Rapid Test Market Projected for Robust Growth: $28.51 Billion to $62.34 Billion by 2031

The Global Rapid Test Market was valued at US$ 28.51 billion in 2021 and is projected to advance at a robust CAGR of 8.0% during the forecast period from 2022 to 2031. By 2031, the market is anticipated to surpass a valuation of US$ 62.34 billion, driven by a rising prevalence of infectious diseases, advancements in diagnostic technologies, and increased awareness of early disease detection.

The growing need for quick, accurate, and low-cost diagnostic tools continues to fuel the adoption of rapid test kits across healthcare facilities globally. These kits offer numerous benefits, including high stability at elevated temperatures and expedited results, which are critical for point-of-care testing. Furthermore, the COVID-19 pandemic significantly boosted the demand for rapid diagnostic tests as healthcare systems worldwide sought to curb the spread of the virus. Despite these growth opportunities, challenges such as product recalls due to false positives may hinder market expansion.

Leading manufacturers are focusing on innovative diagnostic solutions, such as COVID-19-specific rapid test kits, while adopting direct-to-consumer distribution models to strengthen their revenue streams.

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Rapid Test Market: Introduction

Rapid tests are diagnostic tools that deliver results within 15–30 minutes, enabling effective disease screening and timely medical intervention. These non-automated procedures rely on in vitro diagnostic equipment and are particularly valuable in healthcare settings with limited resources. Rapid tests are utilized across various domains, including point-of-care testing, veterinary applications, and laboratory diagnostics.

Popular technologies in rapid testing include immunoassays, chromatography, spectroscopy, and polymerase chain reaction (PCR). Immunoassay techniques dominate the market due to their ability to detect antigens and specific biomarkers, aiding in treatment planning for diseases such as HIV, meningitis, and Lyme disease.

COVID-19 Impact on the Rapid Test Market

The COVID-19 pandemic positively influenced the rapid test market by highlighting the urgent need for accessible, scalable diagnostic solutions. As of August 2022, over 600 million infections and 6.4 million deaths were attributed to COVID-19, underscoring the importance of early detection and intervention. Rapid diagnostic kits played a vital role in mitigating the spread of the virus, with many market players reporting increased revenues during the pandemic's peak.

Governments and private players have since invested heavily in ramping up production capacity. For instance, the U.K.’s Moonshot Program allocated US$ 100 billion toward developing innovative COVID-19 rapid tests, accelerating market growth further.

Key Market Segments

Type: Laboratory and Home-use Tests

• Laboratory Rapid Tests held a dominant market share in 2021, owing to their ease of use and affordability in clinical settings such as hospitals and diagnostic centers.
• The over-the-counter (OTC)/home-use rapid test segment is projected to witness significant growth, driven by consumer demand for at-home COVID-19 diagnostic kits. These kits offer convenience and deliver results in under 20 minutes.

Technology: Immunoassay Takes Center Stage

• The immunoassay segment emerged as the largest contributor in 2021 due to its efficacy in diagnosing infectious diseases like viral hepatitis, HIV, and influenza.
• Other technologies, such as chromatography and PCR, also hold considerable promise in rapid testing applications for detecting nucleocapsid antigens and genetic material.

Application: COVID-19 Dominates Market Growth

• In 2021, the COVID-19 test segment led the market, driven by an unprecedented rise in infection rates worldwide. Efforts to maintain the availability of cost-effective diagnostic kits boosted this segment’s growth.
• Other significant applications include tests for infectious diseases, glucose monitoring, and pregnancy detection.

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Regional Insights

North America

North America dominated the rapid test market in 2021, attributed to a high level of awareness regarding infectious diseases, advanced healthcare infrastructure, and increasing expenditure on healthcare technologies.

Asia Pacific

Asia Pacific is projected to grow at the fastest CAGR during the forecast period. Factors such as rising incidences of infectious diseases, an aging population, and increased healthcare spending drive market growth in this region.

Competitive Landscape

Key players in the global rapid test market include:

• Abbott Laboratories
• Hologic, Inc.
• Becton, Dickinson and Company
• F. Hoffmann-La Roche Ltd.
• Danaher Corporation
• Thermo Fisher Scientific, Inc.

Recent developments:

• In December 2022, Roche secured FDA Emergency Use Authorization for its COVID-19 At-home Test, offering reliable results in 20 minutes.
• In June 2021, Abbott received the CE Mark for its Panbio COVID-19 Antigen Self-Test, expanding access to rapid self-testing across Europe.

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