Rapid Diagnostic Tests (RDTs) Market is anticipated to grow at a CAGR of 4.5% from 2021 to 2026

BRUSSELS - Oct. 7, 2022 - PRLog -- Rapid tests are most frequently used to diagnose infectious diseases, such as flu, malaria, HIV, and COVID 19, among others. Unlike most standard diagnostic tests, which are required to be sent to a lab for analysis, RDTs are performed and results are provided at the point-of-care.

The Global Rapid Diagnostic Tests (RDTs) Market is set to witness a CAGR of 4.5% from 2021 to 2026. High acceptance of point-of-care (POC) diagnostics, availability of advanced quick testing devices, rising prevalence of infectious & other chronic diseases, and growing geriatric population are some of the key factors boosting the global rapid diagnostic tests (RDTs) market.

High influence of COVID 19 fueled the demand for RDTs
The RDTs market has experienced a positive impact due to the COVID 19 pandemic. Even though 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, during the past two years, there has been a significant development in the global rapid diagnostic tests (RDTs) market; some of them are included 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; which allows simultaneous testing of up to five samples on a small and portable instrument, costing $4 per sample and delivering digital results within 12 minutes
• In July 2021, the Department of Defense (DOD), in coordination with the Department of Health and Human Services (HHS) has awarded a contract of $35.1 million to LightDeck Diagnostics, to scale-up the production capacity of LightDeck's SARS-CoV-2 Ultra-Rapid Antigen and COVID-19 Total Antibody Tests
• In March 2021, FUJIFILM Corporation announced the launch of its antigen testing kit – 'FUJIFILM COVID-19 Ag Test', for detecting SARS-CoV-2, which is developed by using highly-sensitive detection technology based on silver halide amplification

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