Favorable Regulatory and Reimbursement Policies Predicted to Boost the Growth of Rapid Diagnostics Until 2020, Says Technavio

LONDON--()--According to the latest market research report by Technavio, the global rapid diagnostics market will reach over USD 27 billion by 2020.

In this report, Technavio covers the present scenario and growth prospects of the global rapid diagnostics market for 2016-2020. To calculate the market size, revenue generated from the sales of rapid diagnostics products, including over-the-counter (OTC) rapid diagnostics tests (self-testing kits, glucose meters, and strips) and professional rapid diagnostics tests (test kits, handheld devices, and small analyzer) have been considered.

“Favorable reimbursement scenario is an important contributor to the growth of the market. The US, Australia, and few countries in the EU are offering limited reimbursement coverage for laboratory testing services. For example, in the UK, the NHS offers free healthcare at the point of use for all its citizens, wherein citizens are also entitled to free ambulatory care, inpatient, and outpatient treatments,” said Barath Palada, one of Technavio’s lead industry analysts for in-vitro diagnostics research.

“During the forecast period, the market is predicted to witness advances in rapid diagnostic technologies, and it has resulted in the development of innovative kits. The growing prevalence of miniaturization of rapid diagnostic devices offers many advantages over centralized laboratory testing services, such as quick analysis, compact size, less consumption of reagents, and functional integration of multiple devices,” added Barath.

Segmentation of global rapid diagnostics market by geography 2015

  • Americas 43.24%
  • EMEA 30.58%
  • APAC 26.18%

Source: Technavio research

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Rapid diagnostics market in Americas: largest region

Rapid diagnostics market in the Americas was valued at USD 8.26 billion in 2015. Vendors are focusing on the market in the US and are launching new products to increase their market share. The market in the Americas is expected to grow at a steady pace due to low prevalence of infectious diseases such as influenza A (H1N1), malaria, and dengue.

Glucose monitoring kits, pregnancy testing kits, and cardiac markers account for the major share of this market. It is estimated that close to 20 million home pregnancy and ovulation tests are performed every year in the US alone. The sales of rapid diagnostics products in the US have witnessed a market improvement, and new rapid diagnostic technologies are further anticipated to result in individuals undergoing regular tests and check-ups in the country.

Rapid diagnostics market in EMEA: second largest region

EMEA accounted for nearly 32% or USD 10.88 billion of the global market share in 2015. The region is expected to experience a slight decline in the growth rate because of an increase in genericization of drugs. The market in this region is dominated by the UK, Germany, France, Italy, and Spain. In Europe, pulmonary hypertension causes approximately 200 deaths annually, and its prevalence rate is close to 15-52 individuals per million. Significant unmet medical needs and growing awareness about benefits of treatments among will likely drive the market in EMEA during the forecast period.

Hypertension drugs market in APAC

The rapid diagnostics market in EMEA was valued at USD 5.84 billion in 2015. The rapid diagnostics market in EMEA is increasing at a steady pace because of growing opportunities in smaller countries in Europe and Africa. In Europe, the volume of POC and home testing is increasing due to its aging population, which is susceptibility to chronic diseases such as diabetes.

High investments in R&D by companies are also contributing to the growth of the rapid diagnostics market in the region. Germany, France, the UK, Italy, and Spain are major contributors to the blood glucose, cardiometabolic, and pregnancy and fertility rapid diagnostics markets. However, Africa is also emerging as a major market for the infectious diseases segment because of the increased prevalence of HIV, tuberculosis, and malaria in the region. Therefore, many companies are focusing on the African market considering its growth potential.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest market research report by Technavio, the global rapid diagnostics market will reach over USD 27 billion by 2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com