Rapid Test Market Size, Depth Survey 2022-2031 | TMR

Rapid Test Market Outlook 2031

The global rapid test market was valued at US$ 28.51 Bn in 2021

The global market is projected to advance at a CAGR of 8.0% from 2022 to 2031

The global rapid test market is anticipated to reach more than US$ 62.34 Bn by 2031

Get Sample Copy of the Report@ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=53202

Rapid Test Market Introduction

Rapid test is a diagnostic test used for screening diseases. It can be performed quickly, with conclusive results is 15-30 minutes. Rapid results in diagnostics aid in the timely and effective treatment of diseases. Rapid tests are non-automated procedures that use in vitro diagnostic medical equipment to produce qualitative or semi-quantitative results. These tests are suitable for initial medical screening and can be used in healthcare facilities with limited resources. Point-of-care testing for diseases is also possible with this test, and results are typically available in less than two hours. Veterinary drug residues test kits can also test Beta-lactams, Chloramphenicol, Lincomycin, Tetracyclines, Sulfonamides, Streptomycin, and Quinolones.

Numerous test technologies such as immunoassay, chromatography, spectroscopy, and PCR are used for rapid testing. Immunoassay test identifies and quantifies specific chemicals by utilizing the binding of antibodies to antigens. Immunoassay test results might reveal details about a condition that may aid in treatment planning. Rapid chromatography is another common low-pressure method used in the rapid detection of diseases. It is used for qualitative detection of nucleocapsid antigen present in human nasal samples.

Get Report Methodology @ https://www.transparencymarketresearch.com/sample/sample.php?flag=RRM&rep_id=53202

Impact of COVID-19 on Rapid Test Market

The COVID-19 pandemic has had a positive impact on the rapid diagnostic test market size. It resulted in lockdowns in many countries across the globe. As of August 2022, 600 million infections and 6.4 million deaths were recorded due to COVID-19. The pandemic has strained hospital resources including medical equipment and healthcare professionals. Surge in cases of COVID-19 leads to an increase in demand for rapid diagnostic kits. Thus, key players in the market reported increase in revenue during the peak of the COVID-19 pandemic.

Rise in Demand for Easy-to-use and Affordable Laboratory Rapid Tests

In terms of type, the laboratory rapid test segment accounted for major share of the global market in 2021. Laboratory rapid tests can be carried out at the site of care such as hospitals, medical offices, and clinics. They are easy to use and affordable, which makes them ideal for mass population testing.

Read Report Overview@ https://www.transparencymarketresearch.com/rapid-tests-market.html

The over-the-counter/home-use rapid test segment is expected to grow at a significant pace during the forecast period. The outbreak of COVID-19 led to a surge in demand for home-use rapid tests, as they can be taken anywhere. Over-the-counter/home-use rapid tests provide results in less than 20 minutes.

Widespread Adoption of Immunoassay in Diagnosis of Viral Hepatitis and HIV

Based on technology, the immunoassay segment dominated the market in 2021 due to the rise in adoption of immunoassay techniques in diagnosis of various infectious diseases. Immunoassay uses the binding of antibodies to antigens in order to identify and measure certain substances. It is primarily used to detect antigens in Hemophilus, Streptococcus, and Cryptococcus organisms in the Cerebrospinal Fluid (CSF) of meningitis patients. Immunoassays are commonly used to diagnose viral hepatitis, HIV, and Lyme disease.

Surge in Cases of COVID-19 Fuels COVID-19 Test Segment

In terms of application, the COVID-19 test segment dominated the market in 2021. Growth of the segment can be ascribed to the surge in cases of COVID-19 across the globe in the year. Increase in cases of Covid-19 leads to challenges in maintaining demand and supply of rapid tests at affordable cost. Thus, governments across the globe are investing significantly to boost the production of rapid tests. In September 2020, the U.K.'s Moonshot Program announced plans to invest more than US$100 Bn in order to systematically evaluate, develop, and integrate new technologies for COVID-19 rapid result testing, including RATs for COVID-19.

Make an Enquiry Before Buying @ https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=53202

Presence of Robust Network of Healthcare Experts Augmenting Hospitals Segment

Based on end-user, the hospitals segment accounted for the largest share of the market in 2021. Presence of a strong network of healthcare experts in hospital settings is driving the segment. Patients are admitted to hospitals for the treatment of various diseases such as diabetes, HIV, influenza virus, and chikungunya virus infection. Hospitals conduct rapid tests before patients undergo suitable treatment.

Regional Outlook of Global Rapid Test Market

North America is projected to dominate the global rapid test market during the forecast period. Increase in awareness about infectious diseases, rise in healthcare expenditure, and surge in availability of advanced rapid tests are driving the market in the region.

Get Custom Research Report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=53202

The market in Asia Pacific is anticipated to grow at a high CAGR during the forecast period due to the rise in prevalence of infectious diseases in the region. Increase in geriatric population, surge in healthcare expenditure, and rise in patient awareness about rapid tests are also fueling the market in Asia Pacific.

Analysis of Key Players in Global Rapid Test Market

The rapid test market research report includes vital information about leading players in the global market. The report also covers the allergy rapid test market and the veterinary rapid test market. Companies are adopting product launch, divestiture, merger & acquisition, and partnership strategies to enhance their rapid test market share. Abbott Laboratories, Hologic, Inc., Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd., Danaher Corporation, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., PerkinElmer, Inc., Quidel Corporation., Meridian Bioscience Inc., Elabscience Biotechnology Inc., and OraSure Technologies are prominent players operating in the global market

About Us

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
For More Research Insights on Leading Industries, Visit Our YouTube Channel and hit subscribe for Future Update - https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ

Contact

Rohit Bhisey
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com

This release was published on openPR.