Rapid Tests Market Size to Reach USD 22.4 Billion by 2032 - Increasing Prevalence of Various Infectious Diseases to Propel Growth, Says The Brainy Insights
Increased personal disposable income, rising toxicity incidents internationally, and rising living standards, particularly in developing nations, are the primary factors driving rapid tests market expansion. North America emerged as the largest market for the global Rapid Tests market, with a 37% share of the market revenue in 2022. Supportive government initiatives and an increase in awareness of the use of PoC & fast diagnostics for the detection of various ailments will also drive market growth.
Newark, March 01, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 14.9 Billion rapid tests market will reach USD 22.4 Billion by 2032. Rapid technology improvements are resulting in technologically advanced products with with enhanced accuracy, cost-effectiveness, and mobility, which will support market expansion in the future years. For instance, in July 2021, Abbott announced its COVID-19 home test kit in India at roughly USD 4.07, allowing it to target most of the country's population. Furthermore, in March 2021, BD was awarded an FDA EUA grant for a fast antigen test capable of detecting influenza A, influenza B, and SARS-CoV-2 in a single test. The development of smartphone applications, such as Roche Diagnostics' cobas infinity point-of-care, is also anticipated to impact the acceptance of POC molecular diagnostic products over the forecast period.
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These applications will help POC coordinators meet their needs and boost productivity by allowing them to complete tasks on their smartphones wherever they are. The COVID-19 epidemic has hastened a trend that has seen several major companies shift their attention in recent years to the commercialization of home-based self-testing kits. Such objects met therapeutic needs while promoting self-quarantine efforts despite government prohibitions. Abbott, for instance, offers tools like the COVID-19 and BinaxNOW Card rapid influenza tests that provide results at home in 15 minutes.
*Key Insight of the Rapid Tests Market**North America to account for the largest market size during the forecast period.*North America is expected to have the largest rapid tests market share. This is due to the region's well-established healthcare industry, strong government rules governing health safety standards, and increased infectious diseases.*Consumables dominated the market, with the largest market revenue of USD 5.87 Billion.*Consumables dominated the market, with the largest market revenue of USD 5.87 billion. Antibiotic-resistant infection is a major concern worldwide, driving the rising demand for consumer goods. Organizations are working hard to address the issue. In April 2021, for example, WHO added BD MAX's Molecular Multi-Drug Resistant Tuberculosis (MDR-TB) Assay in its moderate complexity automated NAAT MDx technology, which has been recognized for good accuracy in TB testing and is included in the revised TB diagnostic test recommendations.*Immunoassay accounted for the largest share of the market, with 31% and a market revenue of USD 4.6 Billion.*Immunoassay accounted for the largest share of the market, with 31% and a market revenue of USD 4.6 Billion. Rapid diagnosis based on the RSV immunoassay Next-generation lateral flow Digital Immunoassay (DIA) methods for qualitatively identifying RSV viral antigens includes Directigen, QuickVue, Sofia, and BD Veritor. The most used test is fast RSV antigen, in addition. RSV antigen testing is typically carried out locally, as in a doctor's office or an emergency room, with the majority of results being ready in less than an hour.*Upper Respiratory Tract Infections accounted for the largest share of the market, with 40.23% and a market revenue of USD 5.99 Billion.*Upper Respiratory Tract Infections accounted for the largest share of the market, with 40.23% and a market revenue of USD 5.99 Billion. This is attributed to the prevalence of contagious diseases. Furthermore, the industry is fuelled by developing novel fast diagnostics. Upper respiratory tract infections are associated with influenza, para-influenza viruses, the streptococcus family of pathogens, and the respiratory syncytial virus.*Hospitals accounted for the largest market share, with 62.23% and a market revenue of USD 9.27 Billion.*Hospitals accounted for the largest market share, with 62.23% and a market revenue of USD 9.27 Billion. It benefits healthcare workers by allowing the diagnosis system to approach the patient more effectively. Wireless connectivity and small devices can improve hospital-based point-of-care diagnostics by enabling single-level access throughout the hospital and promoting the market growth.*Market Dynamics:**Driver: Rising Demand in Developing Countries*The major driver driving the rapid tests market is the rising disposable income which increases the spending power of consumers, making them capable of purchasing rapid test kits for home use.*Restraint: Accuracy-related Issues*Rapid tests cannot always produce accurate results. This slows market growth and affects the efficiency of tests performed with quick test kits. User error might also have an impact on the outcome. Antigen testing does not have the same sensitivity as PCR-based tests. Antigen tests can detect only 80% of persons. Furthermore, due to a lack of sensitivity, a fast test kit cannot diagnose an illness or condition in most cases, affecting the market growth.*Opportunities: Rising Consumer Awareness*Increasing consumer awareness regarding the importance of keeping them healthy and monitoring the vitals of human body is providing an opportunity for the market’s growth. Furthermore, increasing infectious disorders among individuals will pave the way for market expansion.*Challenge: Lack of Awareness*During the forecast period, the market's expansion will be hampered by a lack of understanding about rapid diagnostic tests and technological and business changes. The difficulty of testing processes and a lack of standards impede industry growth.*Read 230-page market research report,"Rapid Tests Market Size By Product (Consumables, Instruments, and Others), By Technology (Molecular Diagnostics, Immunoassay, and Others), By Application (Sepsis, Upper Respiratory Tract Infections, and Antibiotic-Resistant Infection), By End-User, Regions, Global Industry Analysis, Share, Growth, and Trends. Forecast 2023 to 2032", published by The Brainy Insights**Some of the major players operating in the Rapid Tests market are:*● BD (Becton, Dickinson and Company)
● bioMérieux SA
● Thermo Fisher Scientific, Inc.
● F. Hoffmann-La Roche Ltd.
● Danaher Corporation
● DiaSorin S.P.A
● Abbott*Key Segments cover in the market:*By Product:● Consumables
● Instruments
● OthersBy Technology:● Molecular Diagnostics
● Immunoassay
● OthersBy Application:● Sepsis
● Upper Respiratory Tract Infections
● Antibiotic-Resistant InfectionBy End-User:● Laboratory
● HospitalsBy Region● North America (U.S., Canada, Mexico)
● Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
*Inquire or Share Your Questions If Any before Purchasing This Report – https://www.thebrainyinsights.com/enquiry/buying-inquiry/13313**About the report:*The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.*About The Brainy Insights:*The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.*Contact Us*Avinash D
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