Portland, OR, June 04, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global rapid tests market was estimated at $23.41 billion in 2017 and is expected to hit $39.10 billion by 2023, growing at a CAGR of 8.9% from 2017 to 2023. The report offers an in-depth analysis of the market, covering aspects such as top investment pockets, drivers, restraints, & opportunities, major market segments, strategic developments, and competitive landscape.
Benefits of rapid tests over laboratory testing, increase in initiatives of government & nonprofit organizations toward health awareness, and rise in healthcare expenditure worldwide have fueled the growth of the global rapid tests market. On the other hand, inadequate reimbursement policies for rapid test diagnostics hampers the growth to certain extent. Nevertheless, growth opportunities in the emerging markets and increase in prevalence of various chronic as well as infectious diseases across the world have created multiple opportunities in the segment.
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The OTC segment to rule the roost-
Based on product type, the over-the-counter (OTC) rapid test product segment is projected to grow at the fastest CAGR of 9.2% during the study period. On the other hand, the professional rapid test products segment accounted for more than three-fifths of the total market in 2017 and is projected to retain its top status during the forecast period.
The glucose monitoring segment to dominate through 2017–2023-
Based on application, the glucose monitoring segment contributed to nearly half of the global market share in 2017 and is anticipated to dominate throughout the forecast period. On the other hand, the infectious disease segment has exhibited the fastest growth rate with a CAGR of 11.6% during the study period.
The home care segment to maintain its lion’s share till 2023-
Based on end user, the home care segment held the largest share, garnering nearly two-fifths of the total market. Simultaneously, the hospitals & clinics segment region is expected to grow at the highest CAGR of 9.5% during the forecast period.
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Key players in the industry-
The key players analyzed in the rapid tests market report are Alere Inc. (Abbott Laboratories), Becton, Akers Biosciences, Inc., Bio-rad Laboratories, Inc., Cepheid, Inc., Hologic, Inc., OraSure Technologies, Roche Diagnostics, Meridian Bioscience, Inc., Dickinson and Company, Inc., and Quidel Corporation. These players have adopted various market strategies such as partnerships, collaboration, mergers & acquisitions, new product launch to strengthen their foothold in the industry.
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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.