Rapid Test Market is expected to reach USD 48.54 billion by year 2026, at a CAGR of 8.8 % | Top Key Players Akers Biosciences, Inc., Alere Inc. (Abbott Laboratories), Becton

According to the current analysis of Reports and Data, the global Rapid Test market was valued at USD 24.55 billion in 2018 and is expected to reach USD 48.54 billion by year 2026, at a CAGR of 8.8 %. The initial diagnosis of diseases, as well as accuracy, play an essential role in the treatment of patients. The adoption of rapid diagnostic kits is increasingly recognized for its accuracy and economical testing for diseases such as syphilis, HIV, and tuberculosis. The need for diagnostic tests in several areas of medical care has created significant growth opportunities in the global rapid testing market. Quick tests, see tests that can be used in case of emergency in medical centers or for home treatment.

This report covers the recent COVID-19 incidence and its impact on Rapid Test Market. The pandemic has widely affected the economic scenario. This study assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market.

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Key participants include Akers Biosciences, Inc., Alere Inc. (Abbott Laboratories), Becton, Dickinson and Company, Bio-rad Laboratories, Inc., Cepheid, Inc., Hologic, Inc., Meridian Bioscience, Inc., OraSure Technologies, Inc., Quidel Corporation, and Roche Diagnostics.

The unique feature of this form of testing is the limited use of resources and simplicity of execution. Increasing the number of preliminary screening procedures in hospitals and increasing the number of rapid tests in developing regions are contributing factors to the growth of the sector. The rapid contagious disease test market is expected to experience the most robust growth over the forecast period. Factors such as the growing need for rapid test results to improve performance, strict government regulations, globalization of the food trade, and the increasing incidence of foodborne illness attributable to increased demand from the rapid testing market.

For the purpose of this report, Reports and Data has segmented the Rapid Test market on the basis of product type, application type, end use, and region:

Product Type (Revenue, USD Million; 2016–2026)

• Over-the-Counter (OTC) Rapid Test Product
• Professional Rapid Test Product

Application Type (Revenue, USD Million; 2016–2026)

• Infectious Disease
• Cardiology
• Oncology
• Pregnancy & Fertility
• Toxicology
• Glucose Monitoring
• Others

End Use (Revenue, USD Million; 2016–2026)

• Hospital & Clinic
• Diagnostic Laboratory
• Home Care
• Others

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Regional Outlook (Revenue in USD Million; 2016–2026)

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

Further key findings from the report suggest

• Rapid Test market is growing at a CAGR of 0% in Asia Pacific followed by North America and Europe, with 8.7 % and 8.5% CAGR, respectively. Demand for early diagnosis of disease is the key factor to accelerate the market growth during forecast period across all regions.

• The increasing introduction of combination products such as drug delivery and smart devices is inducing OEMs to work with contract manufacturing organizations (CMOs). The forward integration of OEMs to develop rapid diagnostic products will further drive market growth, owing to the availability of a wide range of products.

• Increasing demand for decentralized assessments is a crucial factor boosting the industry growth.

• The ever increasing consumer consciousness regarding food safety and rise in involvement of several government & non-government bodies to provide safe food products to consumers will offer new opportunities to rapid test market players.

• The low cost of rapid tests is the primary reason behind the astral growth of the global market for rapid test. Furthermore, the favorable operational dynamics of rapid tests have also emerged as a key factor contributing towards the growth of the global rapid test market.

• Moreover, the stability of rapid tests at high temperatures coupled with the short span of execution for these tests has given an impetus to the growth of the global market. The use of rapid tests in point-of-care testing wherein the results are obtained on the same day has also driven market demand.

• Rising healthcare expenditure, rise in pet adoption rate, growth in the demand of animal product and increasing number of veterinary practitioners are the major factors which will drive the overall veterinary rapid diagnostic test market.

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Key selling points of this research study

1. The study gives an in-depth evaluation of the evolving competitive scenario that gives the reader/client a competitive edge.

2. It offers a holistic view of all critical aspects boosting or limiting the growth of the sector

3. The market intelligence report derives an eight-year forecast, including historical, contemporary, and potential market prospects, projecting the estimated progress of the market.

4. It aids informed decision-making by offering an exhaustive database of the pivotal market segments and sub-segments.

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