Global Rapid Diagnostic Tests Market is poised to see a decent growth of 4.5% from 2021 to 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 on the 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 totalling $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.

Collaborations and Acquisitions to boost Adoption and Co-develop Advanced Market Solutions

The rapid diagnostic tests market has witnessed a number of acquisitions by leading 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 top 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.

Get Customized Report on Rapid Diagnostic Tests Market @ https://meditechinsights.com/rapid-diagnostic-tests-rdts-market/

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