Report : Europe Rapid Test Kit Market Forecast to 2030 - Regional Analysis - by Type (Rapid Antigen Testing, Rapid Antibody Testing, and Others), Product (Over-the-Counter Rapid Testing Kit and Professional Rapid Testing Kit), Technology (Lateral Flow Assay, Solid Phase, Agglutination, Immunospot Assay, and Cellular Component-Based), Application (Blood Glucose Testing, Infectious Disease Testing, Pregnancy and Fertility, Cardiometabolic Testing, and Others), and End User (Hospital and Clinics, Home Care, Diagnostics Centers, and Others)
At 5.0% CAGR, Europe Rapid Test Kit Market is Projected to be Worth US$ 7,763.57 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Europe rapid test kit market was valued at US$ 5,244.46 million in 2022 and is expected to reach US$ 7,763.57 million by 2030, registering a CAGR of 5.0% from 2022 to 2030. Increasing preference for PCR techniques and strategic initiatives by manufacturers are among the critical factors attributed to the Europe rapid test kit market expansion.
In recent years, molecular methods such as PCR have evolved as more effective diagnostic tools, as they aid in the precise diagnosis of a wide range of infectious diseases. Most of the popular molecular tests use reverse transcription polymerase chain reaction (RT-PCR). The technique provides reproducible results that are comparable between different laboratories and hence are accepted worldwide. The manufacturers are involved in new PCR developments.
For instance, GeneSoC is a recently developed system in which the PCR reaction solutions are reciprocally driven over numerous preheated zones and encapsulated on a chip within an extremely thin flow channel. GeneSoC is available for multiplex real-time PCR and is capable of concurrently detecting 3 fluorescence channels. It is regarded as an excellent alternative diagnostic technology for the detection of influenza A and B viruses, as it completes the real-time RT-PCR reaction in ~16 minutes. Further, the application of PCR technologies is also increasing in clinical microbiology, virology, parasitology, biotechnology, and allied fields due to the simple, rapid, and highly specific screening enabled by this tool. Thus, the growing preference for PCR as a diagnostic and clinical tool is expected to provide lucrative opportunities to the rapid test kits market during the forecast period.
On the contrary, uncertainties related to accuracy of results hamper the growth of Europe rapid test kit market.
Based on type, the Europe rapid test kit market is categorized into rapid antigen testing, rapid antibody testing, and others. The rapid antigen testing segment held 62.7% market share in 2022, amassing US$ 3,286.09 million. It is projected to garner US$ 5,162.79 million by 2030 to register 5.8% CAGR during 2022-2030.
In terms of product, the Europe rapid test kit market is bifurcated into over-the-counter rapid testing kit and professional rapid testing kit. The over-the-counter rapid testing kit segment held 61.2% share of Europe rapid test kit market in 2022, amassing US$ 3,210.67 million. It is projected to garner US$ 4,918.78 million by 2030 to expand at 5.5% CAGR during 2022-2030.
By technology, the Europe rapid test kit market is segmented into lateral flow assay, solid phase, agglutination, immunospot assay, and cellular component-based. The lateral flow assay segment held 44.2% share of Europe rapid test kit market in 2022, amassing US$ 2,319.46 million. It is projected to garner US$ 3,557.14 million by 2030 to expand at 5.5% CAGR during 2022-2030.
In terms of application, the Europe rapid test kit market is categorized into blood glucose testing, infectious disease testing, pregnancy and fertility, cardiometabolic testing, and others. The blood glucose testing segment held 54.3% share of Europe rapid test kit market in 2022, amassing US$ 2,848.50 million. It is projected to garner US$ 4,369.80 million by 2030 to expand at 5.5% CAGR during 2022-2030.
By end user, the Europe rapid test kit market is segmented into hospital and clinics, home care, diagnostics centers, and others. The hospital and clinics segment held 47.2% share of Europe rapid test kit market in 2022, amassing US$ 2,475.67 million. It is projected to garner US$ 3,653.75 million by 2030 to expand at 5.0% CAGR during 2022-2030.
Based on country, the Europe rapid test kit market has been categorized into the UK, Germany, France, Italy, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 26.5% share of Europe rapid test kit market in 2022. It was assessed at US$ 1,389.86 million in 2022 and is likely to hit US$ 2,085.38 million by 2030, exhibiting a CAGR of 5.2% during 2022-2030.
Key players operating in the Europe rapid test kit market are F. Hoffmann-La Roche Ltd, Becton Dickinson and Co, ARKRAY Inc, Sysmex Partec GmbH, Fujirebio Europe NV, bioMerieux SA, Cepheid, Meril Life Sciences Pvt Ltd, QIAGEN NV, OraSure Technologies Inc, Guangzhou Wondfo Biotech Co Ltd, Denka Co Ltd, Abbott Laboratories, Trinity Biotech Plc, Premier Medical Corp Pvt Ltd, Bio-Rad Laboratories Inc, Hologic Inc, DiaSorin SpA, and Beckman Coulter Inc, among others.
- In August 2022, Wondfo has partnered with MedAccess, the Clinton Health Access Initiative, and the WHO to make its HIV self-test available for US$1 in low- and middle-income regions. The partnership aims to improve HIV testing and global AIDS control, as 1/5 carriers are undiagnosed. The HIV Self-Test, which uses immunochromatography, offers quick results and is suitable for at-home testing and monitoring.
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