Rapid Test Kit Market To Generate $46,139.9 Million Revenue by 2030

The global rapid test kit market revenue is expected to reach USD 46,139.9 million by 2030, exhibiting a CAGR of 9.1% during 2022–2030. This can be attributed to the rising prevalence of chronic health conditions, increasing awareness among the population regarding the importance of early diagnoses, and outbreak of SARS-Cov-2.

Furthermore, the improvement in healthcare technologies due to the rising expenditure across different nations has a positive influence on the industry. According to the World Health Organization, healthcare expenditure, which accounted for approximately 11% of the global gross domestic product in 2020, is expected to rise significantly in the coming years. In addition, the surge in the demand of the population for home-based healthcare during the novel coronavirus pandemic has acted as a key contributor to the growth of the rapid test kit market.

Moreover, the increase in the count of partnerships and collaborations among governments and biotechnological and pharmaceutical giants will further propel the growth of the market. For instance, the Emergency Use Authorization (EUA) was provided by the Food and Drug Administration to Roche’s coronavirus at-home test in January 2022. The test requires an anterior nasal swab, which can be accumulated and tested by individuals themselves, thereby providing results in 20 minutes.

Rapid Antigen Testing Kits Dominated Market in Type Segment

Rapid antigen testing kits dominated the market, accounting for over 60%, in 2022. This can be credited to the outbreak of SARS-Cov-2, which led to a massive increase in the adoption of these kits to obtain an early diagnosis and prevent further complications of the disease. The affordable price, rapid results, and ease of use of these test kits have driven the demand for them. Moreover, collaborations between government and various domestic and international manufacturers serve as a key contributor to the category’s growth. For instance, in May 2020, the collaboration between the Indian government and Zydus Cadila led to the mass production of ELISA kits for COVID-19.

Blood Category Leads Market in Specimen Segment

The blood category dominated the market in the specimen segment in 2022. This can be attributed to the fact that most major diseases are diagnosed via blood tests, which also allow people to monitor the functioning of the liver, kidneys, and other important organs. The presence of antibodies in the blood essentially aids in the diagnosis of any prior infection a person has suffered that is showing little to no symptoms. The importance of blood tests in diagnosing various infectious and non-infectious diseases further propels the growth of the market. Diseases such as human immunodeficiency virus and hepatitis are tested via the blood. For instance, the FDA-approved OraQuick HCV is a clinical laboratory improvement amendment (CLIA)-waived rapid HCV antibody test that requires a blood sample. In addition, advantages such as quick results and accuracy impact the market for test kits that utilize blood samples positively.

Less than 30 Minutes Category Dominates Market in Duration Segment

On the basis of duration, the less than 30 minutes category dominates the market. Generally, rapid diagnostic solutions provide test results within 30 minutes, and a few can take as little as 15 minutes. The accuracy of these tests within a short time results in their high traction among the population. For example, certain rapid human immunodeficiency virus tests provide results in 20 minutes, if used accurately.

APAC To Exhibit Highest Growth Rate

APAC is expected to progress with the highest CAGR, over 10%, during the forecast period. This is primarily due to the increasing awareness about the use of rapid test kits, rising prevalence of diabetes and several other chronic diseases, and increasing focus of life sciences companies on this region. For instance, Cipla Limited collaborated with Premier Medical Corporation for the commercialization of rapid antigen test kits for COVID-19 in December 2020.

Key players in the market include F. Hoffmann-La Roche Ltd., Abbott Laboratories, Danaher Corporation, Becton, Dickinson and Company, PerkinElmer Inc., Siemens Healthineers AG, Thermo Fisher Scientific Inc., Bio-Rad Laboratories Inc., and OraSure Technologies Inc.