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.
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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