Rapid Tests Market by Product (Over-the-Counter [OTC] Rapid Test Product and Professional Rapid Test Product), Application (Infectious Disease, Cardiology, Oncology, Pregnancy & Fertility, Toxicology, Glucose Monitoring, and Others), and End User (Hospital & Clinic, Diagnostic Laboratory, Home Care, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2023
The global rapid tests market generated $21,455 million in 2016, and is projected to reach $39,103 million by 2023, growing at a CAGR of 8.9% from 2017 to 2023. Rapid tests are diagnostic assays designed for use where preliminary screening tests need to be conducted. These tests are easy, quick, and provide specific results; hence, are used in settings with limited resources. Rapid tests are incorporated in diagnosis of different diseases and health conditions such as HIV, influenza, malaria, cancer, pregnancy & fertility, and others.
The rapid tests market is expected to grow at a significant rate during the forecast period, owing to increase in awareness regarding early diagnosis of disease, prevalence of infectious diseases, and need for low cost as well as accurate diagnostic testing. In addition, growth in personalized care and increased promotional activities by manufacturers encourage the usage rapid tests, which further facilitate the growth of the market. However, stringent government regulations for the approval of rapid tests and recall of several products due to false results are expected to impede the market growth.
The global rapid tests market is segmented based on product, application, end user, and region. Based on product, the market is bifurcated into over-the-counter (OTC) rapid test product and professional rapid test product. By application, the market is classified into infectious disease, cardiology, oncology, pregnancy & fertility, toxicology, glucose monitoring, and others. According to end user, it is segmented as hospital & clinic, diagnostic laboratory, home care, and others. Based on region, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).KEY BENEFITS FOR STAKEHOLDERS
The study provides an in-depth analysis of the market along with current trends and future estimations to elucidate the imminent investment pockets.
It offers a quantitative analysis from 2016 to 2023, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
Comprehensive analysis of all geographical regions is provided to determine the existing opportunities.
The profiles and growth strategies of key players are thoroughly analyzed to understand the competitive outlook of the global market.
KEY MARKET SEGMENTS
Over-the-counter (OTC) Rapid Test Product
Professional Rapid Test Product
Pregnancy & Fertility
By End User
Hospital & Clinic
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA
LIST OF KEY PLAYERS PROFILED IN THE REPORT
Akers Biosciences, Inc.
Alere Inc. (Abbott Laboratories)
Becton, Dickinson and Company
Bio-rad Laboratories, Inc.
Meridian Bioscience, Inc.
OraSure Technologies, Inc.
LIST OF OTHER PLAYERS IN THE VALUE CHAIN (These players are not profiled in the report. The same will be included on request.)
Demeditec Diagnostics GmbH
Epitope Diagnostics Inc.
Randox Laboratories Ltd.
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