According to the recent analysis of Reports and Data, the global Rapid Test Reagents market is expected to reach USD 18.60 Billion by year 2028, in terms of value at a CAGR of 12.80% from 2020-2028. The rise in the incidence of diseases such as HIV, respiratory, cancer, and others is likely to drive the growth of the global Rapid Test Reagents market. Moreover, growing geriatric population and the surge in need to develop therapeutic treatments to treat chronic diseases is boosting the R&D infrastructure. The rise in R&D investments globally along with increase in awareness and availability of different immunodiagnostics reagents are expected to drive the global Rapid Test Reagents market during the forecast period. However high costs associated with immunodiagnostics reagents is expected to hamper the market growth to a certain extent. Conversely, untapped potential of emerging economies is anticipated to provide lucrative growth opportunities to the players in the market in the forecast period.

Different biomolecules such as proteins act as Rapid Test Reagents agents to execute immunodiagnostic reactions. After clinical laboratories and hospitals, the pharmaceutical and biotechnology industries are the traditional strongholds of the Rapid Test Reagents market. Rapid Test Reagents kits are widely used by druggists to monitor drug delivery and the effect of the drugs administered in the system. Key strategic initiatives such as product launches by companies and approval for new Rapid Test Reagents products and services is also expected to substantially foster the growth rate of the global market. For instance, OPKO Health Inc. had an approval from the U.S. Food and Drug Administration in 2017 to conduct a full prostate-specific antigen test with immunoassay analyzer. Rising adoption of immunoassay analyzers will facilitate cost-effectiveness and reduce the barriers to conduct efficient diagnostic procedures. This is one of the major drivers of the Rapid Test Reagents market.

North America is occupied the largest market share in the global Rapid Test Reagents market in 2018. Rise in the investment towards research and development to find different novel therapeutics and various diagnosis methods for the treatment of serious diseases is one of the major factors fueling to the growth of the Rapid Test Reagents market in North America. Moreover, increase in government support towards these initiatives is also expected to supplement the global Rapid Test Reagentss market.

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Some Key Factors Contributing to the Global Pharma & Healthcare Market Growth

Unprecedented revenue growth of the global pharma & healthcare industry is attributed to factors such as rising prevalence of chronic and acute diseases worldwide, increasing geriatric population, rising awareness of health & wellness among consumers, and growing demand for more advanced healthcare services. Increasing demand for advanced drugs and therapeutics, growing availability of next-generation diagnostics and treatment options – especially in developing countries like India and China – rise in R&D activities and clinical trials in the pharmaceutical and biotechnology sectors, increasing public and private investments in healthcare research projects, and rising consumer expenditure on healthcare are among the other significant factors contributing to the industry revenue growth.

Further key findings from the report suggest

  • Trainings that employ immunodiagnostics reagents are routinely provided in academic and research centers and medical colleges in the form of internships. The increased use of these immunodiagnostics consumables has surged the demand for these products worldwide, thereby boosting the Rapid Test Reagentss market.
  • ELISA reagent market in Europe occupied a significant share in 2018. The Europe market for ELISA reagents is projected to grow at a CAGR of 14.2% during the forecast period.
  • Asia Pacific Market is expected to grow at the highest CAGR of 16.8% during the forecast period. Increasing disposable incomes and healthcare facilities in developing nations such as China, and India are likely to propel the market growth in the analysis period.
  • By application, the cardiac biomarker segment is growing gradually and is expected to reach USD 2.67 billion by 2026. This can be attributed to the increase in dire need of. novel therapeutic treatments for cardiovascular disease treatment.
  • In 2018, the hospitals segment in North America witnessed significant growth as the tests and the reagents are more prominently used in North America, more prominently in the U.S.

Top Players in the Global Rapid Test Reagents Market:

Abbott Laboratories, Rapid Test Reagents Systems Holdings Plc (IDS), DiaSorin S.p.A., Johnson & Johnson, F. Hoffmann-La Roche Ltd, Siemens AG, Sysmex Corporation, Danaher Corporation, Thermo Fisher Scientific Inc., OPKO Health Inc., Bio-Rad Laboratories, Inc., and Arkray, Inc.

The coronavirus pandemic has had a drastic impact on the global healthcare industry, with rising cases of COVID-19 worldwide, substantially growing hospital admission and readmission rates, and rising demand for telehealth and telemedicine services for remote patient monitoring. Furthermore, rising focus on development of rapid COVID-19 diagnostics such as the RT-PCR test kits, increased government funding for vaccine development, stringent regulatory norms and protocols for COVID-19 safety, and increasing sales of COVID-19 safety equipment, such as N-95 masks, face shields, PPE kits, and hand sanitizers, have driven the global pharma & healthcare industry revenue growth over the recent past.  

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Rapid Test Reagents Market Segmentation:

By Reagent (Revenue, USD Million; 2018–2028)

  • Enzyme-linked Immunosorbent Assay (ELISA) Reagents and Kits
  • Rapid Test Reagents and Kits
  • Enzyme-linked Immunospot ELISPOT Reagents and Kits
  • Western Blot Reagents and Kits
  • Other Reagents & Kits

By Application (Revenue, USD Million; 2018–2028)

  • Infectious Diseases
  • Hepatitis & retrovirus
  • Oncology & endocrinology
  • Bone & mineral
  • Autoimmunity
  • Cardiac biomarker
  • Other Applications

By End User (Revenue, USD Million; 2018–2028)

  • Clinical Laboratories
  • Hospitals
  • Academic & Research Centers
  • Pharmaceutical & Biotechnology Industry
  • Other End Users

Global Rapid Test Reagents Market Report: Regional Segmentation

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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