Global Rapid Test Market By Product (Over-the-Counter [OTC] Rapid Test Product, Professional Rapid Test Product), Contaminant (Pathogens, Meat Speciation, GMOS, Allergens, Pesticides, Based, Spectroscopy-Based), Food Tested (Meat & Seafood Products, Dairy Products, Processed Food, Fruits & Vegetables, Cereals & Grains, Nuts, Seeds and Spices, Crops, Others), Application (Infectious Disease, Cardiology, Oncology, Pregnancy & Fertility, Toxicology, Glucose Monitoring, Others), End User (Hospital & Clinic, Diagnostic Laboratory, Home Care and Others), Geography (North America, South America, Europe, Asia-Pacific AND Middle East and Africa) – Industry Trends and Forecast to 2026
Global rapid test market is expected to grow at a substantial CAGR of 8.8% in the forecast period of 2019-2026. The report contains data of the base year 2018 and historic year 2017. Rise in the requirement for a rapid test results to improve productivity is the major factor for the growth of the market.
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According to the survey conducted by World Health Organizations (WHO) for the world malaria report 2018, it stated that the total sale in2017 was about 276 million. Almost 66% rapid tests were provided to sub-Saharan Africa. It is observed that the use of malaria test was increased from 40% to 75% in sub-Saharan Africa. These rapid tests have certain importance as epidemiological tools, additionally to use as diagnostics. These are used for lymphatic filariasis. Rapid tests are not used for diseases that are generally diagnosed from syndrome, but can prevent over-dose of antibiotics.
The rapid test is preliminary screening test which are easy to use and having high quality. These tests are used for point-of-care (POC) which provides specific, sensitive and faster results within 10 minutes to 2 hours. It is used to test malaria and other infections such as AIDS, Influenza, HPV and Hepatitis infection.
- Rising product recalls due to stringent regulations in developed countries is propelling the market in the forecast period
- Increasing incidences of foodborne illness act as a driving force for the market
- Globalization of food business will enhance the growth of the market
- Increasing consumer awareness for food safety is also driving the market growth
- Lack of food control infrastructure will hamper the growth of the market
- Complexity in testing techniques is hindering the market growth
- Inadequate reimbursement policies for rapid test diagnostics will act as restraint for the market
- High cost of testing equipment is also hampering the market in the forecast period
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Global rapid test market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of rapid test market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Few of the major competitors currently working in global rapid test market are Bureau Veritas, SGS SA, Intertek Group plc, Eurofins Scientific, TÜV SÜD, ALS Limited, Mérieux NutriSciences Corporation, AsureQuality Limited, Microbac Laboratories, Inc., Genetic ID, Romer Labs Division Holding GmbH, OMIC USA Inc, Akers Biosciences, Inc., Abbott, BD, Bio-Rad Laboratories, Inc., Danaher, Hologic, Inc., Meridian Bioscience, OraSure Technologies, Inc., Quidel Corporation and F. Hoffmann-La Roche Ltd among others.
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