Rapid test market poised to grow !! New York, Dec. 12, 2019 (GLOBE NEWSWIRE) -- Increasing popularity of preliminary screening across medical facilities, rising need for diagnostic tests, increased adoption in medical fraternity, increase in awareness regarding early diagnosis of disease, prevalence of infectious diseases, and the need for low-cost diagnostic testing coupled with diagnosis accuracy are key factors contributing to high CAGR of Rapid Test during forecast period.
According to the current analysis of Reports and Data, the global Rapid Test market was valued at USD 24.55 billion in 2018 and is expected to reach USD 48.54 billion by year 2026, at a CAGR of 8.8 %. The initial diagnosis of diseases, as well as accuracy, play an essential role in the treatment of patients. The adoption of rapid diagnostic kits is increasingly recognized for its accuracy and economical testing for diseases such as syphilis, HIV, and tuberculosis. The need for diagnostic tests in several areas of medical care has created significant growth opportunities in the global rapid testing market. Quick tests, see tests that can be used in case of emergency in medical centers or for home treatment. The unique feature of this form of testing is the limited use of resources and simplicity of execution. Increasing the number of preliminary screening procedures in hospitals and increasing the number of rapid tests in developing regions are contributing factors to the growth of the sector. The rapid contagious disease test market is expected to experience the most robust growth over the forecast period. Factors such as the growing need for rapid test results to improve performance, strict government regulations, globalization of the food trade, and the increasing incidence of foodborne illness attributable to increased demand from the rapid testing market.