Rising demand for quicker and more accurate test results, swift technological advancements a surge in foodborne illnesses, and a greater risk of infection in the geriatric population are some major factors driving market revenue growth
The global swift test kits market size is expected to reach USD 87,645.63 Million in 2030 and register a revenue CAGR of 9.5%, according to the latest report by Reports and Data. Rising demand for faster and reliable test results, increase in RD activities, increase in the number of foodborne illnesses, and high risk of infection in the geriatric population are some of the crucial factors driving the market revenue growth.
Swift test kits are a swiftly growing field that is designed for use whenever initial screening test results are required for disease detection and diagnosis. They work particularly well in contexts with limited resources. They produce findings of excellent quality, precision, and accuracy and are swift (from 10 minutes to 2 hours) and easy to use. The governments of various countries are implementing measures to increase Research and Development (RD) efforts in the field of disease diagnostics in order to detect viral or infectious illness epidemics before they become widespread. New and enhanced testing kits are being created as a result, which is contributing significantly to the market revenue growth. Manufacturers are investing in swift test kits to more effectively develop high-performance and sustainable solutions for use in a variety of industries, including veterinary, forensic, and food safety regulations. For instance, Roche Diagnostics's two test kinds have both received Food and Drug administration (FDA) approval for usage in emergency situations. These assays include the Elecsys Anti-SARS-CoV-2, an electro-chemiluminescence immunoassay, and the Cobas SARS-CoV-2 Nucleic-Acid Amplification Tests (NAAT) , an RT-PCR-based Nucleic-Acid Amplification Tests (NAAT) that can accommodate 96 samples per assay. Swift test kits made it possible to accurately and affordably diagnose SARS-CoV-2 for national or global needs, particularly for underdeveloped nations in need of various transportation health containment strategies. In order to stop the disease from spreading further, the governments of many nations have made traveler testing mandatory for both domestic and international travel. Swift test kits are being used as a result, which is expected to further drive market revenue growth. Swift COVID-19 virus changes have also resulted in significant test kit RD expenditures. Governments and private companies are willing to provide investment to a variety of startups so they may improve testing kits technologically, accelerating the market's revenue growth.
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Market Dynamics:
The pharma and healthcare sector has significantly advanced in the recent years and is expected to register steady revenue growth over the forecast period owing to swift innovations in medical technology, increasing investments, rising healthcare expenditure and high adoption of advanced products and systems. Factors such as rising prevalence of chronic diseases such as diabetes, cancer, cardiovascular diseases, and neurological disorders across the globe, rising cases of coronavirus, improving healthcare infrastructure and research facilities, and increasing adoption of remote patient monitoring services and home care settings are expected to fuel global market revenue growth over the forecast period. In addition, increasing number of hospitals and ambulatory care centers worldwide, high demand for personalized medicine, increasing investments in drug discovery and growing investments by public and private sectors are expected to drive global market growth in the coming years.
Competitive Landscape:
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product service portfolio. The Swift Test Kit Market market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in RD, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.
Leading companies operating in the market are:
Abbott, Thermo Fisher Scientific, Ray Biotech Life, Inc., OraSure Technologies, BioMedomics Inc., CTK Biotech, Inc., AlphaBiolabs Ltd., GeneMatrix Inc., Seegene Inc., and Beijing Tigsun Diagnostics Co. Ltd.
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Swift Test Kit Market Market Segmentation:
Test type Outlook (Revenue, USD Billion; 2019–2030)
- Swift Antigen Test
- Swift Antibody Test
Kit type Outlook (Revenue, USD Billion; 2019–2030)
- Over-The-Counter swift test kits
- Professional Swift Test Kits
- Others
Technology Outlook (Revenue, USD Billion; 2019–2030)
- Lateral Flow Immunoassay
- Solid Phase
- Agglutination
- Chromatography
- Spectroscopy
Application Outlook (Revenue, USD Billion; 2019–2030)
- Infectious Diseases
- Glucose Monitoring
- Pregnancy and Fertility
- Food Safety Testing
- Drug Abuse Testing
- Others
End-use Outlook (Revenue, USD Billion; 2019–2030)
- Home-care
- Diagnostic centers
- Hospitals and Clinics
Geographic Segment Covered in the Report:
The Swift Test Kit Market report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
• Europe (UK, Germany, France and the rest of Europe)
• Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
• Latin America (Brazil, Mexico, and the rest of Latin America)
• Middle East and Africa (GCC and rest of the Middle East and Africa)
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Some Key Highlights from the Report:
- Based on specimen, the nasal swab segment is expected to grow at a steady revenue CAGR over the forecast period. There are several advantages to nasal swabbing for swift diagnostic tests for infectious disease testing, which is a major factor contributing to the segment revenue growth. A commercial Antigen-based Swift Diagnostic Test (Ag-RDT) is used with bilateral nasal (NA) swabs as it is less invasive and therefore more popular with people, compared to other types of specimens. Its simplicity of usage, therefore, makes volunteer training and self-testing at work or home possible. These elements, along with the antigen swift diagnostic test’s quick turnaround time, low cost, and ease of use, can make repeat testing easier over time and possibly make up for decreased sensitivity.
- Based on technology, the lateral flow assay segment is expected to account for a substantially large revenue share during the forecast period, owing to factors such as the growing prevalence of chronic diseases, global rise in the geriatric population, coupled with the increasing patient pool for infectious diseases, translates into higher demand for lateral flow assay tests and growing adoption of microfluidics-based lateral immune assay test kits globally. As a more popular option for disease diagnosis, lateral flow test procedures have the capacity to recognize symptoms in the very early stages. The necessity for lateral flow assay tests has grown as a result of an increase in the elderly population worldwide and the number of chronic disease patients. The Swift Diagnostic Test (RDT), also known as the Immunochromatographic Strip Test (ICST), and the Lateral Flow Immunoassay Technique (LFIA), as well as nucleic acid amplification, are among the most widely promising analytical platforms for point-of-need or decentralized testing techniques that are being used for a variety of applications.
- On the basis of application, the infectious disease testing segment is expected to register a robust revenue CAGR throughout the forecast period. Early and accurate detection of infectious illnesses is crucial for vector control strategies and disease surveillance programs. Swift test kits are widely used to detect recently emerging illnesses due to their simplicity of use and speedy turnaround for results. Swift test kits for infectious illnesses have been used at a number of diagnostic labs and Emergency Departments (EDs) with the aim of enhancing early infectious disease diagnosis, disease surveillance, infection prevention, proper management, and antibiotic protection in situations when quick clinical judgments must be made in the context of overcrowding and other conditions.
- North America is expected to account for the largest revenue share in the global swift test kits market during the forecast period. This can be attributed to factors including the presence of major companies, strong medical infrastructure, and increasing awareness among the population for testing due to the unprecedented COVID-19 outbreak. Significant funding is needed for the COVID-19 testing development process in the U.S. Overall research and development spending is expected to grow exponentially as the number of new entrants increases, with collaborations and licensing agreements for research organizations.
- Asia Pacific is expected to register a robust revenue CAGR throughout the forecast period, owing to the increasing prevalence of infectious diseases, and growing awareness regarding importance of testing among the population. Swift testing kits are in greater demand as a result of the governments of nations like China and South Korea doing mass testing to stop the spread of new COVID-19 variants and subsequent mutations. Since China and India are both heavily populated, social segregation alone will not be enough to stop the spread of this illness. As a result, effective testing kits with quick findings are in high demand in this region.
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