Press release
Global Rapid Medical Diagnostic Kits Market to Expand at 5.5% CAGR 2013 to 2019
Increased detection of new pathogens-causing infections and increasing rate of weak immune system resulting from aging of population worldwide are some of the major factors leading to increase in the infectious diseases due to which the rapid medical diagnostic kits market is showing massive growth globally.
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Some other factors contributing to the growth of the rapid medical diagnostic kits market include cheaper cost of the rapid medical diagnostic kits, and increasing awareness about the available technologies for diagnosis of the infectious diseases caused by virus and bacteria.
Rapid medical diagnostic kits market is mainly categorized on the basis of applications namely, clinical testing, home-use, infectious disease and veterinary and on the basis of technology used to develop rapid medical diagnostic platform namely, lateral flow technology, agglutination assays, flow-through and solid phase assays.
The home–use rapid medical diagnostic application segment held the major market share of rapid medical diagnostic kits market in 2012 on account of the highly dominated blood glucose testing market. While on the technology side, lateral flow technology led the technology segment in the global rapid medical diagnostic kits market owing to presence of large number of approved rapid medical diagnostic kits with this technology. Moreover, its ease of use and quick turnaround time has been beneficial in malaria and pregnancy testing at home.
The global rapid medical diagnostic kits market is highly fragmented in nature with many companies competing in the market. Well established market players dominate this market with their proprietary products and predatory growth strategies. Patent repository of the established market players is restraining growth and entry of the new market players entering into the market. Companies such as Millipore Corporation and Alere, Inc. are seeking patent approvals to secure their market share in the rapid medical diagnostic kits market.
Geographically, North America dominates the global rapid medical diagnostic kits market and is followed by Europe. North America is expected to maintain its leading position till 2019. Asia Pacific is expected to show highest growth rate in the rapid medical diagnostic testing kits market owing to factors such as, increasing infectious disease prevalence, increasing awareness about the rapid medical diagnostic tools and increasing disposable income of the population in this region.
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Highest infectious disease rates in developing countries such as African countries will drive the growth of rapid medical diagnostic kits market in these countries.
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