A comprehensive overview of the Rapid Tests market is recently added by UnivDatos Market Insights to its humongous database. The Rapid Tests market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Rapid Tests market. The Rapid Tests market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository e-amines and estimates the Rapid Tests market at the global and regional levels. Rapid Tests market is e-pected to grow at a CAGR of -.% from 2021-2027 to e-ceed US$ -. billion by 2027.
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Market Overview
The rapid tests market is e-pected to grow with a significant CAGR in the coming years. Key factors influencing the market growth include, increasing awareness among people, increasing prevalence of infectious disease and the gaining popularity of high accuracy, low-cost rapid tests. Additionally, the promotion of personalized care and tests approach by rapid tests manufacturers is also booming the rapid tests market. Furthermore, the WHO, the CDC and the European Centre for Disease Prevention and Control are engaged in mapping prevalence and incidence of infectious diseases around the world. The most common infectious diseases are respiratory infections and tuberculosis which are 43% prevalence of all the infectious diseases and HIV/AIDS and se-ually transmitted infections with 26% prevalence. Drawbacks to the market include stringent government regulations and recalling several products due to false results. The recent Covid-19 rapid test kits have also increased their popularity. All these development are boosting the growth of the rapid tests market.
COVID-19 Impact
The recent covid-19 pandemic in 2019 took the world by a storm. The pandemic brought the world to a standstill. All industries have suffered some form of loss due to the pandemic. In addition to this the pandemic has also cost many lives. Till date there have been 177,470,620 covid-19 cases in the world and 3,839,931 deaths. Most nations around the world were affected by the pandemic which not only took lives but also took away jobs. The pandemic caused a huge economic burden all around the world with most industries bearing some form of loss. The Rapid Tests industry also saw a slowdown during the pandemic as the industries were shut and production of affected. However, with the advent of covid-19 rapid tests the industry growth has boosted again.
Rapid Tests market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Product Type, the market is primarily segmented into
· Over-the-counter (OTC) Rapid Test Product
· Professional Rapid Test Product
The Over-the-counter segment generated revenue of US$ -. billion in 2020 and is e-pected to grow at a CAGR of -.% during the forecast period to reach a market valuation of US$ -. billion by 2027F.
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By Application, the market is primarily segmented into
· Infectious Disease
o HPV
o Hepatitis
o Influenza
o Malaria
o HIV
o Others
· Cardiology
· Oncology
· Pregnancy & Fertility
· To-icology
· Glucose Monitoring
· Others
Amongst application, the infectious diseases segment of the Rapid Tests market was valued at US$ -. billion in 2020 and is likely to reach US$ -. billion by 2027 growing at a CAGR of -.% from 2021-2027.
By End-User, the market is primarily segmented into
· Hospital & Clinic
· Diagnostic Laboratory
· Home Care
· Others
Amongst end-user, the Hospital & Clinic segment of the Rapid Tests market was valued at US$ -. billion in 2020 and is likely to reach US$ -. billion by 2027 growing at a CAGR of -.% from 2021-2027.
Rapid Tests Market Geographical Segmentation Includes:
· North America
· Europe
· Asia-Pacific
· Rest of the World
Based on the estimation, the North America region dominated the Rapid Tests market with almost -.% revenue share in 2020. North America also saw the highest CAGR of -.% in the forecast period due to the growing number of infectious diseases.
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The major players targeting the market includes
· ACON Laboratories, Inc.
· Abbott Laboratories
· Artron Laboratories Inc.
· Alfa Scientific Designs, Inc.
· Becton, Dickinson and Company
· BTN-, Inc.
· bioMérieu- SA
· Cardinal Health
· Bio-Rad Laboratories, Inc.
· Danaher Corporation
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Rapid Tests market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the Rapid Tests market?
· Which factors are influencing the Rapid Tests market over the forecast period?
· What are the global challenges, threats, and risks in the Rapid Tests market?
· Which factors are propelling and restraining the Rapid Tests market?
· What are the demanding global regions of the Rapid Tests market?
· What will be the global market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.