Press release
Global Rapid Diagnostic Tests Market is projected to witness a CAGR of 4.5% by 2026 - Adoption of Point-of-Care (POC) Diagnostics - Abbott, Bio-Rad, Roche, ACON Lab, Becton, Dickinson and Company
Favourable Impact of COVID-19 on the Rapid Diagnostic Tests Market
The global rapid diagnostic tests market has experienced a tremendous impact due to the COVID 19 pandemic. Although the demand for RDTs for the detection of SARS-CoV-2 during 2020 and 2021 has increased exponentially, the pandemic showed a negative impact on the sales of RDTs for cancer screening, blood glucose, cardiac markers, and other infectious diseases. However, there has been a significant growth and developments in the rapid diagnostic tests market during the last two years; some of these are listed below:
• In October 2021, the NIH Rapid Acceleration of Diagnostics (RADx) initiative has awarded contracts totalling $77.7 million for the development and manufacturing of 12 new rapid diagnostic tests for SARS-CoV-2; offering high performance and low-cost home and POC tests.
• In September 2021, LumiraDx, a next-generation POC diagnostics company, launched its LumiraDx SARS-CoV-2 Ag Surveillance Test in the US market, specifically for use at schools and workplaces; which allows simultaneous testing of up to five samples on a small and portable instrument, costing $4 per sample and delivering digital results within 12 minutes.
Collaborations and Acquisitions to boost the Adoption of RDTs Market and Co-develop Advanced Market Solutions
The rapid diagnostic tests market has witnessed a significant number of acquisitions by leading market players to either enhance the adoption of these tests or to co-develop advanced diagnostic tests. Some of the strategic initiatives that boost the adoption of Rapid Diagnostic Tests are listed below:
• In April 2022, bioMérieux entered into an agreement to acquire Specific Diagnostics, a developer of rapid antimicrobial susceptibility test (AST) system. Rapid AST provides fast and accurate AST results while reducing the global antimicrobial resistance (AMR) burden caused by antibiotic resistant pathogens.
• In February 2022, Sorrento Therapeutics, Inc. acquired a majority ownership of Zhengzhou Fortune Bioscience Co., Ltd. (FortuneBio), a diagnostic product manufacturer and Sorrento's exclusive OEM manufacturer for COVISTIX. With enhanced sensitivity in detecting the Omicron variant, COVISTIX is a rapid antigen detection test for SARS-CoV-2 and its major variants of concern (VOCs).
Competitive Landscape Analysis: Rapid Diagnostic Tests Market
The global rapid diagnostic tests market is marked by the presence of some established market players such as Abbott Laboratories (US), Bio-Rad Laboratories, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Becton, Dickinson and Company (US), and ACON Laboratories, Inc. (US), and others.
Get Detailed Insights on Rapid Diagnostic Tests Market with FREE Sample Report @ https://meditechinsights.com/rapid-diagnostic-tests-rdts-market/
Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Global Rapid Diagnostic Tests Market is projected to witness a CAGR of 4.5% by 2026 - Adoption of Point-of-Care (POC) Diagnostics - Abbott, Bio-Rad, Roche, ACON Lab, Becton, Dickinson and Company here
News-ID: 2750247 • Views: …
More Releases from Medi-Tech Insights
Sterilization Equipment Market Shows Strong Investment Potential with 7-9% CAGR …
The global sterilization equipment market is set to experience significant growth, with an expected CAGR of 7-9% over the next 5 years. This growth is driven by increasing demand for sterilization in healthcare facilities, stringent infection control regulations, rising surgical procedures, necessity to curb hospital-acquired infections (HAIs), and advancements in sterilization technologies.
Sterilization equipment plays a critical role in ensuring the safety and hygiene of medical instruments, devices, and environments. These…
Global Biologics Market Set to Expand at 10-12% CAGR from 2024 to 2029: Medi-Tec …
The global biologics market is set to witness a growth rate of 10-12% in the next 5 years. Rising prevalence of chronic diseases; continued advancements in biotechnology; growing investment in biopharmaceutical R&D; and growing strategic partnerships between biotech firms & larger pharmaceutical companies are some of the key factors driving the biologics market.
Biologics are a class of medications derived from living organisms, including proteins, sugars, and nucleic acids among others.…
Telemedicine Market to Grow at 16-18% CAGR By 2029, Fueled by Tech Advancements …
The global telemedicine market is set to witness a robust growth rate of 16-18% over the next five years. This growth is driven by the increasing adoption of digital healthcare solutions, a rise in chronic disease prevalence, an aging population demanding more accessible care, technological advancements in telehealth platforms, growing government support, and the shift toward remote patient monitoring and virtual care solutions.
Telemedicine refers to the remote diagnosis, treatment, and…
High Flow Oxygen Therapy Market Set to Grow at 7% CAGR by 2029 Driven by Rising …
The high flow oxygen therapy (HFOT) market is growing at a projected compound annual growth rate (CAGR) of around 7% in the forecast period. Key drivers include the rising prevalence of respiratory diseases such as COPD, pneumonia, and acute respiratory failure, along with increased adoption of non-invasive treatments. Technological advancements in HFOT devices and the growing elderly population further support market growth. However, high device costs and limited reimbursement in…
More Releases for Rapid
UYEE Rapid Tooling Announces Expert CNC Machining and Rapid Prototyping Services
UYEE Rapid Tooling Co., Ltd, a trusted provider since 2005, announces its advanced capabilities in high-speed CNC machining, rapid prototyping, and low volume manufacturing solutions.
UYEE Rapid Tooling Co., Ltd, a dedicated leader in manufacturing services since 2005, today highlighted its comprehensive suite of services designed to meet the demanding needs of modern product development and production. With a strong commitment to customer success, UYEE specializes in delivering high-speed CNC machining,…
Rapid Infuser Market - Swift Restoration, Enhanced Recovery: Rapid Infuser Optim …
Newark, New Castle, USA: The "Rapid Infuser Market" provides a value chain analysis of revenue for the anticipated period from 2023 to 2031. The report will include a full and comprehensive analysis of the business operations of all market leaders in this industry, as well as their in-depth market research, historical market development, and information about their market competitors.
Rapid Infuser Market: https://www.growthplusreports.com/report/rapid-infuser-market/8896
This latest report researches the industry structure, sales, revenue,…
Rapid Infuser Market - From Emergency to Efficiency: Advancing Patient Outcomes …
Newark, New Castle, USA - new report, titled Rapid Infuser Market The report has been put together using primary and secondary research methodologies, which offer an accurate and precise understanding of the Rapid Infuser market. Analysts have used a top-down and bottom-up approach to evaluate the segments and provide a fair assessment of their impact on the global Rapid Infuser market. The report offers an overview of the market, which…
Rapid Pregnancy Tests Market: Size & Trends Shows a Rapid Growth by 2027
The pregnancy test kit confirms pregnancy by detecting the level of human chorionic gonadotropin (HCG) in the urine. The growing demand for an easy and convenient way to get faster results, and the easy availability of pregnancy kits through various distribution channels, including pharmacies/pharmacies, online stores, etc., is increasing the demand for pregnancy test kits.
(Get 15% Discount on Buying this Report)
A full report of Global Rapid Pregnancy Tests Market is…
Rapid Machining Launches New Service
Rapid Machining, one of the largest prototype machining manufacturers in the United States, is excited to announce a new standard 5 day lead time service for lathe parts. Responding to customer demand, Rapid Machining purchased new equipment and reconfigured the manufacturing floor to make this lead-time reduction possible from a standard 7 day lead time. The new service is currently available for lathe parts with a variety of materials and…
RAPID: Lockheed Martin Approved
Nashua, NH – April 4, 2016 – RAPID was announced as an approved vendor for Lockheed Martin as of April 2016. RAPID has been working with Lockheed Martin divisions for a number of years, but the addition to the Approved Vendor list will strengthen and build upon the existing relationship.
Lockheed Martin is an aerospace, defense, security, and advanced technology company that employs over 116,000 professionals worldwide. Lockheed Martin has…
