Transparency Market Research has published a new report on the rapid medical diagnostics kits market that discusses its stance in the global setting. The research report, titled “Rapid Medical Diagnostic Kits Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,” offers an evaluation of the market in a political, economic, social, technological, legal, and environmental context. The report has also used a SWOT analysis and Porter’s five forces analysis to determine the factors governing the trajectory of this market in the near future.According to the research report, the global rapid medical diagnostic kits market was valued at US$17.65 bn in 2012. The market is expected to register a CAGR of 5.5% through the forecast period to reach a value of US$25.76 bn by the end of 2019.
The market is expected to show exceptional progress as the demand for precautionary management of communicable conditions multiplies. Ever since these kits have hit market selves, they have achieved an important status in the medical diagnostics sector, with a potential for phenomenal growth in the coming years. Moreover, the easy functionalities of these kits and quick turnaround time has been the unique selling point of these kits, especially for testing pregnancy at home.
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The global rapid medical diagnostic kits market is segmented on the basis of application, technology, and geography. On the basis application, the market is divided into clinical testing, home-use, and veterinary. The clinical testing and home-use segments are further sub-segmented into infectious disease testing, cholesterol monitoring, substance abuse testing, fertility and pregnancy testing, and blood glucose testing. The technologies used in this market are lateral flow, flow-through, solid-phase, and agglutination assays.
Geographically, this market is segmented into Europe, North America, Asia Pacific, and Rest of the World. In terms of regions, North America is leading the global rapid medical diagnostics kits market, whose success is closely followed by Europe. In the near future, North America is expected to continue this dominance. Meanwhile, Asia Pacific is expected witness a robust growth rate in the rapid medical diagnostic testing kits market due to the high prevalence of infectious diseases, increasing awareness about these kits, and rising disposable income of the overall population. Furthermore, the high rate of infectious disease in the African countries is also expected to fuel the rapid medical diagnostic kits market.