Global Rapid Test Market Size By Technology, By Contaminants, By Food Tested, By Geographic Scope And Forecast
Report ID: 22681|No. of Pages: 202
Global Rapid Test Market Size By Technology, By Contaminants, By Food Tested, By Geographic Scope And Forecast
Rapid Test Market Size And Forecast
Rapid Test Market size is valued at USD 17.12 Billion in 2024 and It is expected to reach USD 29.42 Billion by 2031 with an expected CAGR of 7% from 2024 to 2031.
Global Rapid Test Market Drivers
The market drivers for the Rapid Test Market can be influenced by various factors. These may include:
- Rising Incidence of Infectious Diseases: In order to facilitate prompt and precise diagnosis, treatment, and prevention, there is a growing need for rapid diagnostic tests due to the rising incidence of infectious diseases such as COVID-19, hepatitis, and HIV.
- Growing Need for Early Disease identification: Quick test results enable early disease identification, which is essential for efficient treatment and management of conditions including diabetes, cancer, and cardiovascular diseases. This is propelling market expansion.
- Technological improvements: As a result of ongoing technological improvements, more precise, sensitive, and user-friendly quick testing kits have been developed, increasing the usage of rapid tests in a variety of healthcare settings.
- Growing Healthcare Expenditure: Government efforts to upgrade healthcare infrastructure in conjunction with rising healthcare costs, particularly in emerging nations, make speedy testing facilities more accessible, which propels market expansion.
- Transition to Personalised Medicine: As patient-centered healthcare and personalised medicine get more attention, there is a growing need for quick tests that can deliver real-time diagnostic data so that treatment regimens can be customised to each patient’s needs.
- Point-of-Care Testing in Non-Traditional Settings: As healthcare services become more decentralised, quick tests are becoming more popular in non-traditional settings including pharmacies, community health centres, and homecare settings, which is propelling the market’s growth.
- Growing Senior Population: The need for quick diagnostic testing is being driven by the ageing population’s increased susceptibility to chronic illnesses, which calls for routine monitoring and early diagnosis of health issues.
- Pandemics and Epidemics: Worldwide outbreaks such as the COVID-19 pandemic emphasise how vital quick testing is to stopping the spread of infectious illnesses, which has led to more funding being allocated to quick test development and deployment.
- Support from Regulations and Approvals: Manufacturers are incentivized to innovate and introduce new goods by favourable regulations and accelerated approval procedures for quick diagnostic testing, which propels market expansion even more.
- Consumer Education and Awareness: As people look for preventative healthcare solutions, a growing number of them are becoming aware of the advantages of early disease diagnosis and the accessibility of quick testing choices. This helps to expand the market.
Global Rapid Test Market Restraints
Several factors can act as restraints or challenges for the Rapid Test Market. These may include:
- Regulatory Challenges: Newer organisations or goods looking to enter the market may find considerable entry obstacles due to regulatory approvals and compliance requirements.
- Limited Sensitivity and Specificity: When compared to conventional laboratory testing, certain rapid tests may have lesser sensitivity and specificity, raising questions over accuracy and dependability.
- High Development Costs: When it comes to complex diseases or conditions where a high degree of accuracy is required during the testing procedure, the process of developing and validating fast tests can be costly and time-consuming.
- Competition from Established Testing procedures: Due to their perceived accuracy and reliability, traditional laboratory testing procedures may still be favoured by patients and healthcare professionals, which could make the adoption of quick tests more difficult.
Disruptions in the supply chain, such as shortages of components or raw materials, might impede the development of the market by impeding the manufacturing and distribution of fast tests. - Limited payment Policies: The adoption of quick testing may be hindered by inadequate payment policies from healthcare payers, especially in areas with low reimbursement rates or when insurance does not cover rapid tests.
- Limited Access to Healthcare: The adoption of fast testing may be hampered by resource and logistical issues in areas with poor healthcare infrastructure or limited access to healthcare facilities.
- Concerns About False Positives or Negatives: apprehensions around false positives or negatives Rapid test methods may provide false positive or false negative results, which could erode patient and healthcare provider trust and prevent these tests from being widely used.
Global Rapid Test Market Segmentation Analysis
The Global Rapid Test Market is Segmented on the basis of Technology, Contaminants, Food Tested, And Geography.
Rapid Test Market, By Technology
- PCR-Based
- Chromatography-Based
- Immunoassay-Based
- Spectroscopy-Based
Based on the Technology, The Market is segmented into PCR-Based, Chromatography-Based, Immunoassay-Based, and Spectroscopy-Based. The PCR-Based is projected to rise the most during the forecasted period due to faster & reliable test results, and the use of DNA as a testing basis.
Rapid Test Market, By Contaminants
- Pathogens
- Allergens
- Meat Speciation
- Pesticides
- Others
Based on the Contaminants, The Market is segmented into Pathogens, Allergens, Meat Speciation, Pesticides, and Others. Pathogens are projected to increase the most during the forecasted period owing to the increasing number of pathogens-contaminated food products in developed as well as developing countries.
Rapid Test Market, By Food Tested
- Meat & Seafood Products
- Processed Foods
- Fruits & Vegetables
- Dairy & Dairy Products
- Others
Based on the Food Tested, The Market is segmented into Meat & Seafood Products, Processed Foods, Fruits & Vegetables, Dairy & Dairy Products, and Others. Meat & Seafood Products are projected to increase the most during the forecasted period owing to the increasing prevalence of foodborne illness, rising adulteration in meat products, increasing consumption of meat & seafood, and regulatory mandates in various regions.
Rapid Test Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
Based on the Regional Analysis, The Global Rapid Test Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Global Rapid Test Market in the Asia Pacific region is expected to increase the most compared to other regions during the projected period due to the increasing international trade between India & China from the countries, increasing prevalence of chronic diseases, growing geriatric population, and rising investments in R&D activities for launching new technologies.
Key Players
The major players in the Rapid Test Market are:
- Eurofins Scientific
- SGS
- OraSure Technologies
- Intertek Group PLC
- ALS Limited
- Meridian Bioscience
- Romer Labs
- Roche AG
- Dickinson & Company
- Abbott Laboratories
- ACON Laboratories
- TUV SUD
- Genetic ID
- Bureau Veritas
- OMIC USA Inc
- Artron Laboratories
- Merieux Nutrisciences.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| BASE YEAR | 2024 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2021-2023 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Eurofins Scientific, SGS, OraSure Technologies, Intertek Group PLC, ALS Limited, Meridian Bioscience, Romer Labs, Roche AG, Dickinson & Company. |
| SEGMENTS COVERED | By Technology, By Contaminants, By Food Tested, And By Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Research Methodology of Verified Market Research:
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• Competitive landscape which incorporates the Market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL RAPID TEST MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL RAPID TEST MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL RAPID TEST MARKET, BY TECHNOLOGY
5.1 Overview
5.2 PCR-Based
5.3 Chromatography-Based
5.4 Immunoassay-Based
5.5 Spectroscopy-Based
6 GLOBAL RAPID TEST MARKET, BY CONTAMINANTS
6.1 Overview
6.2 Pathogens
6.3 Allergens
6.4 Meat Speciation
6.5 Pesticides
6.6 Others
7 GLOBAL RAPID TEST MARKET, BY FOOD TESTED
7.1 Overview
7.2 Meat and Seafood Products
7.3 Fruits and Vegetables
7.4 Dairy & Dairy Products
7.5 Others
8 GLOBAL RAPID TEST MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East and Africa
9 GLOBAL RAPID TEST MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 Eurofins Scientific
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 SGS
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 Orasure Technologies
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 Intertek Group PLC
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 ALS Limited
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 Meridian Bioscience
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 Romer Labs
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 Roche AG
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 Dickinson & Company
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 Abbott Laboratories
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 Appendix
11.1.1 Related Research
Report Research Methodology
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Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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| Supplier side |
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Econometrics and data visualization model
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Primary validation
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The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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