February 11, 2021
According to the research report titled ‘Global Infectious Diseases Rapid Diagnostic Testing Market Analysis, 2020’, available with Market Study Report LLC, global infectious diseases rapid diagnostic testing market is expected to register a 10% CAGR between the period of 2020-2025.
Supportive federal outlook and increasing awareness regarding early diagnosis of diseases are some of the key factors driving the growth of global infectious diseases rapid diagnostic testing market. Improving healthcare infrastructure and mounting number of clinical research laboratories are also stimulating the overall industry outlook.
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Escalating investments by public entities towards research and awareness programs are adding traction to global infectious diseases rapid diagnostic testing industry size.
In terms of technology, the market is segmented into agglutination assays, lateral flow, solid phase, and flow through. As per type, global infectious diseases rapid diagnostic testing industry is bifurcated into parasitology, mycobacteria, respiratory, HPV, malaria, influenza, hepatitis, HIV, and others.
The end-user scope of the overall market consists of veterinary testing, home testing, and hospitals & clinical testing segments. The report states that veterinary testing segment accounted for the largest market share in the year 2019 and is expected to grow significantly during the study duration.
Several key companies are focusing on developing advanced monitoring or diagnosis technologies for livestock and animal testing. These technological advancements have also resulted in development of cost effective solutions for pets and other veterinary animals, which in turn is fueling the segmental share.
Based on regional outlook, global infectious diseases rapid diagnostic testing industry is bifurcated into Middle East & Africa, Europe, Asia-Pacific, South America, and North America. Among these, North America currently holds the largest market share, owing to early adoption of the technology, rising hospitalization rates, and surging clinical R&D investments.
Asia-Pacific is likely to emerge as a key revenue contributor for global infectious diseases rapid diagnostic testing industry by 2025. Increased pervasiveness of infectious diseases coupled with advancements in healthcare infrastructure are facilitating the regional business outlook.
High concentration of leading companies has allowed for availability of diagnostic testing kits at relatively low costs, which in turn is also favoring global infectious diseases rapid diagnostic testing industry outlook.
The competitive landscape of global infectious diseases rapid diagnostic testing industry is defined by companies such as Alfa Scientific Designs Inc., McKesson Medical-Surgical Inc., Zoetis Inc., ACON Laboratories Inc., Artann Laboratories Inc., Becton Dickinson & Co., Abbott Diagnostics, Thermo fisher Scientific Inc., Hologic Inc., and Siemens AG among others.