DUBLIN, October 27, 2021--(BUSINESS WIRE)--The "Rapid Tests - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Amid the COVID-19 crisis, the global market for Rapid Tests estimated at US$12.5 Billion in the year 2020, is projected to reach a revised size of US$19.5 Billion by 2027, growing at a CAGR of 6.5% over the analysis period 2020-2027.
PCR-based, one of the segments analyzed in the report, is projected to record a 7.4% CAGR and reach US$8.6 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Immunoassay-based segment is readjusted to a revised 5.5% CAGR for the next 7-year period.
The U.S. Market is Estimated at $3.4 Billion, While China is Forecast to Grow at 10.2% CAGR
The Rapid Tests market in the U.S. is estimated at US$3.4 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.3 Billion by the year 2027 trailing a CAGR of 10% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.5% and 5.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR.
Chromatography-based Segment to Record 6.5% CAGR
In the global Chromatography-based segment, USA, Canada, Japan, China and Europe will drive the 6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.8 Billion in the year 2020 will reach a projected size of US$2.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.6 Billion by the year 2027, while Latin America will expand at a 7.8% CAGR through the analysis period.
Select Competitors (Total 38 Featured):
Bureau Veritas SA
Eurofins Scientific SE
Genetic ID NA, Inc.
Intertek Group PLC
Merieux NutriSciences Corporation
Microbac Laboratories, Inc.
Omic USA Inc.
Romer Labs, Inc.
Tuv Sud AG
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Influencer Market Insights
World Market Trajectories
Impact of COVID-19 Pandemic and a Looming Global Recession
An Introduction to Rapid Tests
Global Market Outlook
Pathogens Emerges as the Largest Category
PCR-based Tests Segment Leads the Global Market
Meat & Seafood Products: The Largest Type of Food Tested
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Growing Threat of Food Contamination Gives Rise to Increase Demand for Rapid Tests
Exhibit 1: Common Reasons for Most Food Recalls: 2019
Exhibit 2: Number of Food Recalls in the US for the Period 2013-2019
Strict Regulatory Measures to Ensure Safety of Food Products Augurs Well for the Market
Advent of New and Effective Rapid Testing Technologies to Boost Market Prospects
Globalized Food Trade & Complex Food Supply Chains Give Rise to the Need for Rapid Tests
Rise in Foodborne Illnesses due to Contaminated Meat Products Necessitates Rapid Testing of Meat & Seafood
GMO Food Testing: Strict Regulatory Guidelines in Several Regions Drives Growth
PCR-based Rapid Food Tests
Rapid Microbiological Tests in Food & Beverages: Health Growth in Store
Innovations & Advancements in Rapid Food Tests
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
REST OF EUROPE
REST OF ASIA-PACIFIC
REST OF LATIN AMERICA
UNITED ARAB EMIRATES
REST OF MIDDLE EAST
For more information about this report visit https://www.researchandmarkets.com/r/7w39pu
View source version on businesswire.com: https://www.businesswire.com/news/home/20211027005976/en/
Laura Wood, Senior Press Manager
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