Global Rapid Immunoassay Test Strips/Cassettes Market – Industry Trends and Forecast to 2030

 Rapid Immunoassay Test Strips/Cassettes Market Analysis and Size

The vital drivers of this market's expansion will be the rise of COVID-19 situations and the demand for intelligent testing solutions. Since immunoassay test strips are cutting-edge instruments with numerous advantages including quicker test results, the convenience of use, affordability, expensive equipment, and skilled experts' operation, the demand for them will continue to rise steadily. It will benefit the market to employ these cassettes in areas without sophisticated laboratory facilities. Since these cassettes can be extended to identify biomarkers of different diseases in body fluids and other fluids at the point of care, the market will have abundant growth prospects.

Data Bridge Market Research analyses that the rapid immunoassay test strips/cassettes market which is USD 28.1 billion in 2022, is expected to reach USD 53.97 billion by 2030, at a CAGR of 8.50% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Rapid Immunoassay Test Strips/Cassettes Market Scope and Segmentation  

Market Definition

Test for Rapid Immunoassay an immunoassay called cassette/strip is designed to find and distinguish between IgM and IgG antibodies to SARS-CoV-2 in human venous blood, plasma, or serum. It is a low-cost, self-contained, disposable, lateral flow, hand-held, point-of-care immunoassay cassette.

Global Rapid Immunoassay Test Strips/Cassettes Market Dynamics

Drivers

• Increase in COVID-19 cases

The rapid spread of the virus across countries in which the WHO declared to be pandemic, forced governments to rely on extensive testing, which led to a significant increase in demand for COVID-19 test kits. The lack of a viable therapy up to now, which has led people to think that diagnostic testing is a way to stop the pandemic has helped to support the demand for these tests. Significant demand for testing has been caused by an increase in COVID-19 cases as a result of non-compliance with specified measures such as social distance. The market is also being driven by the need for efficient detection kits for vulnerable populations, such as the elderly and people with impaired immune systems.

Opportunities

• Need for test kits in hospitals likely to pave the way for global market growth

The need for coronavirus test kits has risen steeply since the coronavirus first appeared. It is now more crucial than ever to identify coronaviruses using test kits in order to stop the infection's spread and grow the market. Only specialized labs with the required licences are capable of performing the molecular and serology tests contained in this kit. The need for the industry has surged due to the global coronavirus outbreak. As more people are being treated in hospitals, there is a growing demand for test kits to diagnose patients with symptoms, which is driving the market's growth.

Restraints/Challenges

• Time required for the result is more than 24 hours may hamper the global market growth

Throughout the forecast period, the fact that it takes more than 24 hours to receive a result would act as a restraint on the growth of the market. Rapid testing has several drawbacks, including a spike in false-positive and false-negative results. False positive and false negative test results were seen in a set of COVID-19 test kits. When confirmed using alternative COVID-19 tests, people who had symptoms of the disease tested both positively and negatively. These events caused the use of COVID-19 fast test kits to decline in a number of different countries.

This rapid immunoassay test strips/cassettes market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the rapid immunoassay test strips/cassettes market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In 2020, A quick point-of-care immunoassay for SARS-CoV-2 developed by True Diagnostics, a prominent US Point of Care (POC) company, in collaboration with Veravas and Infectolab Americas. Called the VeraTest SARS-CoV-2 IgA / IgG Fast Test, it will be able to identify immunoglobulin A and immunoglobulin G antibodies to SARS-CoV-2 in blood within 15 minutes.

Global Rapid Immunoassay Test Strips/Cassettes Market Scope

The rapid immunoassay test strips/cassettes market is segmented on the basis of specimen type and end-use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Specimen Type

• Nasopharyngeal Swab
• Oropharyngeal Swab
• Nasal Swab
• Others

 End-Use

• Hospitals
• Clinics
• Public Health Labs
• Private and Commercial Labs
• Physicians Labs
• Research Institutes
• Others

Rapid Immunoassay Test Strips/Cassettes Market Regional Analysis/Insights

The rapid immunoassay test strips/cassettes market is analyzed and market size insights and trends are provided by country, specimen type and end-use as referenced above.

The countries covered in the rapid immunoassay test strips/cassettes market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the rapid immunoassay test strips/cassettes market because of the greater healthcare facilities and technology breakthroughs.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The rapid immunoassay test strips/cassettes market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for rapid immunoassay test strips/cassettes market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the rapid immunoassay test strips/cassettes market. The data is available for historic period 2011-2021.

Competitive Landscape and Rapid Immunoassay Test Strips/Cassettes Market Share Analysis

The rapid immunoassay test strips/cassettes market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to rapid immunoassay test strips/cassettes market.

Some of the major players operating in the rapid immunoassay test strips/cassettes market are:

• Siemens (Germany)
• Hologic, Inc. (U.S.)
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
• Abbott (U.S.)
• BD (U.S.)
• F. Hoffmann-La Roche Ltd (Switzerland)
• Thermo Fisher Scientific (U.S.)
• Koninklijke Philips N.V. (Netherlands)
• NeuroLogica Corp. (U.S.)
• Shimadzu Medical (India) pvt. Ltd. (Japan)
• General Electric (U.S.)
• Quest Diagnostics Incorporated (U.S.)
• Sysmex India Pvt. Ltd. (Japan)
• Hitachi, Ltd. (Japan)
• Canon Inc. (Japan)
• FUJIFILM Holdings Corporation (U.K.)

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