The global market for infectious disease rapid diagnostic testing is predicted to grow at a CAGR of 12.36% over the forecast period of 2020-2025
NEW YORK, June 10, 2020 /PRNewswire/ -- Global Infectious Disease Rapid Diagnostic Testing Market to Reach $2,853.2 Million by 2025
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Market Report Coverage - Infectious Disease Rapid Diagnostic Testing
Market Segmentation
• Product – Infectious Disease Diagnostics Assays and Platforms
• Technology- Real-Time PCR , Isothermal Nucleic Acid Amplification Technology (INAAT), Lateral Flow Immunoassay, Enzyme Immunoassay, and Others
• Disease- Bacterial, Viral, and Others
• Application – Respiratory Infection, Gastro-intestinal Infection, Central Nervous System Infection, sexually transmitted infections, Hospital Acquired Infections and Other Infections
• End User – Hospital, Clinics, Diagnostic Centers, and Other End Users
Regional Segmentation
• North America – U.S., Canada
• Europe – Germany, France, Italy, U.K., Spain, Russia, and Rest-of-Europe
• Asia-Pacific – China, Japan, India, Taiwan, South Korea, Singapore, Australia, and Rest-of-Asia-Pacific (RoAPAC)
• Latin America – Brazil, Mexico, and Rest-of-the-Latin America
• Middle East
• Africa
• Rest-of-the-World
Growth Drivers
• Rising Incidence of Frequent Pandemics such as COVID-19 Infectious Disease Inciting the Development of Rapid Diagnostic Assays
• Significant Innovation Resulting in Market Pull
• Shift from Centralized to Decentralized Laboratories
• Significant External Funding for Executing R&D Exercises
Market Challenges
• Lack of Standard Regulatory Processes
• Shortage of Skilled Professionals and Trained Lab Technicians
• Less Efficiency of Rapid Diagnostic Testing as Compared with Laboratory Testing
Market Opportunities
• Development of Infectious Disease Diagnostic Assays for Various Clinical Areas
• Massive Scope for Adoption of Infectious Disease Rapid Diagnostic Testing in Emerging Nations
Key Companies Profiled
Abbott Laboratories, F. Hoffman-La Roche Ltd, Danaher Corporation, Luminex Corporation, BGI Group, bioMérieux S.A., DiaSorin S.p.A, Hologic, Inc., Mesa Biotech, Quidel Corporation, Thermo Fisher Scientific Inc., GenMark Diagnostics, CTK Biotech, Becton, Dickinson and Company, and Cellex Inc.
Key Questions Answered:
• What are the major market drivers, challenges, and opportunities in the global infectious disease rapid diagnostics testing market?
• What are the underlying structures resulting in the emerging trends within the infectious disease diagnostic assays and systems?
• What was the market value of the leading segments of the global infectious disease rapid diagnostics testing market in 2019?
• What are the influencing factors that may affect the market share of the key players?
• How is the industry expected to evolve during the forecast period 2020-2025?
• What are the key developmental strategies which are implemented by the key players to sustain in the competitive market?
• What is the current market share of each of the companies in the global infectious disease rapid diagnostics testing market and what are expected to be their contributions in 2025?
• What is the growth potential of infectious disease diagnostics in each region, including North America, Europe, Asia-Pacific, Latin America, Middle East, Africa and Rest-of-the-World?
• What are the key regulatory implications in developed and developing regions for infectious disease diagnostics?
• What is the expected compound growth rate to be witnessed by the leading players in the market during the forecast period 2020-2025?
• What key strategies have been incorporated by the leading players for furthering the growth of infectious disease industry?
• How is a pandemic such as COVID-19 expected to impact development of rapid diagnostic for infectious disease testing?
Market Overview
Our healthcare experts have found infectious disease industry to be one of the most rapidly evolving markets. The global market for infectious disease rapid diagnostic testing is predicted to grow at a CAGR of 12.36% over the forecast period of 2020-2025. The market is driven by certain factors, which include the rising incidence of frequent pandemics such as COVID-19, infectious diseases inciting the development of rapid diagnostic assays, significant innovation resulting in market pull, shift from centralized to decentralized laboratories, and significant external funding for executing R&D exercises.
The market is favored by the development of rapid diagnostics assays for several clinical areas such as respiratory infections, central nervous system infection, sexually transmitted infection, among others. Recent infectious disease outbreaks such as Zika, Ebola, and COVID- 19 have furthered the growth of the market.
Furthermore, several diagnostic companies are focusing on the development of rapid diagnostics with higher sensitivity and low turn-around time to benefit the patients, providing diagnosis of an infectious disease at the point of care.
Within the research report, the market is segmented on the basis of product type, application, technology, disease end users, and region. Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.
Competitive Landscape
The exponential rise in the application of precision medicine on a global level has created a buzz among companies to invest in the development of rapid diagnostics providing accurate results at a shorter turn-around time. Due to the diverse product portfolio and intense market penetration, Abbott Laboratories has been a pioneer in this field and been a significant competitor in this market.
Several other companies such as F. Hoffman-La Roche Ltd, GenMark Diagnostics Inc., and Bio-Rad Laboratories, among others, have launched diagnostics assays for COVID-19, such as cobas SARS-CoV-2 Test, ePlex SARS-CoV-2 Test, and Fast Track Diagnostics (FTD) SARS-CoV-2 Assay respectively, to compete with ABBOTT REALTIME SARS-COV-2 ASSAY market dominance.
On the basis of region, North America holds the largest share of infectious disease rapid diagnostic testing market due to improved healthcare infrastructure, rise in per capita income, and availability of state-of-the-art research laboratories and institutions in the region. Apart from this, Asia-Pacific region is anticipated to grow at the fastest CAGR during the forecast period.
Countries Covered
• North America
• U.S
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Russia
• Rest-of-Europe
• Asia-Pacific
• China
• Japan
• India
• Taiwan
• South Korea
• Singapore
• Australia
• Rest-of-APAC
• Latin America
• Brazil
• Mexico
• Rest-of-Latin America
• Middle East
• Africa
• Rest-of-the-World (RoW)
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