“Rapid test market projected to grow at a CAGR of 7.7%”
The rapid test market is projected to reach USD 15.71 billion by 2022, at a CAGR of 7.7% from 2017. The market is driven by factors such as the establishment of stringent regulations in the food industry by developed as well as emerging countries due to increasing food product recalls and cases of bloodborne illness & hospitalizations caused by contaminated food. The growth in the market is also attributed to the technological advancements due to increased R&D investments by companies.
Factors such as complexity in testing technologies and the lack of standardization in regulations across various regions are restraining the market growth.
“Meat speciation segment is projected to be fastest growing from 2017 to 2022”
The meat speciation segment is projected to grow at the highest CAGR among the all contaminants for rapid test market from 2017 to 2022. Increasing incidences of meat adulterations in higher value meat products in fueling growth of the market. Consumers must be correctly informed about the materials used in the product through the labeling act before they make any purchase decision. As the inclusion of meat is increasing in modern food, a convenient method of verifying the labeling of commercial food products is important to ensure food safety and gain consumers' trust.
“PCR-based technology segment led the market with the largest share in 2016”
PCR is DNA-based molecular technology. The technology amplifies fragments of DNA extracted from the food product samples to accurately identify the DNA of each species in the product, resulting in enabled cross-checking of the product’s quality and confirmation of the claims that the product makes. PCR technology provides assurance of reliability, quality, and faster test results, which in turn drives its market.
“Meat & seafood products testing dominated the market in 2016”
Meat & seafood products include products from fish, crustaceans, mollusks, crabs, beef, chicken, mutton, and pork. There are certain processed meat and seafood products such as ham and sausages that are genetically modified during the production process. The rapid test technology largely used for meat identification is the detection of species-specific proteins or DNA analysis (using PCR-based technology).
“China contributed to the largest market share in the Asia Pacific region in 2016”
The North American region dominated the rapid test market in 2016. The market for rapid test in North America is driven by the growth in the US market, as it is a large producer, importer, and exporter of different types of meat, food products, and producer of various crops. The US has been implementing various regulations to certify and assure the quality and safety of food from biological and chemical threats.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period. The growth of rapid testing in the Asia Pacific region is driven by the increasing export activities, which need faster test results and stringency of rules & regulations enforced by different countries and regions. Food security standards are getting stringent year-on-year to ensure safer supply of food to individuals in local and foreign countries. Since countries such as China, India, and Australia are large exporters of food products to developed countries of North America & Europe, which are cautious about the quality and labeling of products imported from the Asia Pacific region, the governments of these exporting countries have enforced various regulations in place for consumers, producers, and regulators.
The figure below shows the breakdown of the primaries on the basis of the company, designation, and region, conducted during the research study.
By Company Type: Tier 1 – 38%, Tier 2 – 42%, and Tier 3 – 20%
By Designation: C level – 45%, and D level – 55%
By Region: Europe – 70%, Asia Pacific – 15%, North America – 10%, RoW – 5%
Major players such as SGS, Bureau Veritas, Intertek, Eurofins, TUV SUD, and Merieux NutriSciences collectively accounted for a majority of the global rapid test market. Other players in the market include ALS Limited, Microbac Laboratories, AsureQuality, Romer Labs, and OMIC USA.
The report focuses on rapid test services for different materials and regions. It aims at estimating the market size and future growth potential of this market across different segments—contaminants, technology, food tested, and region. Furthermore, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, competitive leadership mapping, recent developments, and key market strategies.
Reasons to buy this report:
• To get a comprehensive overview of the global rapid test market
• To gain wide-ranging information about the top players in this industry, their service portfolios, and key strategies adopted by them
• To gain insights of the major countries/regions in which the rapid test market is flourishing