The global rapid testing kits market refers to quick medical diagnostic test kits. These kits are suitable for preliminary or emergency medical screening and application in medical facilities with restricted resources. The kit includes tests based on agglutination, immuno-chromatographic, immuno-dot, and/or immuno-filtration techniques. They provide same-day results, within 2 hours. Due to rapid results and ease of handling provided by these test kits, it is possible to impart timely treatment and they are performed without the use of automated diagnostic equipment.
The global outbreak of the COVID 19 pandemic has imparted huge demand for “Antibody Rapid Testing Kits” to test and isolate the infected patients. The escalating numbers of patients in hospitals encourage the concerned governments to get as many testing kits as they can in the shortest possible time to contain the pandemic.
Market Size and Forecast
The rapid testing kits market is estimated to attain a notable CAGR during the forecast period, i.e., 2020-2028. The market is segmented by product type, application, end-user, and region. The global need for antibody testing kits to contain the COVID 19 pandemic has created significant growth opportunities in the global rapid testing market owing to soaring confirmed cases that are going beyond control and there is a major shortage of these test kits all across the globe. Many private companies have begun manufacturing rapid test kits to sustain the massive demand.
GROWTH DRIVERS
Growing need for COVID 19 test kits
Diverse pharmaceutical and biotechnology companies are collaborating to escalate the production of coronavirus testing kits. This in turn is expected to positively drive the market growth.
Growing cases of diseases across different parts of the globe
Increase in incidence of infections such as HIV, HPV and hepatitis, and rising cases of cardiovascular diseases, sexually transmitted diseases, diabetes, and gastrointestinal diseases have driven the demand of rapid tests globally.
At present, glucose monitoring is the biggest revenue contributor after COVID 19 testing, which is dominating the market. Big mass of diabetic population, cost effective kits and rising awareness about home based kits is driving this segment of market. CLICK TO DOWNLOAD SAMPLE REPORT
Veterinary test market also contributes significantly to the overall market growth owing to rise in pet adoption rate, increment in the demand of animal product, and rising number of veterinary practitioners.
Additionally, constantly improving healthcare industry, increase in government initiatives, rising demand for home healthcare and increasing prevalence of lifestyle induced disorders are also major contributors towards the growth of rapid testing kits market.
Constraints
Likelihood of faulty results
There have been many instances where the results were false-negative and false-positive.
The Indian Council of Medical Research (ICMR) on April 27, 2020, directed states to stop the usage of rapid antibody test kits that were procured from China-based Guangzhou Wondfo Biotech and Zhuhai Livzon Diagnostics after they showed wide variations in results.
Additionally, strict & time-consuming approval policies, and a hesitation to change existing diagnostic practices are anticipated to restrain the market growth.
