Rapid Tests Market Targets $39.10 Billion by 2023, Globally : Allied Market Research

Rapid tests are preferably used in low-resource settings for conducting preliminary screening tests.

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.

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The need for inexpensive diagnostic testing, along with increased awareness of early diagnosis of disease, spread of infectious diseases and improved accuracy, is expected to drive market growth during the forecast period. In addition, the increase in personalized child care and the increase in manufacturers' promotional campaigns encourage market growth by encouraging the use of rapid testing. However, government tight regulations on rapid test approval and recall of multiple products are expected to hamper market growth.

Product-based professional quick-testing products accounted for the largest portion in 2016, and increased demand for hospitals and mandated government policies for disease screening, such as HIV, malaria and influenza, Is expected to remain, others. 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.

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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