2 July 2018 - - According to a new report published by Portland, Oregon-based market research and business-consulting company Allied Market Research (AMR), the rapid-test market is expected to reach USD 39,103m by 2023, growing at a compound annual growth rate (CAGR) of 8.9% from 2017 to 2023, the company said.
The market major drivers are increase in incidence of chronic diseases such as diabetes, cardiovascular disorders, and cancer, rise in awareness about rapid tests owing to the test convenience, and low cost of the tests.
The professional rapid test product share is anticipated to continue its dominance due to increased demand for rapid tests in hospitals and mandated government policies for screening of diseases.
However, the over-the-counter rapid test product segment is expected to grow at the highest CAGR from 2017 to 2023.
Glucose monitoring is anticipated to dominate the market but infectious disease monitoring is expected to exhibit the fastest market growth during the forecast period.
North America is expected to continue with the major market share due to the extensive use of personalized care medical devices, well-developed healthcare infrastructure, and rise in health care awareness.
However, Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to awareness about health and rapid tests.
With offices around the world, AMR provides global enterprises as well as medium and small businesses with 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.