New Report: Rapid Tests Market Value Expected to Show $39,103 Million by 2023

"Increased awareness of rapid testing has played an important role in the rapid growth of the test market. In addition, the development of diagnostic tests is expected to increase the prevalence of chronic diseases and the need for these tests over the next several years."

According to a new report from Allied Market Research, 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.

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Rapid tests provide a natural result for patients and are used in preliminary tests as well as in environments with limited resources. It increases the incidence of chronic diseases such as diabetes, cardiovascular disease and cancer, increases the awareness of prompt examination due to convenience of examination, and lowers inspection cost, leading to rapid growth of test market. Other factors, such as diagnostic speed, specificity, and stability, revitalize market growth around the world.

On a product basis, professional quick test products accounted for the largest portion in 2016 and are expected to remain unrivaled in influenza and other sectors during the forecast period. However, OTC fast test products are expected to have the highest average annual growth rate 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.

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.

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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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