Rapid Tests Market Expected to Reach $97.61 Billion by 2030 | CAGR of 11.3%

Rapid tests market size was valued at $33,329.15 million in 2020, and is projected to reach $97,606.33 million by 2030, registering a CAGR of 11.3% from 2021 to 2030. Rapid tests provide diagnostic results spontaneously to patients. They are preferably used in preliminary screenings as well as in setting with limited resources.Rapid tests are used in diagnosis of different diseases & health conditions such as influenza, malaria, cancer, pregnancy & fertility, and others.

𝐋𝐢𝐬𝐭 𝐨𝐟 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

Akers Biosciences, Inc.
Alere Inc. (Abbott Laboratories)
Becton, Dickinson and Company
Bio-rad Laboratories, Inc.
Cepheid, Inc.
Hologic, Inc.
Meridian Bioscience, Inc.
OraSure Technologies, Inc.

𝐅𝐨𝐫 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 https://www.alliedmarketresearch.com/purchase-enquiry/4633

Increase in incidence of chronic diseases such as diabetes, cardiovascular disorders, & cancer, rise in awareness about rapid tests owing to the test convenience, and low cost of the tests majorly drive the growth of the rapid tests market. In addition, other factors, such as speed of diagnosis, specificity, and stability fuel the market growth globally. Moreover, growth in personalized care and increased promotional activities by manufacturers encourage the usage of rapid tests, which further facilitate the growth of the market. However, stringent government regulations for the approval of rapid tests and recall of several products due to false results are expected to impede the market growth.

The outbreak of coronavirus (COVID-19) began in late December, 2019 in Hubei province of Wuhan city in China. The virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) is transmitted among humans. The application of COVID-19 rapid test is useful in detection of corona virus, and thus provides essential guidance for subsequent diagnosis, evaluation, and treatment of COVID-19. The demand for COVID-19 rapid test increased with surge in number of COVID-19 patients.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 https://www.alliedmarketresearch.com/request-sample/4633

Based on product, the professional rapid test products occupied the largest share in 2020, and is anticipated to continue its dominance during the forecast period, owing to increased demand for rapid tests in hospitals and mandated government policies for screening of diseases such as HIV, malaria, influenza, and others. However, the over-the-counter (OTC) rapid test product segment is expected to grow at the highest CAGR from 2021 to 2030.

Based on application, the glucose monitoring segment occupied the largest share in 2020, and is anticipated to dominate the rapid tests market during the forecast period due to increase in prevalence of diabetes and growth in awareness of home care glucose rapid tests kits. On the other side, infectious disease segment is expected to exhibit the fastest market growth during the forecast period owing to surge in prevalence of infectious disease and surge in demand for low cost & accurate rapid tests for preliminary infectious disease testing.

Based on end user, the home care segment occupied the largest share in 2020 and is anticipated to continue its dominance during the forecast period, due to increased demand for personalized care rapid tests and cost-efficient product availability. On the other side, the hospital & clinic segment is anticipated to exhibit the fastest market growth during the forecast period due to increase in demand for rapid tests.

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