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Global Rapid Medical Diagnostic Kits Market to Expand at 5.5% CAGR 2013-2019 Due to Growing Consumer Awareness

Market for rapid medical diagnostic kits was valued at USD 17.65 billion in 2012 and is expected to reach a value of USD 25.76 billion in 2019, growing at a CAGR of 5.5% from 2013 to 2019.

 

Albany, NY -- (SBWIRE) -- 06/20/2016 -- According to the comprehensive document, the global rapid medical diagnostic kits market was valued at US$17.65 bn in 2012. However, by the end of the forecast period, this market is expected to reach US$25.76 bn expanding at a CAGR of 5.5% between 2013 and 2019.

Rapid medical diagnostic kits are used for detecting or diagnosing a wide range of infections, conditions, and diseases that the person might be suffering from. These kits offer an accurate diagnosis for diseases such as malaria and conditions such as diabetes and pregnancy. These kits are also known as quick diagnostic tests are they deliver results in a matter of minutes or hours and do not require automated diagnostic equipment in any form.

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The global rapid medical diagnostic kits market is moving ahead at a moderate pace and is expected to witness a continuous demand for the products for management various diseases. The growth of the global rapid medical diagnostic kits market has stirred a meaningful revolution in the healthcare sector by offering simple ways to seek immediate answers by detecting ailments. The high incidence of sexually transmitted diseases, infectious diseases, diabetes, gastrointestinal diseases, and hepatitis are some of the key factors driving the overall rapid medical diagnostic kits market.

The global rapid medical diagnostic kits market is segmented on the basis of application, technology, and geography. The application segment is segmented into clinical testing, home-use, and veterinary. The technologies used in this market are flow through, lateral flow, solid phase, and agglutination assays. Geographically, this market is segmented into Europe, North America, Asia Pacific, and Rest of the World.

Presently, North America holds a significant share in the overall market, with Europe following its lead. Analysts predict that North America is expected to retain its spot due to growing consumer awareness. In the same forecast period, the Asia Pacific rapid medical diagnostic kits market is expected to witness a remarkable boost due to the growing prevalence of diseases, improving disposable incomes, and rising awareness amongst consumers about these kits. Additionally, the growing cases of infectious diseases in Africa are expected to support the growth of this market in the region.

Some of the leading players in the global medical diagnostic kits market are Abbott Laboratories, Abaxis, Inc., Alere, Inc., BioRad Laboratories, Becton Dickinson & Company, MegaCor Diagnostik GmbH, Danaher Corporation, MegaCor, Trinity Biotech Plc, Zoetis, Inc., and F. Hoffmann La Roche. The research report profiles these players and offers a detailed analysis of the competitive landscape present in the overall market. Furthermore, the research report also evaluates the financial overview, research and development activities, investment overview, and business and marketing strategies of these companies in the coming future.

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