According to the current analysis of Reports and Data, the Global Rapid Test Market was valued at USD 26.71 Billion in 2019 and is expected to reach USD 52.81 Billion by the year 2027, 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 the 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.
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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 is witnessed. Rising awareness of the early diagnosis of diseases, increasing the need for inexpensive diagnostic tests, as well as the accuracy of diagnosis is expected to stimulate the growth of the rapid test market during the forecasted period. Additionally, 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.
Further key findings from the report suggest
- The rapid test market is growing at a CAGR of 0% in the 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 in accelerating market growth during the 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 in boosting industry growth.
- The ever increasing consumer consciousness regarding food safety and the rise in the 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 to 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, the high number of diabetic population, and an increase in the use of glucose monitoring rapid tests devices among the general population fuel the growth of the market.
- The veterinary rapid diagnostic test has potential application in the diagnosis and management of animal’s disease, which increases the growth of the overall global rapid test market.
- Rising healthcare expenditure, rise in pet adoption rate, growth in the demand of animal products, and the increasing number of veterinary practitioners are the major factors, which will drive the overall veterinary rapid diagnostic test market.
- An increase in the adoption of rapid tests for preliminary screening and rising incidences 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; 2017–2027)
- Over-the-Counter (OTC) Rapid Test Product
- Professional Rapid Test Product
Application Type (Revenue, USD Million; 2017–2027)
- Infectious Disease
- Pregnancy & Fertility
- Glucose Monitoring
End-Use (Revenue, USD Million; 2017–2027)
- Hospital & Clinic
- Diagnostic Laboratory
- Home Care
Regional Outlook (Revenue in USD Million; 2017–2027)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/rapid-test-market
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