Rapid Test Kits Market Share and Forecast by 2030

The rapid test kits market size is projected to grow from US$ 7.7 billion in 2022 to US$ 10.7 billion by 2030; it is estimated to record a CAGR of 4.1% during 2022–2030. Innovation in rapid antigen tests is likely to remain a key trend in the market.

Rapid Test Kits Market Analysis

Expansion of point-of-care testing facilities in healthcare institutions, rising awareness about the importance of early disease diagnosis and prompt treatment for controlling the disease, increasing awareness of genetic testing due to the prevalence of these diseases, and increasing prevalence of infectious diseases such as hepatitis, HIV, and malaria is fueling the growth of the rapid test kits market. In addition, government initiatives to promote rapid diagnostic testing for disease control and prevention, rising investment in R&D activities for development of innovative rapid tests, and increasing adoption of rapid test kits in developing countries is fueling the growth of the market share.

Rapid Test Kits Market Overview

Geographically, Asia Pacific is expected to register highest CAGR in the forecast period 2023-2031. Increasing focus on market players on introduction of technologically developed rapid test kits for various diseases is fueling the growth of the market. For instance, in June 2021, Kaneka Corporation was granted permission to produce and sell Kaneka Immunochromatography SARS-CoV-2 Ag, a test kit for the detection of COVID-19 antigen. The KANEKA RT-PCR Kit SARS-CoV-2 (Omicron/Delta) ver. 2 can identify several variants at once. After being approved by the ICMR in 2021, the COVID-19 self-test kit named CoviSelf was commercially released across the country, which marked the first time that an Indian citizen could self-administer the test at home.

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Rapid Test Kits Market: Strategic Insights

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Rapid Test Kits Market Drivers and Opportunities 

Strategic Initiatives by Manufacturers to Favor Market

Manufacturers of rapid test kits emphasize on adopting strategies such as product innovations, and product launches, and approvals to maintain a competitive edge in the market. In addition, major market players are involved in research and development activities to ensure the innovation and development of efficient products. For instance, in January 2022, OraSure Technologies, Inc., a global leader in point-of-care and home diagnostic testing as well as sample collection technologies, launched the OraQuick HIV Self-Test, an oral swab-based in-home test for HIV-1 and HIV-2, for the European market. The test is accessible in six European countries: the UK, France, Germany, Italy, Spain, and Portugal. Thus, an increase in product developments, launches, and strategic collaborations among market players is fueling the growth of the rapid test kits market.

Increasing Preference for PCR Techniques act as an Opportunity for Market Growth

In recent years, molecular methods such as PCR have evolved as more effective diagnostic tools, as they aid in the precise diagnosis of a wide range of infectious diseases. Most of the popular molecular tests use reverse transcription polymerase chain reaction (RT-PCR). The technique provides reproducible results that are comparable between different laboratories and hence are accepted worldwide. The manufacturers are involved in new PCR developments. For instance, GeneSoC is a recently developed system in which the PCR reaction solutions are reciprocally driven over numerous preheated zones and encapsulated on a chip within an extremely thin flow channel. Thus, the growing preference for PCR as a diagnostic and clinical tool is expected to provide lucrative opportunities to the rapid test kits market during the forecast period.

Rapid Test Kits Market Report Segmentation Analysis

Key segments that contributed to the derivation of the rapid test kits market analysis are type, product, technology, application, and end user.

• Based on type, the rapid test kits market is divided into rapid antigen testing, rapid antibody testing, and others. The rapid antigen testing segment held the largest market share in 2022.
• In terms of product, the market is bifurcated into over-the-counter rapid testing kit and professional rapid testing kit. The over-the-counter rapid testing kit segment held a significant share of the market in 2022.
• Based on technology, the rapid test kits market is divided into lateral flow assay, solid phase, agglutination, immunospot assay, and cellular component based. The lateral flow assay segment held the largest market share in 2022.
• Based on application, the rapid test kits market is divided into blood glucose testing, infectious disease testing, cardiometabolic testing, pregnancy and fertility, and others. The Infectious Disease segment is further sub-segmented into Malaria, human immunodeficiency virus (HIV/AIDS), tuberculosis, SARS-CoV-2, HBsAb, and others. The blood glucose testing segment held the largest market share in 2022.
• Based on end user, the rapid test kits market is divided into hospitals and clinics, diagnostics centers, homecare, and others. The hospitals and clinics segment held the largest market share in 2022.

Rapid Test Kits Market Share Analysis by Geography

The geographic scope of the rapid test kits market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the market. The market growth in North America is attributed to the increasing demand for innovative products from bio-analytical instrument manufacturers. The increasing focus on incorporating advanced methods in government and private healthcare sectors is promoting the adoption of precision medicine, owing to which massive funds from government and private bodies are likely to contribute to exceptional revenue generation for the rapid test kits market in North America. The rapid adoption of gene synthesis and editing tools such as CRISPR and PCR in research and therapeutics necessitates assays that are helpful in terms of rapid quantification, alterations, and observation. The US, seeking significant funding from public and private organizations, is expected to invest significantly in advanced research methodologies and is expected to be in the leading position in the rapid test kits market.

Rapid Test Kits Market Regional Insights

The regional trends and factors influencing the Rapid Test Kits Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Rapid Test Kits Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Rapid Test Kits Market Report Scope

Rapid Test Kits Market Players Density: Understanding Its Impact on Business Dynamics

The Rapid Test Kits Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Rapid Test Kits Market are:

1. F. Hoffmann-La Roche Ltd
2. Becton Dickinson and Co
3. ARKRAY Inc
4. Sysmex Partec GmbH
5. Fujirebio Europe NV
6. bioMerieux SA

Disclaimer: The companies listed above are not ranked in any particular order.

Rapid Test Kits Market News and Recent Developments

The Rapid Test Kits market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the rapid test kits market are listed below:

• Kaneka Corporation has received authorization for the manufacture and sale of “KANEKA Immunochromatography Flu A/B & SARS-CoV-2 Ag”, which can test for COVID-19 (SARS-CoV-2) and influenza virus antigens in a single sample collection. (Source: Kaneka, Company Website, June 2023)
• Sysmex Corp, the parent organization of Sysmex Partec GmbH signed a global OEM agreement Siemens Healthcare Diagnostics Inc for hemostasis products. As per the agreement, both companies will OEM-supply each other with their products in the hemostasis diagnostic field. (Source: Sysmex Corp, Company Website, March 2023)

Rapid Test Kits Market Report Coverage and Deliverables

The “Rapid Test Kits Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:

• Rapid test kits market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Rapid test kits market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Rapid test kits market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the rapid test kits market
• Detailed company profiles