Global Rapid Diagnostic Tests (RDTs) Market is expected to witness a CAGR of 4.5% from 2021 to 2026

BRUSSELS, BELGIUM, July 05, 2022 (GLOBE NEWSWIRE) —

Description:

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.

High impact of COVID 19 fueled the demand for Rapid Diagnostic Tests Market

The global rapid diagnostic tests market has experienced a positive 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.
• In July 2021, the Department of Defense (DOD), in coordination with the Department of Health and Human Services (HHS) has awarded a contract of $35.1 million to LightDeck Diagnostics, to scale-up the production capacity of LightDeck’s SARS-CoV-2 Ultra-Rapid Antigen and COVID-19 Total Antibody Tests.
• In March 2021, FUJIFILM Corporation announced the launch of its antigen testing kit – ‘FUJIFILM COVID-19 Ag Test’, for detecting SARS-CoV-2, which is developed by using highly-sensitive detection technology based on silver halide amplification.

Collaborations and acquisitions to boost adoption and co-develop advanced solutions

The rapid diagnostic tests market has witnessed a number of acquisitions by 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).
• In February 2021, Becton, Dickinson and Company collaborated with Scanwell Health, a provider of smartphone-enabled at-home medical tests, to develop an at-home rapid test for SARS-CoV-2 using Becton, Dickinson and Company’s antigen test and Scanwell Health’s mobile app.

Competitive Landscape Analysis: Rapid Diagnostic Tests Market

The rapid diagnostic tests market is marked by the presence of key 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.

Explore Detailed Market Research Insights on Global Rapid Diagnostic Tests Market @ https://meditechinsights.com/rapid-diagnostic-tests-rdts-market/

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