Rapid Test Kit Market:
Growth Opportunities in the Rapid Test Kit Market look promising over the next six years. This is mainly due to the rising requirement for fast detection of diseases, the growing initiatives on different research studies, and the increasing number of COVID-19 patients.
Rapid Test Kit Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The rising requirement for fast detection of diseases, the growing initiatives on different research studies, and the increasing number of COVID-19 patients globally are the key drivers responsible for the growth of the rapid test kit market. The global pandemic COVID-19 is impacting the overall population of the world significantly. The rising number of COVID-19 patients continuously at a global level, which produces the demand for rapid test kits in the market. The continuous test kits aid in the initial diagnosis of the market and offer accurate results, which acts as an important part during the treatment of patients.
Emerging countries like India are emphasizing the development of rapid test kits to identify coronavirus to stop it from spreading. According to the National Institute of Virology (NIV) in India has developed an indigenous antibody detection kit for COVID-19. The test kid will be able to take the test of about 85 samples in a single run of more than 2 hours. This would aid healthcare professionals in proceeding with the next steps of the treatment.
Technology Segment Drivers
Based on technology, the market is segmented into the lateral flow, flow through the solid phase, and agglutination assays. The lateral flow technology is predicted to grow at a higher CAGR over the coming years as it is mainly utilized in the animal health sector for monitoring different health conditions like equine pregnancy, fertility, infectious diseases, and others. Thereby, the rising demand for veterinary test kits among people for pets is bolstering the market growth.
Application Segment Drivers
Based on the application, the market is segmented into home testing, hospitals and clinical testing, and veterinary testing. Hospitals and clinical testing is anticipated to dominate the market due to the growing number of chronic diseases across the globe, which produced the demand for test kits to decrease the diagnosis time. On the other hand, home test kits is expected to dominate the market in the coming years as they are convenient for patients to utilize at home for rapid diagnosis, which saves time and cost invested in testing laboratories, thus fuelling the market growth.
Rapid Test Kit Market’s leading Manufacturers:
- ACON Laboratories, Inc.
- Abbott Laboratories Inc
- Alfa Scientific Designs Inc.
- Artron Laboratories Inc.
- Becton
- Dickinson and Company
- BTNX Inc.
- Meridian Bioscience Inc.
- Creative Diagnostics
- Hoffmann-La Roche Ltd.
Rapid Test Kit Market Segmentation:
Segmentation by Technology:
- Flow Through
- Solid Phase
- Lateral Flow
- Agglutination Assays
- Others
Segmentation by Product Type:
- Over-the-counter (OTC) Rapid Test Kit
- Professional Rapid Test Kit
Segmentation by Duration:
- Less than 10 minutes
- Less than 30 minutes
- Less than 1 hour
- 1 hour-2 hour
- Others
Segmentation by Type:
- Rapid Antigen Test
- Rapid Antibody Test
Segmentation by Application:
- Hospitals and Clinical Testing
- Home Testing
- Veterinary Testing
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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