Global Rapid Diagnostic Tests Market is poised to witness a decent CAGR of 4.5% by 2026
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 pandemic triggered the Growth 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 totaling $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 Light Deck Diagnostics, to scale-up the production capacity of Light Deck’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.
Collaborations and Acquisitions to boost Adoption of Efficient 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.
• In February 2022, Sorrento Therapeutics, Inc. acquired a majority ownership of Zhengzhou Fortune Bioscience Co., Ltd. (FortuneBio), a diagnostic product manufacturer and Sorrento’s exclusive OEM manufacturer for COVISTIX. With enhanced sensitivity in detecting the Omicron variant, COVISTIX is a rapid antigen detection test for SARS-CoV-2 and its major variants of concern (VOCs).
Competitive Landscape Analysis: Rapid Diagnostic Tests Market
The global rapid diagnostic tests market is marked by the presence of major market players such as Abbott Laboratories (US), Bio-Rad Laboratories, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Becton, Dickinson and Company (US), and ACON Laboratories, Inc. (US), and others.
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