Global Rapid Diagnostic Tests Market is expected to witness a decent CAGR of 4.5% from 2021 to 2026

High adoption of point-of-care diagnostics, availability of advanced rapid testing devices, growing prevalence of infectious & other chronic diseases and growing geriatric population are the key factors driving the rapid diagnostic tests market.
BRUSSELS - July 26, 2022 - PRLog -- Rapid diagnostic tests or RDTs are simple-to-use procedures that provide results in less than 20 minutes. Unlike most standard diagnostic tests, which are required to be sent to a lab for analysis, RDTs are done and results are provided at the point-of-care. Rapid tests are most frequently used to diagnose infectious diseases, such as flu, malaria, HIV, and COVID 19, among others.

Impact of COVID-19 fueled the Demand of Rapid Diagnostic Tests Market

The global rapid diagnostic tests market has experienced a significant impact due to the COVID 19 pandemic. Although the demand for RDTs specifically for the detection of SARS-CoV-2 during 2020 and 2021 increased exponentially, the pandemic showed a negative impact on the sales of RDTs for cancer screening, blood glucose, cardiac markers, and other infectious diseases, among others. However, there has been a significant development in the rapid diagnostic tests market during the last two years; some of these are listed below:
  • In October 2021, the NIH Rapid Acceleration of Diagnostics (RADx) initiative has awarded contracts totalling $77.7 million for the development and manufacturing of 12 new rapid diagnostic tests for SARS-CoV-2; offering high performance and low-cost home and POC tests.
  • In September 2021, LumiraDx, a next-generation POC diagnostics company, launched its LumiraDx SARS-CoV-2 Ag Surveillance Test in the US market, specifically for use at schools and workplaces.
Collaborations and Acquisitions to boost Adoption and Co-develop Advanced Market Solutions

The rapid diagnostic tests market has witnessed a number of acquisitions by market players to either enhance the adoption of these tests or to co-develop advanced diagnostic tests. Some of the strategic initiatives that boost the adoption of RDTs are listed below:

In April 2022, bioMérieux entered into an agreement to acquire Specific Diagnostics, a developer of rapid antimicrobial susceptibility test (AST) system. Rapid AST provides fast and accurate AST results while reducing the global antimicrobial resistance (AMR) burden caused by antibiotic resistant pathogens.

Competitive Landscape Analysis: Rapid Diagnostic Tests Market

The global rapid diagnostic tests market is marked by the presence of leading industry players such as Abbott Laboratories, Bio-Rad Laboratories, F. Hoffmann-La Roche Ltd, Becton, Dickinson and Company, and ACON Laboratories, and others.

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