Dublin, March 13, 2023 (GLOBE NEWSWIRE) -- The "Rapid Tests Market Size, Share & Trends Analysis Report By Product (Instruments, Consumables), By Technology (Immunoassay, Molecular Diagnostics), By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global rapid tests market size is expected to reach USD 2.50 billion by 2030, registering a CAGR of 8.6% from 2023 to 2030.
Companies Mentioned
- Abbott
- BD (Becton, Dickinson and Company)
- bioMerieux SA
- DiaSorin S.p.A.
- Danaher Corporation
- Thermo Fisher Scientific, Inc.
- F. Hoffmann - La Roche Ltd
Increase in aging population, rising prevalence of target diseases, and growing demand for point of care facilities are the key factors driving the rapid diagnostics space growth. In addition, the launch of technologically advanced products is further boosting this space.
Rapid diagnostics play an important role in disease testing by rendering quick and effective results. The growing prevalence of infectious diseases like sepsis and respiratory diseases, such as tuberculosis and influenza, is expected to drive the market during the forecast period. According to WHO, tuberculosis is among the top 10 causes of death globally; about 10.0 million new cases of tuberculosis were recorded in 2021, accounting for approximately 1.4 million deaths.
Moreover, as per World Health Organization (WHO), around 50.0 million people are estimated to be affected by sepsis every year. Furthermore, the rise in drug-resistant infections is another impact-rendering driver of market growth. Therefore, the rising burden of such diseases is increasing the demand for diagnostics and fueling the rapid tests market.
The space is witnessing rapid technological advancements to obtain low-cost, improved accuracy, and highly portable products. Companies such as Roche Diagnostics and Abbott Laboratories have introduced portable products that are user-friendly and therefore can be easily adopted by patients. Moreover, innovative product launches in the market are also due to the rising number of R&D and partnership programs by industry players.
For instance, in April 2021, Chembio Diagnostics, Inc. introduced a rapid point-of-care COVID-19/Flu A&B test in the U.S. market. This product is approved for laboratory use along with a CLIA-waived license, which is suitable for differentiating between influenza and COVID-19 in a shorter turnaround time in traditional & decentralized settings.
Key market players are strategically taking initiatives such as launching novel products, facility expansions, and mergers and acquisitions, which are further driving the rapid diagnostics space growth.
For instance, in July 2022, Cytovale announced 510(k) pending for its rapid sepsis risk stratification test, IntelliSep, which can produce results in 10 minutes. Moreover, in April 2022, bioMerieux announced the acquisition of Specific Diagnostics. Through this acquisition, bioMerieux is expected to gain the advantage of Specific Diagnostics' rapid Antimicrobial Susceptibility Test (AST) system.
Rapid Tests Market Report Highlights
- By product, the consumables segment dominated the market in 2022, with a revenue share of 68.08%. Growing demand for the testing of upper respiratory diseases and commercialization of a number of PoC assays are some of the key factors driving the segment
- In 2022, immunoassay dominated the space with a 52.45% share in the technology segment. Immunoassays typically have high product penetration as they offer higher testing efficacy and accuracy. However, the molecular diagnostics segment is expected to witness the fastest growth during the forecast period
- In 2022, by application, the upper respiratory tract infections segment dominated the space, due to the increase in product approvals and high incidences of infectious diseases that affect the lungs. However, the antibiotic-resistant infections segment is expected to exhibit the fastest growth during the forecast period
- Based on end-use, hospitals and clinics are well-established segments that have contributed significantly to revenue in 2022. However, the at-home setting is a lucrative segment owing to the cost-effectiveness and comfort level of POCT provided to patients at home
- By region, North America had the highest revenue share in the global rapid tests market in 2022. However, Asia Pacific is expected to be the fastest-growing region during the forecast period
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 110 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $1.4 Billion |
| Forecasted Market Value (USD) by 2030 | $2.5 Billion |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Rapid Tests Diagnostics Market Variables, Trends, And Scope
3.1 Market Lineage Outlook
3.1.1 Parent Market Outlook
3.2 Penetration And Growth Prospect Mapping
3.3 Regulatory And Reimbursement Framework
3.4 Market Driver Analysis
3.4.1 Increasing Adoption Of Self - Testing & Point - Of - Care Products, And Introduction Of CLIA Waived Tests
3.4.2 Growing Geriatric Population Base
3.4.3 Introduction Of Advance Technology Enabled Products
3.4.4 Growing Prevalence Of Target Diseases
3.5 Market Restraint Analysis
3.5.1 Presence Of Ambiguous Regulatory And Reimbursement Framework For Primary Care Setting
3.5.2 Rapid Tests Sensitivity And Accuracy
3.6 Industry Analysis - Porter's
3.7 Barriers To Entry
3.8 PESTLE Analysis, By Factor (Political & Legal, Economic, And Technological)
3.9 Market Entry Strategies
Chapter 4 Rapid Tests Market: Segment Analysis, By Product, 2018 - 2030 (USD Million)
4.1 Rapid Tests Market: Product Movement Analysis
4.2 Instruments
4.2.1 Instruments Market, 2018 - 2030 (USD Million)
4.3 Consumables
4.3.1 Consumables Market, 2018 - 2030 (USD Million)
4.4 Others
4.4.1 Others Market, 2018 - 2030 (USD Million)
Chapter 5 Rapid Tests Market: Segment Analysis, By Technology, 2018 - 2030 (USD Million)
5.1 Rapid Tests Market: Technology Movement Analysis
5.2 Molecular Diagnostics
5.2.1 Molecular Diagnostics Market, 2018 - 2030 (USD Million)
5.3 Immunoassay
5.3.1 Immunoassay Market, 2018 - 2030 (USD Million)
5.4 Others
5.4.1 Others Market, 2018 - 2030 (USD Million)
Chapter 6 Rapid Tests Market: Segment Analysis, By Application Type, 2018 - 2030 (USD Million)
6.1 Rapid Tests Market: Application Type Movement Analysis
6.2 Upper Respiratory Tract Infections
6.2.1 Upper Respiratory Tract Infections Market, 2018 - 2030 (USD Million)
6.2.2 Influenza And Parainfluenza Virus
6.2.2.1 Influenza And Parainfluenza Virus Market, 2018 - 2030 (USD Million)
6.2.3 Respiratory Syncytial Virus
6.2.3.1 Respiratory Syncytial Virus Market, 2018 - 2030 (USD Million)
6.2.4 Streptococcus
6.2.4.1 Streptococcus Market, 2018 - 2030 (USD Million)
6.3 Antibiotic - Resistant Infections (MRSA, Streptococcus Pneumonia, And Others)
6.3.1 Antibiotic - Resistant Infections (MRSA, Streptococcus Pneumoniae, And Others) Market, 2018 - 2030 (USD Million)
6.4 Sepsis
6.4.1 Sepsis Market, 2018 - 2030 (USD Million)
6.4.1.1 Bacterial Sepsis
6.4.1.1.1 Bacterial Sepsis Market, 2018 - 2030 (USD Million)
6.4.1.2 Fungal Sepsis
6.4.1.2.1 Fungal Sepsis Market, 2018 - 2030 (USD Million)
6.4.1.3 Others
6.4.1.3.1 Others Market, 2018 - 2030 (USD Million)
Chapter 7 Rapid Tests Market: Segment Analysis, By End - Use, 2018 - 2030 (USD Million)
7.1 Rapid Tests Market: End - Use Movement Analysis
7.2 Hospitals & Clinics
7.2.1 Hospitals & Clinics Market, 2018 - 2030 (USD Million)
7.3 Laboratories
7.3.1 Laboratories Market, 2018 - 2030 (USD Million)
7.4 At - Home Testing And Others
7.4.1 At - Home Testing And Others Market, 2018 - 2030 (USD Million)
Chapter 8 Rapid Tests Market: Segment Analysis, By Region, 2018 - 2030 (USD Million)
Chapter 9 Rapid tests market: Competitive Analysis
9.1 Recent Developments and Impact Analysis, by Key Market Participants
9.1.1 New Product Launches
9.1.2 Mergers and Acquisitions
9.1.3 Partnerships and Strategic Collaborations
9.1.4 Conferences and Campaigns
9.2 Company Categorization
9.2.1 Innovators
9.2.2 Market Leaders
9.3 Vendor Landscape
9.3.1 List of key distributors and channel partners
9.3.2 Key company market share analysis, 2022
9.4 Private Companies
9.4.1 List of key emerging companies
9.5 Public Companies
9.5.1 Company market position analysis
9.5.2 Competitive dashboard analysis
9.6 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/3zjpbr
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