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...