Covid-19 Impact on Rapid Diagnostic Kits Market to See Strong Expansion Through 2026
OCT 04,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Rapid Diagnostic Kits Market.
The Rapid Diagnostic Kits Market is projected to grow from USD 13.65 billion in 2020 to USD 16.84 billion by 2026 at a CAGR of over 3.6% during the forecast period.
The healthcare industry recently is focusing to expedite disease diagnosis through testing. Consequently, rapid diagnostic test kits have been developed to offer instant access to diagnose patients with various types of diseases and decide the kind of required treatment. These rapid diagnostic kits offer quick results and are cost-effective and easily available.
Growing need and awareness regarding the rapid medical evaluation of chronic diseases, high influx of portable rapid testing devices in the market, increasing demand for point of care diagnostics, the surge in the number of infectious disease cases, and rising geriatric population across the globe are some of the key factors augmenting the market growth. The collaborative efforts of the government bodies with local authorities to achieve overall control of management and treatment of infectious diseases are further expected to bolster the product demand.
By product, the rapid diagnostic kits market has been segmented into over-the-counter kits and professional kits. Under these, the over-the-counter kits segment garnered the highest market share of almost 55% in 2020 and is likely to register a substantial CAGR during the review period. This is mainly attributed to ease to use in the “near-patient setting” as well as are a cost-effective alternative to high-cost laboratory testing.
By region, the North American market witnessed the highest market share in 2020 and is estimated to grow at a substantial CAGR during the assessment period. This is mainly ascribed to the rise in consumption of rapid diagnostic kits, upsurge in demand for over-the-counter drugs, easier availability, and strong healthcare facilities. Moreover, growing healthcare expenditure and rising funds and grants for R&D activities further boosts regional growth.
Key Players
- Acon Laboratories, Inc. (The U.S),
- Alfa Scientific Designs Inc. (The U.S),
- Abbott Laboratories (The U.S),
- Artron Laboratories Inc. (Canada),
- Becton, Dickinson And Company (The U.S),
- BTNX Inc (Canada),
- bioMérieux SA (France),
- Bio-Rad Laboratories, Inc. (The U.S),
- Cardinal Health (The U.S), and
- Danaher Corporation (The U.S).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Rapid Diagnostic Kits Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
Customization of the Report:
This report can be customized to meet the client’s requirements. In order to provide more accurate market forecast, all the reports are updated before delivery.
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