The propelling factors for the growth of the rapid diagnostic kits market include the increasing number of government initiatives for the diagnosis of infectious disease incidence, along with the rising need for fast detection of diseases, which are also contributing to the increasing demand for rapid diagnostic tests, across the world. In addition to this, the growth of government initiatives, such as awareness programs and funding research studies, has influenced the healthcare industry.
The government proactively invests in many of the research studies that include the diagnosis of infectious diseases. Thus, increasing government initiatives for the efficient diagnosis of infectious diseases help in driving the overall growth of the market studied.
The patients suffering from chronic diseases are found to have an increased risk of developing end-stage heart failure diseases. Therefore, the early identification and management of patients with chronic diseases are found to be important, in order to decrease morbidity and mortality. The early detection of diseases is possible with the screening programs targeting high-risk patients, such as patients with diabetes mellitus, hypertension, and elderly patients. Thus, there are several rapid diagnostic kits available for many chronic diseases, which diagnose the disease while it is asymptomatic, with no signs or symptoms.
The increase in home healthcare is driving the use of rapid diagnostics. This brings treatment and prevention care options to the patient’s home, thus, avoiding the long queue in hospitals. This saves the patients' time and travel costs, thereby, driving the rapid diagnostics kits market.
Key Market Trends
Veterinary testing is the segment under application that is expected to grow the fastest during the forecast period
There are several rapid diagnostic kits available in the market for veterinary testing. The range of different innovative technologies is available for real-time or rapid diagnosis of livestock diseases. The major advantage of rapid diagnostic kits is the cost, as costs less to test pets and other veterinary animals. All these benefits of rapid diagnostics kits are driving the veterinary segment of the market studied, which is expected to grow further during the forecast period.
The use of kits in-home healthcare testing is also increasing every day, and no special skill is required to use the kits so patients can perform rapid diagnostic tests at home with the help of these kits, which are readily available in the market. Such benefits of the kits and the increasing adoption of the same by people are expected to help the market studied grow during the forecast period.
Asia-Pacific registered the fastest growth and is expected to follow the same trend over the forecast period
The Asia-Pacific region is predicted to witness high growth, due to the presence of a large base of patients with unmet medical needs in emerging economies, such as India and China. This is expected to help the Asia-Pacific rapid medical diagnostic kits market grow at the fastest rate during the forecast period. The increasing number of local manufacturers of RDT kits and the rising disease prevalence are propelling the need for rapid diagnostics, in turn, boosting the market growth over the forecast period.
The rapid diagnostic kits market has leading companies, like Alere, BioMérieux, and Roche Diagnostics, among others. There are also several companies entering into the market. Also, several private companies are introducing innovative products to enter into the market. Various major companies based in the country have also contributed significantly to the market.
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