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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Global Rapid Test Market: OverviewThe demand within the global market for rapid test has been rising on account of the popularity of preliminary screening across medical facilities.
The need for diagnostic tests across various domains within healthcare has created commendable growth opportunities within the global market for rapid test.
The most unique characteristic of this form of testing is the limited use of resources and the simplicity of execution.
Hence, it is safe to assert that the demand dynamics of the global market for rapid testing would significantly improve in the years to come.
The dynamics of the aforementioned segments shall help in getting a deeper peek into the global rapid test market.A report added by Transparency Market Research (TMR) on the global market for rapid test lays value on several key dynamics that have market growth in recent times.
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 latest trending report Global Rapid Tests Market 2020 by Manufacturers, Regions, Type and Application, Forecast to 2025 offered by DecisionDatabases.com is an informative study covering the market with detailed analysis.
The report will assist reader with better understanding and decision making.The global Rapid Tests market size is expected to gain market growth in the forecast period of 2020 to 2025, with a CAGR of 4.2% in the forecast period of 2020 to 2025 and will expected to reach USD 12550 million by 2025, from USD 10650 million in 2019.The Rapid Tests market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations.Browse the complete report and table of contents @ https://www.decisiondatabases.com/ip/47165-rapid-tests-industry-analysis-reportThe major players covered in Rapid Tests are:Akers Biosciences, Inc.OraSure Technologies, Inc.Bio-rad Laboratories, Inc.AbbottMeridian Bioscience, Inc.Becton, Dickinson and CompanyRoche DiagnosticsHologic, Inc.Cepheid, Inc.Quidel CorporationBy Type, Rapid Tests market has been segmented into: Over-the-counter (OTC) Rapid Test Product Professional Rapid Test ProductBy Application, Rapid Tests has been segmented into: Infectious Disease Cardiology Oncology Pregnancy and Fertility Toxicology Glucose Monitoring OthersThe report offers in-depth assessment of the growth and other aspects of the Rapid Tests market in important countries (regions), including: North America (United States, Canada and Mexico) Europe (Germany, France, UK, Russia and Italy) Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia) South America (Brazil, Argentina, Colombia) Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)Download Free Sample Report of Global Rapid Tests Market @ https://www.decisiondatabases.com/contact/download-sample-47165There are 14 Chapters to deeply display the Global Rapid Tests market.1 Rapid Tests Market Overview2 Company Profiles3 Market Competition, by Players4 Market Size by Regions5 North America Rapid Tests Revenue by Countries6 Europe Rapid Tests Revenue by Countries7 Asia-Pacific Rapid Tests Revenue by Countries8 South America Rapid Tests Revenue by Countries9 Middle East & Africa Revenue Rapid Tests by Countries10 Market Size Segment by Type11 Global Rapid Tests Market Segment by Application12 Global Rapid Tests Market Size Forecast (2021-2025)13 Research Findings and Conclusion14 AppendixPurchase the complete Global Rapid Tests Market Research Report @ https://www.decisiondatabases.com/contact/buy-now-47165Other Reports by DecisionDatabases.com:Global Relationship DNA Tests Market 2019 by Company, Regions, Type and Application, Forecast to 2024Global Precision Cancer Tests Market 2019 by Company, Regions, Type and Application, Forecast to 2024Global C-Reactive Protein Test (CRP) Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024About-Us:DecisionDatabases.com is a global business research reports provider, enriching decision makers and strategists with qualitative statistics.
DecisionDatabases.com is proficient in providing syndicated research report, customized research reports, company profiles and industry databases across multiple domains.Our expert research analysts have been trained to map client’s research requirements to the correct research resource leading to a distinctive edge over its competitors.
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