Global Rapid Diagnostic Tests (RDTs) Market – Set to Witness Growth of 4.5%

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Global Rapid Diagnostic Tests (RDTs) Market - Set
to Witness Growth of 4.5
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Rapid diagnostic tests, often known as RDTs are
simple-to-use procedures that offer outcomes in
within 20 minutes. Unlike most standard
diagnostic tests, which are required to be sent
to a lab for analysis, RDTs are performed 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. The Global Rapid
Diagnostic Tests (RDTs) Market is set to witness
a CAGR of 4.5 from 2021 to 2026. High acceptance
of point-of-care (POC) diagnostics, availability
of advanced quick testing devices, rising
prevalence of infectious other chronic
diseases, and growing geriatric population are
some of the key factors boosting the global rapid
diagnostic tests (RDTs) market. High influence
of COVID 19 fuelled the demand for RDTs The RDTs
market has experienced a positive impact due to
the COVID 19 pandemic. Even though 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.
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• However, during the past two years, there has
  been a significant development in the global
  rapid diagnostic tests (RDTs) market some of
  them are included 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 LightDecks
  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
• Explore Premium Report on Rapid Diagnostic Tests
  (RDTs) Market _at_ https//meditechinsights.com/rapid
  -diagnostic-tests-rdts-market/

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• Collaborations and acquisitions to increase
  acceptance and co-develop advanced solutions
• The rapid diagnostic tests (RDTs) 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 Sorrentos
  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 Companys antigen
  test and Scanwell Healths mobile app

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Competitive Landscape Analysis of Rapid
Diagnostic Tests (RDTs) Market The global rapid
diagnostic tests (RDTs) 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. For More
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