Increasing popularity of preliminary screening across medical facilities, rising need for diagnostic tests, increased adoption in medical fraternity, increase in awareness regarding early diagnosis of disease, prevalence of infectious diseases, and the need for low-cost diagnostic testing coupled with diagnosis accuracy are key factors contributing to high CAGR of Rapid Test during forecast period.
According to the current analysis of Reports and Data, the global Rapid Test market was valued at USD 24.55 billion in 2018 and is expected to reach USD 48.54 billion by year 2026, at a CAGR of 8.8 %. The initial diagnosis of diseases, as well as accuracy, play an essential role in the treatment of patients. The adoption of rapid diagnostic kits is increasingly recognized for its accuracy and economical testing for diseases such as syphilis, HIV, and tuberculosis. The need for diagnostic tests in several areas of medical care has created significant growth opportunities in the global rapid testing market. Quick tests, see tests that can be used in case of emergency in medical centers or for home treatment. The unique feature of this form of testing is the limited use of resources and simplicity of execution. Increasing the number of preliminary screening procedures in hospitals and increasing the number of rapid tests in developing regions are contributing factors to the growth of the sector. The rapid contagious disease test market is expected to experience the most robust growth over the forecast period. Factors such as the growing need for rapid test results to improve performance, strict government regulations, globalization of the food trade, and the increasing incidence of foodborne illness attributable to increased demand from the rapid testing market.
Increasing patients demand for preventive medical care, and increasing incidence of lifestyle-related diseases, such as cardiovascular disease and diabetes and the high burden of infectious diseases in developing countries. Rising awareness of early diagnosis of the disease, increasing need for inexpensive diagnostic tests, as well as the accuracy of diagnosis, are expected to stimulate growth of the rapid test market during the forecasted period. In addition, the growth of personalized attention and the increase in promotional activities of manufacturers encourage the use of rapid tests, thus stimulating market growth. However, stringent government regulations concerning the approval of rapid tests and the withdrawal of various products due to false results should hinder the growth of the market.
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Further key findings from the report suggest
- Rapid Test market is growing at a CAGR of 0% in Asia Pacific followed by North America and Europe, with 8.7 % and 8.5% CAGR, respectively. Demand for early diagnosis of disease is the key factor to accelerate the market growth during forecast period across all regions.
- The increasing introduction of combination products such as drug delivery and smart devices is inducing OEMs to work with contract manufacturing organizations (CMOs). The forward integration of OEMs to develop rapid diagnostic products will further drive market growth, owing to the availability of a wide range of products.
- Increasing demand for decentralized assessments is a crucial factor boosting the industry growth.
- The ever increasing consumer consciousness regarding food safety and rise in involvement of several government & non-government bodies to provide safe food products to consumers will offer new opportunities to rapid test market players.
- The low cost of rapid tests is the primary reason behind the astral growth of the global market for rapid test. Furthermore, the favorable operational dynamics of rapid tests have also emerged as a key factor contributing towards the growth of the global rapid test market.
- Moreover, the stability of rapid tests at high temperatures coupled with the short span of execution for these tests has given an impetus to the growth of the global market. The use of rapid tests in point-of-care testing wherein the results are obtained on the same day has also driven market demand.
- At present, glucose monitoring is the largest revenue contributor and is anticipated to dominate the market. Easy availability of cost efficient products, high number of diabetic population, and increase in the use of glucose monitoring rapid tests devices among the general population fuel the growth of the market.
- Veterinary rapid diagnostic test has potential application in the diagnosis and management of animal’s disease which increase the growth of the overall global rapid test market.
- Rising healthcare expenditure, rise in pet adoption rate, growth in the demand of animal product and increasing number of veterinary practitioners are the major factors which will drive the overall veterinary rapid diagnostic test market.
- Increase in adoption of rapid tests for preliminary screening, and rise in incidence of infections such as HIV, HPV, hepatitis, and others have driven the growth of rapid tests globally.
- Key participants include Akers Biosciences, Inc., Alere Inc. (Abbott Laboratories), Becton, Dickinson and Company, Bio-rad Laboratories, Inc., Cepheid, Inc., Hologic, Inc., Meridian Bioscience, Inc., OraSure Technologies, Inc., Quidel Corporation, and Roche Diagnostics.
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For the purpose of this report, Reports and Data has segmented the Rapid Test market on the basis of product type, application type, end use, and region:
Product Type (Revenue, USD Million; 2016–2026)
- Over-the-Counter (OTC) Rapid Test Product
- Professional Rapid Test Product
Application Type (Revenue, USD Million; 2016–2026)
- Infectious Disease
- Pregnancy & Fertility
- Glucose Monitoring
End Use (Revenue, USD Million; 2016–2026)
- Hospital & Clinic
- Diagnostic Laboratory
- Home Care
Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
Key Advantages of the Rapid Test Market Report:
- Detailed analysis of changing dynamics of the global Rapid Test market
- Valuable insights on key market growth driving trends and monetary competence over the forecast period
- SWOT analysis and Porter’s Five Forces analysis for each key market player to offer competitive advantage to readers and investors
- Comprehensive assessment of competitive landscape and regional analysis
- Assessment of key factors driving and restraining market growth
- Analysis of threats, limitations, growth prospects, opportunities, and barriers in the market
- Strategic recommendations to key market players and new entrants to assist them in gaining a robust footing in the market
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