Rapid Tests Market Size Projected to Rise Lucratively during 2023 to 2030: Grand View Research Inc.

 Rapid Tests Market Growth & Trends

The global rapid tests market size is expected to reach USD 2.50 billion by 2030, registering a CAGR of 8.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increase in aging population, rising prevalence of target diseases, and growing demand for point of care facilities are the key factors driving the rapid diagnostics space growth. In addition, the launch of technologically advanced products is further boosting this space.

Rapid diagnostics play an important role in disease testing by rendering quick and effective results. The growing prevalence of infectious diseases like sepsis and respiratory diseases, such as tuberculosis and influenza, is expected to drive the market during the forecast period. According to WHO, tuberculosis is among the top 10 causes of death globally; about 10.0 million new cases of tuberculosis were recorded in 2021, accounting for approximately 1.4 million deaths.

Rapid Tests Market Report Scope 

Report Attribute	Details
Market size value in 2023	USD 1.40 billion
Revenue forecast in 2030	USD 2.50 billion
Growth Rate	CAGR of 8.6% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

Moreover, as per World Health Organization (WHO), around 50.0 million people are estimated to be affected by sepsis every year. Furthermore, the rise in drug-resistant infections is another impact-rendering driver of market growth. Therefore, the rising burden of such diseases is increasing the demand for diagnostics and fueling the rapid tests market.

The space is witnessing rapid technological advancements to obtain low-cost, improved accuracy, and highly portable products. Companies such as Roche Diagnostics and Abbott Laboratories have introduced portable products that are user-friendly and therefore can be easily adopted by patients. Moreover, innovative product launches in the market are also due to the rising number of R&D and partnership programs by industry players.

For instance, in April 2021, Chembio Diagnostics, Inc. introduced a rapid point-of-care COVID-19/Flu A&B test in the U.S. market. This product is approved for laboratory use along with a CLIA-waived license, which is suitable for differentiating between influenza and COVID-19 in a shorter turnaround time in traditional & decentralized settings.

Key market players are strategically taking initiatives such as launching novel products, facility expansions, and mergers and acquisitions, which are further driving the rapid diagnostics space growth. For instance, in July 2022, Cytovale announced 510(k) pending for its rapid sepsis risk stratification test, IntelliSep, which can produce results in 10 minutes. Moreover, in April 2022, bioMérieux announced the acquisition of Specific Diagnostics. Through this acquisition, bioMérieux is expected to gain the advantage of Specific Diagnostics’ rapid Antimicrobial Susceptibility Test (AST) system.

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Rapid Tests Market Report Highlights

• By product, the consumables segment dominated the market in 2022, with a revenue share of 68.08%. Growing demand for the testing of upper respiratory diseases and commercialization of a number of PoC assays are some of the key factors driving the segment
• In 2022, immunoassay dominated the space with a 52.45% share in the technology segment. Immunoassays typically have high product penetration as they offer higher testing efficacy and accuracy. However, the molecular diagnostics segment is expected to witness the fastest growth during the forecast period
• In 2022, by application, the upper respiratory tract infections segment dominated the space, due to the increase in product approvals and high incidences of infectious diseases that affect the lungs. However, the antibiotic-resistant infections segment is expected to exhibit the fastest growth during the forecast period
• Based on end-use, hospitals and clinics are well-established segments that have contributed significantly to revenue in 2022. However, the at-home setting is a lucrative segment owing to the cost-effectiveness and comfort level of POCT provided to patients at home
• By region, North America had the highest revenue share in the global rapid tests market in 2022. However, Asia Pacific is expected to be the fastest-growing region during the forecast period

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Rapid Tests Market Segmentation

Grand View Research has segmented the global rapid tests market based on the product, technology, application, end-use, and region:

Rapid Tests Product Outlook (Revenue, USD Million, 2018 - 2030)

• Instruments
• Consumables
• Others

Rapid Tests Technology Outlook (Revenue, USD Million, 2018 - 2030)

• Immunoassay
• Molecular Diagnostics
• Other Technologies

Rapid Tests Application Outlook (Revenue, USD Million, 2018 - 2030)

• Upper Respiratory Tract Infections
  • Influenza And Para Influenza Virus
  • Streptococcus
  • Respiratory Syncytial Virus
• Antibiotic Resistant Infections
• Sepsis
  • Bacterial Sepsis
  • Fungal Sepsis
  • Others

Rapid Tests End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals & Clinics
• Laboratories
• At-home Testing And Others

Rapid Tests Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • UK.
  • France
  • Italy
  • Spain
  • Denmark
  • Sweden
  • Norway
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Thailand
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Kuwait
  • Rest of MEA

List of Key Players in the Rapid Tests Market

• BD (Becton, Dickinson and Company)
• bioMérieux SA
• Thermo Fisher Scientific, Inc.
• Hoffmann-La Roche Ltd.
• Danaher Corporation
• DiaSorin S.P.A
• Abbott

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.