Global Rapid Diagnostics Market 2018-2022
About Rapid Diagnostics
Rapid diagnostic products are used for preliminary and emergency medical screening. These products are developed for medical facilities with low skilled resources.
Technavio’s analysts forecast the global rapid diagnostics market to grow at a CAGR of 7.56% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global rapid diagnostics market for 2018-2022. To calculate the market size, the report considers the revenue generated from the rapid diagnostics.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Rapid Diagnostics Market 2018-2022
Technavio recognizes the following companies as the key players in the global rapid diagnostics market: Abbott, BD, bioMérieux, Danaher, F. Hoffmann -La Roche, and Siemens Healthcare.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing presence of OEMs. The OEM provides equipment's to the manufacturers that develop, distribute, and sell the final furnished goods. Generally, OEM develops certain components of the products however, sometimes the OEM may manufacture complete device. The OEMs are working with contract manufacturing organizations (CMOs) due to increasing number of combination products such as drug delivery and smart devices. There is growing focus towards forward integration by the OMEs involved in providing diagnostics components.”
According to the report, one of the major drivers for this market is Increasing incidence of chronic and infectious diseases. Various chronic diseases such as heart diseases, diabetes, stroke, cancers, obesity, and kidney diseases are increasing across the globe which resulted in the greater demand for diagnostic procedures like rapid diagnostics and technologically advanced treatment options. These chronic diseases can be easily diagnosed using point of care (POC) products. According to CDC in 2012, approximately 117 million individuals in the US had one or more chronic health conditions and one in four adults in the US suffer from two or more chronic diseases.
Further, the report states that one of the major factors hindering the growth of this market is High cost of rapid diagnostic products. The rapid diagnostics products such as analyzers, assays and frequent usage of the consumables and reagents are associated with higher costs which are incurred by the end user such as hospitals, clinics, diagnostics laboratories. Moreover, POC diagnostics test products have faster turnaround time (TAT) which leads to high cost however, the testing products other than POC cost are comparatively lower. In 2013, NIH conducted comparison study between cost of rapid molecular tests and conventional diagnostics for the detection of tuberculosis in South Africa.
Abbott, BD, bioMérieux, Danaher, F. Hoffmann -La Roche, and Siemens Healthcare.