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.
Rapid Test Market Size – USD 24.55 billion in 2018, Market Growth – CAGR of 8.8%, Market Trends – Product launches and research for advanced Rapid Test
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.
Companies considered and profiled in this market study
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)
Application Type (Revenue, USD Million; 2016–2026)
End Use (Revenue, USD Million; 2016–2026)
Regional Outlook (Revenue in USD Million; 2016–2026)
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Further key findings from the report suggest:
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Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018 – 2026
Chapter 3. Indicative Metrics
3.1. Increase in awareness regarding early diagnosis of disease
3.2. Prevalence of infectious diseases
Chapter 4. Rapid Test Segmentation & Impact Analysis
4.1. Rapid Test Segmentation Analysis
4.2. Rapid Test Market Value Chain Analysis, 2016-2026
4.3. Regulatory framework
4.4. Rapid Test Market Impact Analysis
……
Chapter 9. Competitive Landscape
9.1. Market Revenue Share by Manufacturers
9.2. Manufacturing Cost Breakdown Analysis
9.3. Mergers & Acquisitions
9.4. Strategy Benchmarking
9.5. Vendor Landscape
Chapter 10. Company Profiles
10.1. Akers Biosciences, Inc.
10.1.1. Company Overview
10.1.2. Financial Performance
10.1.3. Product Length Benchmarking
10.1.4. Strategic Initiatives Request for Customization @ https://www.reportsanddata.com/request-customization-form/2283
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