PUBLISHER: Orion Market Research | PRODUCT CODE: 1483051
PUBLISHER: Orion Market Research | PRODUCT CODE: 1483051
Rapid Test Market Size, Share & Trends Analysis Report by Product (Laboratory Rapid Test and Over-the-counter (OTC) Rapid Test), by Technology (Immunoassay, Chromatography, Spectroscopy, and Polymerase Chain Reaction (PCR)), by Application (Infectious Disease, Pregnancy Test, Glucose Test, and Others), and by End-Users (Hospitals and Clinics, Diagnostic Laboratories, and Home Care), Forecast Period (2024-2031)
Rapid test market is anticipated to grow at a CAGR of 8.2% during the forecast period (2024-2031). The rising awareness regarding early and reliable diagnosis of disease, prevalence of infectious diseases, introduction of technologically advanced products and need for low cost as well as accurate diagnostic testing. Additionally, rapid tests provide accurate results in a short time and these benefits have led to a surge in adoption of rapid tests in point-of-care testing, wherein results are obtained on the same day which is boosting the market growth.
The global rapid test market is segmented by the product, technology, application, and end-users. Based on the product, the market is sub-segmented into laboratory rapid test and over-the-counter rapid test products. Based on the technology, the market is sub-segmented into immunoassay, chromatography, spectroscopy, and polymerase chain reaction. Based on the application, the market is sub-segmented into infectious disease, pregnancy test, glucose test and others. Further, based on end-users, the market is sub-segmented into hospitals and clinics, diagnostic laboratories, and home care. Among the product, the laboratory rapid test sub-segment is anticipated to hold a considerable share of the market. Rapid laboratory testing can be done at the site of care, which includes clinics, hospitals, and medical offices. They are perfect for bulk population testing because they are affordable and easy to use.
Among the application, the infectious disease sub-segment is expected to hold a considerable share of the global rapid test market. The COVID-19 positively impacted the rapid diagnostics market. For instance, in April 2021, the Federal Government of Germany made it mandatory for employers in Germany to offer free COVID-19 self-testing kits to all employees who do not exclusively work from home. Furthermore, in March 2022, Brain Chemistry Labs, a non-profit research institute, and Arlington Scientific, announced the development of an easy-to-use rapid test kit. This kit will detect the presence of B-methylamino-L-Alanine (BMAA), a toxin in cyanobacterial blooms, which causes a fatal paralytic disease called Amyotrophic Lateral Sclerosis (ALS). Thus, such developments, the penetration of rapid diagnostic assays is expected to increase further, driving the market's growth. According to the World Health Organization (WHO), globally, 3.1 billion rapid diagnostic tests (RDTs) for malaria were sold by manufacturers in 2010-2020, with almost 81% of these sales being in sub-Saharan African countries. In the same period, National Malaria Programme (NMPs) distributed 2.2 billion RDT. In 2020, 419 million RDTs were sold by manufacturers and 275 million were distributed by NMPs. There were an estimated 241 million malaria cases and 627,000 malaria deaths globally in 2020. This represents about 14 million more cases in 2020 compared to 2019, and 69000 more deaths.
The global Rapid test market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to increase in disposable incomes, high population base, and growth in awareness about advance rapid tests. Additionally, the rapid test market is growing due to an increase in R&D spending in developing nations such as India, and China.
Global Rapid Test Market Growth, by Region 2024-2031
Source: OMR Analysis
Among all regions, the North American region is anticipated to grow at a considerable CAGR over the forecast period. The high prevalence of chronic and infectious diseases, high investments in the research and diagnosis of infectious diseases and recent development by the market players. Apart from this rising construction of hospitals and specialized clinics to offer effective healthcare solutions. And increasing healthcare expenditure among the masses is contributing to the growth of the market. Disease such as cancer if diagnosed early can be treated easily. Early cancer detection increases the probability of successful treatment. Many obstacles to the early diagnosis of cancer may be addressed by this quick and affordable test, particularly in patients who do not have specific symptoms that lead research to target a particular organ. According to American Cancer Society, over 18 million Americans were reported to have cancer in 2022. They stated that over 1.9 million new cancer cases are estimated to be diagnosed in the US in 2023.
The rise in HIV diagnosis in North America has also led to an increase in use of rapid test kits. A rapid HIV self-test uses a sample of fluid from mouth to check for antibodies to HIV. According to the Food and Drug Administration (FDA), the OraQuick in-home HIV test measured at about 92 percent accuracy at detecting HIV. About 1 out of 5,000 people test positive when they don't have HIV. Men continue to be heavily affected by HIV, accounting for 79% of new HIV diagnoses in 2021.
Differences in HIV Diagnoses by Gender in US, among people aged 13 and older, 2021
Source: Centers for Disease Control and Prevention (CDC)
The major companies serving the global rapid test market include Thermo Fisher Scientific Inc., ACON Laboratories, Inc., Abbott Laboratories, F. Hoffmann-La Roche Ltd, Alfa Scientific Designs Inc., Becton, Dickinson and Company, and BioMerieux, among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in August 2022, Becton, Dickinson and Co. (BD) Accelerate Diagnostics, announced commercial collaboration. Under the collaboration, BD will provide Accelerate's rapid testing solutions for antibiotic resistance and susceptibility. The tests are said to provide results within hours, while traditional laboratory methods take one to two days for results. BD will market the Accelerate Pheno system and Accelerate Arc module and related test kits through its global network, where the products have been approved for use.