This market research report provides a comprehensive segmentation of the global rapid diagnostics market by product (OTC rapid diagnostics test and professional rapid diagnostics test) and by application (blood glucose rapid diagnostics, infectious diseases rapid diagnostics, cardiometabolic rapid diagnostics, coagulation rapid diagnostics, pregnancy and fertility rapid diagnostics, fecal occult blood rapid diagnostics, and toxicology rapid diagnostics). Key vendors are Abbott, Roche Diagnostics, Siemens Healthcare, Beckman Coulter, and Alere.
Technavio’s market research analysts estimate the global rapid diagnostics market to grow at a CAGR of over 7% between 2016 and 2020. The primary factor fueling the growth of the market is the increasing pervasiveness of chronic diseases such as tuberculosis, influenza, HIV, and HCV. Factors such as the launch of new products, use of digital platforms in rapid diagnostics, and increasing awareness about point-of-care (POC) products are expected to boost the growth of this market during the forecast period. The Americas led the market in 2015, accounting for over 43% of the overall market share and is expected to continue its dominance over the next four years. The growth of rapid diagnostics market in this region is fueled by the prevalence of infectious diseases such as influenza A (H1N1), malaria, and dengue.
The new market research report from Technavio provides a breakdown and analysis of the rapid diagnostics segment by application.
“The advent of digital platforms is an ongoing trend that is expected to contribute to the growth of the rapid diagnostics market during the forecast period. The technological advancements from the past few years are reshaping the way digital platforms are used. There is an increased focus on the development of mobile apps that can communicate with and support portable diagnostic systems. Initiatives taken by non-profit organizations and governments to support research in digital healthcare are also expected to have a positive impact on the global rapid diagnostics market,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
Currently, blood glucose diagnostics segment dominates the global rapid diagnostics market, accounting for almost 62% of the overall market share. The increase in the incidence of diabetes across the globe is the primary driver for the growth of this segment. The rise in aging population in countries such as the UK, the US, India, and Japan is also expected to contribute to the growth of the market. As a countermeasure, vendors are increasingly focusing on the development of new digital platform-based products. For instance, LifeScan, a subsidiary of Johnson & Johnson, developed a blood glucose monitor that can send test results wirelessly to iPhones, iPads, or iPod Touch.
The key players in the global rapid diagnostics market include Abbott, Roche Diagnostics, Siemens Healthcare, Beckman Coulter, and Alere. The global rapid diagnostics market is characterized by a wide range of product offerings to cater to the needs of the industry. Vendors in the market have adopted clinical chemistry, immunoassay, cell-based assays, and nucleic acid-based technologies for different clinical applications. They are also focusing on product development and marketing strategies to improve their position in the market.
A more detailed analysis is available on the Technavio report, Global Rapid Diagnostics Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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