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    Rapid Diagnostic Kits Market Report

    Rapid Diagnostic Kits Market Report
    Report code - SRHL317 Delivery - 2 Weeks
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    Global Rapid Diagnostic Kits Market, Dynamics, Trends, and Market Analysis
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    Impact of COVID-19 on Rapid Diagnostic Kits Market

    Covid-19 has impacted the market dynamics, competition, and global...

    See more...

    Impact of COVID-19 on Rapid Diagnostic Kits Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Insights

    The Global Rapid Diagnostic Kits Market is projected to grow from USD 13.65 billion in 2020 to USD 16.84 billion by 2026 at a CAGR of over 3.6% during the forecast period.

    Figure: Global Rapid Diagnostic Kits Market Size, 2020-2026 (USD Billion)

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    What are Rapid Diagnostic Kits?

    The healthcare industry recently is focusing to expedite disease diagnosis through testing. Consequently, rapid diagnostic test kits have been developed to offer instant access to diagnose patients with various types of diseases and decide the kind of required treatment. These rapid diagnostic kits offer quick results and are cost-effective and easily available.

    Key Players

    The key players operating in the global rapid diagnostic kits market are-

    • Acon Laboratories, Inc. (The U.S),
    • Alfa Scientific Designs Inc. (The U.S),
    • Abbott Laboratories (The U.S),
    • Artron Laboratories Inc. (Canada),
    • Becton, Dickinson And Company (The U.S),
    • BTNX Inc (Canada),
    • bioMérieux SA (France),
    • Bio-Rad Laboratories, Inc. (The U.S),
    • Cardinal Health (The U.S), and
    • Danaher Corporation (The U.S).

    Market Dynamics

    Growing need and awareness regarding the rapid medical evaluation of chronic diseases, high influx of portable rapid testing devices in the market, increasing demand for point of care diagnostics, the surge in the number of infectious disease cases, and rising geriatric population across the globe are some of the key factors augmenting the market growth. The collaborative efforts of the government bodies with local authorities to achieve overall control of management and treatment of infectious diseases are further expected to bolster the product demand.

    Segment Analysis

    Product Trends

    By product, the rapid diagnostic kits market has been segmented into over-the-counter kits and professional kits. Under these, the over-the-counter kits segment garnered the highest market share of almost 55% in 2020 and is likely to register a substantial CAGR during the review period. This is mainly attributed to ease to use in the “near-patient setting” as well as are a cost-effective alternative to high-cost laboratory testing.

    Regional Trends

    By region, the North American market witnessed the highest market share in 2020 and is estimated to grow at a substantial CAGR during the assessment period. This is mainly ascribed to the rise in consumption of rapid diagnostic kits, upsurge in demand for over-the-counter drugs, easier availability, and strong healthcare facilities. Moreover, growing healthcare expenditure and rising funds and grants for R&D activities further boosts regional growth.

    COVID-19 Impact on Global Rapid Diagnostic Kits Market

    The outbreak of the COVID-19 virus has positively influenced the rapid diagnostic kits industry. Numerous diagnostics companies are involved in the development of novel COVID-19 rapid diagnostic tests and are aiming to gain approval from the FDA to launch these tests in the US. The ongoing COVID-19 pandemic has created immense growth opportunities for the market players to develop rapid diagnostic test supplies to prevent the spread of COVID-19 infection.

    Critical Questions Answered in the Report

    • What are the key trends in the global Rapid Diagnostic Kits market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global Rapid Diagnostic Kits market?
    • What are the key strategies adopted by the major vendors to lead in the global Rapid Diagnostic Kits market?
    • What is the market share of the top vendors?

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    Target Audience

    The following is a list of the customers that the Rapid Diagnostic Kits market aims to convert the most:

    • Rapid Diagnostic Kits companies
    • Rapid Diagnostic Kits vendors
    • R&D companies
    • Hospitals
    • Drug manufacturing companies

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].

    Frequently Asked Questions (FAQs)

    The rapid diagnostic kits market size is expected to reach USD 16.84 billion in the foreseeable future.

    Acon Laboratories, Inc. (The U.S), Alfa Scientific Designs Inc. (The U.S), Abbott Laboratories (The U.S), Artron Laboratories Inc. (Canada), Becton, Dickinson And Company (The U.S), BTNX Inc (Canada), bioMrieux SA (France), Bio-Rad Laboratories, Inc. (The U.S), Cardinal Health (The U.S) and Danaher Corporation (The U.S) are among the key players in the rapid diagnostic kits market.

    The rapid diagnostic kits market is expected to witness an impressive growth of 3.6% CAGR in the coming years.

    North America witnessed the highest share in the rapid diagnostic kits market in 2020.

    The over-the-counter kits segment garnered the highest market share of almost 55% in 2020 and is likely to register a substantial CAGR.

    Rapid Diagnostic Kits companies, Rapid Diagnostic Kits vendors, R&D companies, Hospitals, Drug manufacturing companies are the target audience in the rapid diagnostic kits market.

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