New Products/Service & Technology Launches, Agreements, Collaborations, and Partnerships to Meet the Growing Demand for Rapid Test.
The rapid test market is projected to reach USD 15.71 Billion by 2022, at a CAGR of 7.7% from 2017. This market is driven by the increasing demand for faster and reliable test results. In the food industry, the primary focus is to reduce the time required for testing and analysis. The turnaround time required to get the food test results by using traditional culture-based tests is very high. With increased competition in the market and concerns about dispatching the product as fresh as possible, the demand for faster test results is increasing from the food product manufacturers.
The key market players adopted strategies such as expansions & investments, acquisitions, new products/service & technology launches, agreements, collaborations, and partnerships to meet the growing demand for rapid test.
SGS, Eurofins, Intertek, Bureau Veritas, TUV SUD are the major players in this market. Other active players in the industry include ALS Limited, Merieux NutriSciences, AsureQuality, Microbac Laboratories, Genetic ID, and Neogen.
SGS is one of the leading rapid test service providers, owing to its strong global presence and service offerings. The company focused on increasing its geographic presence through acquisitions and expansions to meet the market demand between 2012 and 2017. In March 2017, SGS, in Brookings, South Dakota, moved into a new state-of-the-art facility with 30% more space to offer all its services under one roof. At this site, SGS focuses on expanded offerings with quality by including an upgraded planting line, improved sample grinding and disposal equipment, new analytical equipment including LC/MSMS 6500+, and expanded food testing capabilities. In September 2017, SGS launched an insect resistance testing service by offering bioassay testing to the agricultural industry at its north peninsular Malaysian facility.
Eurofins is another leading player in the market due to its wide range of rapid test services. It capitalizes on a portfolio of 130,000 reliable analytical methods that allow it to offer services that characterize the safety, identity, purity, composition, authenticity, and origin of products & biological substances. It has adopted expansions and acquisitions as key strategies to increase its geographic network. In August 2017 Eurofins acquired Japan Analytical Chemistry Consultants Co. Ltd., a leading independent agroscience testing laboratory in the country. It is accredited by the Japanese Ministry of Agriculture, Forestry and Fisheries (MAFF), and has more than 40 years of expertise in the testing field.
Related Reports:
Rapid Test Market (Services) by Technology (PCR, Immunoassay, HPLC, GC-MS, LC-MS/MS), Contaminant (Pathogens, Meat speciation, GMO, Allergens, Pesticides, Mycotoxin, Heavy Metals), Food Tested (Processed, Crops), and Region - Global Forecast to 2022
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