In-depth analysis and data-driven insights on the impact of COVID-19 included in this global rapid diagnostics market report.
The global rapid diagnostics market is expected to grow at a CAGR of approximately 10% during the period 2019−2025.
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Rapid Diagnostics Market – Segmentation
Rapid Diagnostics Market by Application
Rapid Diagnostics Market by Products
Rapid Diagnostics Market by End-user
Rapid Diagnostics Market – Dynamics
Molecular microbiology has revolutionized the virology field. These methods have cut down turnaround times (TAT) from weeks to mere hours, increased the sensitivity and specificity of viral detection, and allowed for quantification of viral load. Molecular microbiology approaches are based on detecting targeted portions of microbial genetic material, either DNA or RNA, that have been extracted directly from a patient sample. With molecular assays utilizing polymerase chain reactions (PCR), targeted genetic material is amplified, making many copies so that an instrument can detect even very small amounts of microbial genetic material. Most microbiology PCR assays take hours, but newer sample-to-answer assays are streamlined and involve minimal processing and hands-on time. These simplified molecular assays enable more technologists and laboratories to perform these tests outside of clinical microbiology laboratories, increasing their utilization and the number of personnel involved in the process
Key Drivers and Trends fueling Market Growth:
Rapid Diagnostics Market – Geography
APAC is expected to be the fastest-growing region during the forecast period. This is due to the target pool of people requiring various infectious disease diagnostics and improvement in healthcare infrastructure. Moreover, the rising purchasing power of the public for healthcare services and growing focus on early diagnosis and preventive medicine encourage people to undergo diagnostics. China, Japan, India, South Korea, and Australia are the major revenue contributors to the APAC market. The APAC rapid diagnostics market is driven by four major factors: growing geriatric population base in countries such as Japan and China, rising prevalence of target diseases, increasing demand for home healthcare, and the introduction of new products enabled with advanced technologies. The growing prevalence of target diseases such as cancer, diabetes, cardiovascular diseases, and infectious diseases is expected to have a positive impact in the coming years.
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