According to a new report published by Allied
Market Research, titled, "Rapid Tests
Market, by Product, Application, and End User: Global
Opportunity Analysis and Industry Forecast, 2017-2023," the market was valued
at $21,455 million in 2016, and is expected to reach $39,103
million by 2023, growing at a CAGR of 8.9% from 2017 to 2023.
Rapid tests provide diagnostic results
spontaneously to patients and are preferably used in preliminary screenings as
well as and in settings with limited resources. Increase in incidence of
chronic diseases such as diabetes, cardiovascular disorders, & cancer, rise
in awareness about rapid tests owing to the test convenience, and low cost of
the tests, majorly drive the growth of the rapid tests market. In addition,
other factors, such as speed of diagnosis, specificity, and stability, fuel the
market growth globally.
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Based on product, the professional rapid test
products occupied the largest share in 2016, and is anticipated to continue its
dominance during the forecast period, owing to increased demand for rapid tests
in hospitals and mandated government policies for screening of diseases such as
HIV, malaria, influenza, and others. However, the over-the-counter (OTC) rapid
test product segment is expected to grow at the highest CAGR from 2017 to 2023.
Based on application, the glucose monitoring
segment occupied the largest share in 2016, and is anticipated to dominate the
market during the forecast period, due to increase in prevalence of diabetes
and growth in awareness of home care glucose rapid tests kits. On the other
side, infectious disease segment is expected to exhibit the fastest market
growth during the forecast period due to surge in prevalence of infectious
disease and rise in demand for low cost & accurate rapid tests for
preliminary infectious disease testing.
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Based on end user, the home care segment occupied
the largest share in 2016, and is anticipated to continue its dominance during
the forecast period, due to increased demand for personalized care rapid tests
and cost-efficient product availability. On the other side, the hospital &
clinic segment is anticipated to exhibit the fastest market growth during the
forecast period due to increase in demand for rapid tests.
Key Findings of the Rapid Tests Market:
- 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.
North America accounted for more than
two-fifths share of the global rapid tests market in 2016 and is expected to
remain dominant throughout the forecast period. This was attributed to the
extensive use of personalized care medical devices, well-developed healthcare
infrastructure, and rise in health care awareness. On the other hand, Asia-Pacific is
expected to experience the highest growth rate during the forecast period
majorly due to awareness about health and rapid tests.
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