in the market include ACON Laboratories, Inc., Abbott Laboratories, Artron Laboratories Inc., Alfa Scientific Designs, Inc., Becton, Dickinson and Company, BTNX, Inc., bioMerieux SA, Cardinal Health, Bio-Rad Laboratories, Inc., Danaher Corporation. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.