19 June 2019, Global rapid diagnostics market is expected to grow at a significant CAGR of 7.56% in
the upcoming period as the scope and its applications are rising enormously
across the globe. Rapid diagnostics test (RDT) is a diagnostic assay designed
for use at the point-of-care (POC) or emergency medical screening. It is easy
to operate, available at low cost, stable at the high temperature, and are
sensitive.
The factors that are
playing a major role in the growth of market are the growing occurrence of
infectious and chronic diseases, availability of skilled healthcare
personnel’s, the growth in number patients suffering from diabetes and
cardiovascular diseases, and the increasing presence of OEMs. However,
time-consuming and strict regulatory policies may restrain overall market
growth in the years to come. Rapid diagnostics market is segmented based on
product type, application, end user, and region.
Professional and
over-the-counter (OTC) rapid diagnostics test are the product types that could
be explored in rapid diagnostics in the forecast period. The market may be
categorized based on applications like coagulation testing, blood glucose
testing, toxicology testing, cardio metabolic testing, fecal occult testing,
infectious disease testing, pregnancy and fertility testing, and others could
be explored in rapid diagnostics in the forecast period. The blood
glucose-testing sector accounted for the substantial share of rapid diagnostics
market and is estimated to lead the overall market in the years to come. In
addition, pregnancy and fertility testing sector is estimated to grow at the
fastest pace in the years to come.
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| Rapid Diagnostics Market |
Based on end-users, home care
settings, hospitals and clinics, clinical diagnostic laboratories, and others
could classify rapid diagnostics in the forecast period. Hospital and clinics
sector accounted for the significant share of the market and is estimated to
continue with its dominance in the years to come. The reason could be enhanced
operations at point-of-care (POC) and provide enhanced patient care.
Globally, North America accounted for
the substantial share of rapid diagnostics market and is estimated to lead the
overall market in the years to come. The reason behind the overall market
growth could be the growing occurrence of lifestyle diseases, a government
initiative to support the acceptance of POC, the presence of developed
healthcare infrastructure, and the rising number of product approvals. The
United States is a major consumer of rapid diagnostics in this region.
Europe and the Asia Pacific are also
estimated to have a positive influence on future growth. Europe is the second
largest region with significant market share. However, Asia Pacific is
estimated to grow at the highest CAGR in the forecast period. The developing
countries like India and China are the major consumers of rapid diagnostics in
this region. The key players of rapid diagnostics market are Siemens
Healthcare, Abbott, F. Hoffmann-La Roche, BD, Danaher, and bioMérieux. These
players are concentrating on inorganic growth to sustain themselves amidst
fierce competition.
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