Rapid Testing Kit Market to Value Approx. USD39 billion by 2027
Increasing incidences of infectious diseases and the rising need for convenient home testing kits for fast and accurate analysis have led to the rapid adoption of rapid test kits. In 2020, the global rapid test kit market was valued at USD23.44 billion in 2020 and is anticipated to grow at a significant CAGR of 8.14% through 2027. The coronavirus outbreak led to the exponential demand for rapid COVID-19 antigen testing kits for diagnosing and detecting the presence of the SARS-CoV2 virus. Governments across the world are taking initiatives to boost the application of rapid testing kits as an alternative to RT-PCR tests. Many major biotechnology and pharmaceutical companies are developing advanced rapid testing kits, which deliver prompt results. Besides, the growing need for pregnancy test kits and the increasing application of rapid test kits in the food industry to detect foodborne pathogens and ensure fast and effective real-time testing are some factors propelling the growth of the rapid test kit market.
Here are the kinds of
rapid testing kits that are predominantly used across the world.
Infectious
Disease Testing kits
Infectious diseases are
expected to account for the largest share (approx. 30%) in the global rapid
testing kit market. The growing prevalence of infectious diseases in developed
and developing regions and the rising trend of preventing medicine are expected
to influence the growth of the rapid testing kit market positively. Prevention
and control efforts for COVID-19 and the introduction of at-home testing kits
by the market players are contributing to the increased adoption of COVID-19
antigen testing kits, supporting the market growth. Besides, the rising prevalence
of HIV/AIDS, tuberculosis, Hepatitis, etc., are expected to support the
adoption of the rapid testing kits market.
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Drug
Testing Kits
According to statistics,
around 1 in every 18 people abuse drugs at some point in their lives. As an
increasing number of people are consuming alcohol and drugs, governments across
the world are implementing strict laws mandating drug and alcohol testing,
which is attributing to the rapid adoption of drug testing kits. Although most
of the kits are used by hospitals, clinics, and research institutions, many
businesses are also opting for them to ensure their employees are operating in
a safe working environment. Pre-employment drug screening has become mandatory
in many organizations to keep the workplace free from drug users, abusers, and
suppliers. The easy availability of drug testing kits by leading brands has
also contributed to the growth of the rapid testing kits market.
Pregnancy
Testing Kits
In 2021, pregnancy &
fertility test kits accounted for 16.34% of the global rapid testing kit
market. Increased awareness about pregnancy testing kits and technological
developments in gynecology contribute to the rapid testing kit market growth.
Besides, ease of availability and accessibility of home-based pregnancy test kits
across online and offline channels, and the rising number of female populations
are attributed to the market growth. The introduction of new and advanced
pregnancy testing kits, growing fertility disorders, and an increase in demand
for self-sufficiency testing kits are anticipated to fuel the growth of the
rapid testing kits market in the coming years.
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