Global Rapid Diagnostic Kits Market worth US$ 14.3 Billion 2023 with a CAGR of 8.50%.

Published Date: March 2020

The report "Global Rapid Diagnostic Kits Market, By Technology (Flow Through, Solid Phase, Lateral Flow, and Agglutination Assays) By Application (Hospitals and Clinical Testing, Home Testing, and Veterinary Testing), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2023”.

Key Highlights:

  • In February 2020, Chinese university develops rapid test kit for coronavirus
  • In November 2017, Innovus Pharma announced agreement with Acon Laboratories Inc.

Analyst View:

Growing Prevalence of Disease

The growing prevalence of cardiovascular diseases, sexually transmitted diseases, diabetes, infectious diseases, hepatitis and gastrointestinal diseases is the most significant driver of the global rapid medical diagnostic kits market. In addition, this market is driven by factors such as growing patient awareness levels, constantly improving healthcare infrastructure, rising demand for home healthcare and rising prevalence of lifestyle induced disorders such as obesity. The patients suffering from chronic diseases are found to have an increased risk of developing end-stage heart failure diseases. Therefore, the early identification and management of patients with chronic diseases are found to be important, in order to decrease morbidity and mortality.

Lack of Awareness

Lack of awareness regarding newer rapid diagnostic tests coupled with the failure to eliminate the need for microscopy diagnosis might restrain the growth of the market during the given time frame.

The increase in home healthcare is giving opportunity for rapid diagnostics. This brings treatment and prevention care options to the patient’s home, thus, avoiding the long queue in hospitals. This saves the patients' time and travel costs.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Rapid Diagnostic Kits Market”, By Technology (Flow Through, Solid Phase, Lateral Flow, and Agglutination Assays) By Application (Hospitals and Clinical Testing, Home Testing, and Veterinary Testing), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2023

Key Market Insights from the report:        

The global rapid diagnostic kits market accounted for US$ 14.3 billion by 2023 and is projected to register a moderate CAGR of 8.50% over the forecast period. The market report has been segmented on the basis of technology, application, and region.

  • By technology, the global market is segmented into flow through, solid phase, lateral flow, and agglutination assays.
  • By application, 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.
  • By region, the market in North America is expected to dominate the overall market throughout the forecast period. The presence of high per capita healthcare expenditures coupled with high patient awareness levels.

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Competitive Landscape:

The prominent player operating in the global rapid diagnostic kits market includes Roche Diagnostics, Abbott Laboratories, Siemens Healthcare, Global BioDiagnostics Corporation, Atlas Link Biotech Co. Ltd, Alere, BioMerieux, Accutech LLC, Acon Laboratories Inc., and Artron Laboratories.

The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.

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Some Important Points Answered in this Market Report Are Given Below:

  • Explains an overview of the product portfolio, including product development, planning, and positioning
  • Explains details about key operational strategies with focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
  • Detailed analysis of the market revenue over the forecasted period.
  • Examining various outlooks of the market with the help of Porter’s five forces Analysis, PEST & SWOT Analysis.
  • Study on the segments that are anticipated to dominate the market.
  • Study on the regional analysis that is expected to register the highest growth over the forecast period.

Key Topics Covered

  1. Introduction
  • Study Deliverables
  • Study Assumptions
  • Scope of the Study
  1. Research Methodology
  2. Executive Summary
  • Opportunity Map Analysis
  • Market at Glance
  • Market Share (%) and BPS Analysis, by Region
  • Competitive Landscape
  • Heat Map Analysis 
  • Market Presence and Specificity Analysis
  1. Investment Analysis
  2. Competitive Analysis

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