Allied Market Research published a report, titled, “Rapid Tests Market, by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023.” According to the report, the global rapid tests market generated $21.45 billion in 2016, and is estimated to reach $39.10 billion by 2023, growing at a CAGR of 8.9% from 2017 to 2023.
Surge in incidence of chronic diseases such as cardiovascular disorders, diabetes, and cancer, increase in awareness regarding rapid tests with the test convenience, and cost-effectiveness of the tests drive the growth of the global rapid tests market. Moreover, factors including speed of diagnosis, stability, and specificity create new opportunities in the market worldwide.
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Based on product, the professional rapid test products segment held the highest share in 2016, and is expected to maintain its leadership status during the forecast period, owing to rise in demand in hospitals and supportive government policies for screening of diseases including HIV, influenza, malaria, and others. On the other hand, the over-the-counter (OTC) rapid test product segment would register the fastest CAGR from 2017 to 2023.
Based on application, the glucose monitoring segment held the highest market share in 2016, and is estimated to maintain its dominance in the market during the forecast period, owing to rise in prevalence of diabetes and surge in awareness regarding home care glucose rapid tests kits. Contrarily, the infectious disease segment would portray the fastest market growth during the forecast period, due to increase in prevalence of infectious diseases and demand for accurate & cost-effective rapid tests for testing of preliminary infectious diseases.
Based on end user, the home care segment held the highest market share in 2016, and is expected to maintain its lead position throughout the forecast period, owing to rise in demand for personalized care rapid tests and availability of low-cost products. On the other hand, the hospital & clinic segment is expected to grow at the highest market growth during the forecast period.
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North America held for more than two-fifths of the total market share of the global rapid tests market in 2016 and is estimated to maintain its dominant share during the forecast period. This was attributed to the comprehensive usage of personalized care medical devices, better healthcare infrastructure, and increase in awareness regarding health. On the other hand, Asia-Pacific would witness the highest growth rate during the forecast period, owing to significant rise in awareness regarding health and rapid tests.
The report analyzes market players including Akers Biosciences, Inc., Becton, Dickinson and Company, Alere Inc. (Abbott Laboratories), Cepheid, Inc., Bio-rad Laboratories, Inc., Meridian Bioscience, Inc., Hologic, Inc., Quidel Corporation, OraSure Technologies, Inc., and Roche Diagnostics.
The key players analyzed in the report include
- Akers Biosciences, Inc
- Alere Inc. (Abbott Laboratories)
- Dickinson and Company
- Bio-rad Laboratories, Inc
- Cepheid, In
Rapid Tests Market Key Findings:
- Based on product, the over-the-counter (OTC) rapid test product segment is expected to show the fastest growth, from 2017 to 2023.
- Based on application, the glucose monitoring segment held approximately half of the global market share in 2016 and is expected to remain dominant throughout the forecast period.
- Based on application, the infectious disease segment exhibited double digit growth rate.
- Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 10.5% during the forecast period.
Scope of the Report
|Market size available for years||2017-2023|
|Base year considered||2018|
|Forecast units||Value (USD)|
|Segments covered||Product and Application|
|Geographies covered||North America, Europe, Asia-Pacific, LAMEA|
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