At 5.6% CAGR, Asia Pacific Rapid Test Kit Market is Projected to be Worth US$ 5,935.28 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific rapid test kit market was valued at US$ 3,836.99 million in 2022 and is expected to reach US$ 5,935.28 million by 2030, registering a CAGR of 5.6% from 2022 to 2030. Strategic initiatives by manufacturers and rising prevalence of genetic and infectious diseases are among the critical factors attributed to the Asia Pacific rapid test kit market expansion.

Manufacturers in the rapid test kits market emphasize on the adoption of strategies such as innovations, and product launches and approvals to maintain a competitive edge in the market. Such strategic initiatives by companies in the rapid test kits market benefit the overall market.

In 2023, Swedish company EMPE Diagnostics introduced its unique test kit, mfloDxTM MDR-TB, at the Telangana Lifesciences office in Hyderabad with the goal of lowering the potentially fatal complications and outcomes linked to tuberculosis (TB). Reliable information regarding the bacteria and its resistance profile may be obtained quickly, accurately, and affordably with the mfloDxTM multi-drug resistant (MDR)-TB kit. By producing a visual signal, the multiplex molecular test identifies the genotypic resistance profile of Mycobacterium tuberculosis and its presence.

In 2023, Chennai-based company LifeCell International introduced test kits that enable individuals to obtain tissue samples and cell swabs in the comfort of their own homes. These samples can subsequently be utilized for the detection of sexually transmitted infections such as gonorrhea or syphilis, as well as the Human Papillomavirus, which is the cause of cervical cancer in women.

In 2022, the Indian Council of Medical Research (ICMR), the TB Expert Committee, and the Central Drugs Standard Control Organization (CDSCO) have approved Mylab's made-in-India kit that uses a single test to identify tuberculosis and multiple drug resistance to isoniazid and rifampicin.

In 2022, a new in-vitro diagnostic test for Ankylosing Spondylitis (AS), the DiscoverSeries HLAB27 Detection Kit, an inflammatory disease that mostly affects the spine and can cause deformity, poor posture, and even loss of movement, was introduced by Mylab Discovery Solutions.

In 2022, Singapore-based diagnostics manufacturer INEX Innovate, a pioneer in the women's and fetal health sector in Asia, has received a CE mark for OvaCis Rapid Test, its flagship solution for ovarian cancer. By the end of 2022, OvaCis-a first-of-its-kind point-of-care (POCT) test that distinguishes benign from malignant ovarian cysts in an operating room setting-is expected to make its debut in the EU and Southeast Asian markets.

In July 2021, Abbott launched the Panbio COVID-19 Antigen Self-Test to detect SARS-CoV-2 infection in adults and children with or without symptoms. Aligned with the current Indian Council of Medical Research (ICMR) advisory on self-use, these tests were made available to encourage the testing of symptomatic and asymptomatic cases, including individuals coming in contact with people with COVID-19 confirmed status.

In December 2020, the US Food and Drug Administration (FDA) issued an Emergency Use Authorization (EUA) for a virtually guided BinaxNOW COVID-19 Ag Card (by Abbott) rapid test, indicated for the at-home use for detection of COVID-19. BinaxNOW is a widely distributed and one of the most affordable rapid tests, which provides results in minutes.

In July 2020, the FDA granted Emergency Use Authorization (EUA) for a rapid, point-of-care, SARS-CoV-2 diagnostic test for use with its broadly available BD Veritor Plus System. The new assay generates results in 15 minutes on an easy-to-use, highly portable instrument. The test was meant to improve access to COVID-19 diagnostics by providing real-time results and aiding quick decision-making while the patient is still in the testing facility.

On the contrary, uncertainties related to accuracy of results hamper the growth of Asia Pacific rapid test kit market.

Based on type, the Asia Pacific rapid test kit market is categorized into rapid antigen testing, rapid antibody testing, and others. The rapid antigen testing segment held 63.9% market share in 2022, amassing US$ 2,450.30 million. It is projected to garner US$ 4,016.76 million by 2030 to register 6.4% CAGR during 2022-2030.

In terms of product, the Asia Pacific 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 61.8% share of Asia Pacific rapid test kit market in 2022, amassing US$ 2,371.18 million. It is projected to garner US$ 3,795.09 million by 2030 to expand at 6.1% CAGR during 2022-2030.

By technology, the Asia Pacific 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 44.8% share of Asia Pacific rapid test kit market in 2022, amassing US$ 1,717.48 million. It is projected to garner US$ 2,748.54 million by 2030 to expand at 6.1% CAGR during 2022-2030.

In terms of application, the Asia Pacific 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 54.8% share of Asia Pacific rapid test kit market in 2022, amassing US$ 2,104.49 million. It is projected to garner US$ 3,372.71 million by 2030 to expand at 6.1% CAGR during 2022-2030.

By end user, the Asia Pacific 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 Asia Pacific rapid test kit market in 2022, amassing US$ 1,809.79 million. It is projected to garner US$ 2,790.99 million by 2030 to expand at 5.6% CAGR during 2022-2030.

Based on country, the Asia Pacific rapid test kit market has been categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 27.4% share of Asia Pacific rapid test kit market in 2022. It was assessed at US$ 1,050.49 million in 2022 and is likely to hit US$ 1,678.00 million by 2030, exhibiting a CAGR of 6.0% during 2022-2030.

Key players operating in the Asia Pacific rapid test kit market are F. Hoffmann-La Roche Ltd, Becton Dickinson and Co, ARKRAY Inc, 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, SD Biosensor Inc, Premier Medical Corp Pvt Ltd, Bio-Rad Laboratories Inc, Hologic Inc, DiaSorin SpA, and Beckman Coulter Inc, among others.

• In November 2021, MedAccess, Clinton Health Access Initiative, and SD Biosensor have partnered to make a dual rapid test for syphilis and HIV available for under $1 in over 100 low- and middle-income countries. The STANDARD Q HIV/Syphilis Combo test, a point-of-care diagnostic tool, enables simultaneous diagnosis of both diseases in under 20 minutes from a single finger-prick sample. This partnership, enabled by a volume guarantee agreement, reduces the price of the STANDARD Q test by over 32%, benefiting over 6 million pregnant women in high-burden countries.
  
  

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