LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global rapid diagnostics market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global rapid diagnostics market will grow at a CAGR of close to 8% during the forecast period. Increasing incidence of chronic and infectious diseases is a major factor driving the market’s growth.
Various chronic diseases such as heart diseases, diabetes, stroke, cancers, obesity, and kidney diseases are increasing across the globe which resulted in the greater demand for diagnostic procedures like rapid diagnostics and technologically advanced treatment options.
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In this report, Technavio highlights the growing presence of OEMs as one of the key emerging trends driving the global rapid diagnostics market:
Growing presence of OEMs
The OEMs provide equipment to the manufacturers that develop, distribute, and sell the final furnished goods. Generally, OEMs develop certain components of the products, however, sometimes the OEM may manufacture the complete device. OEMs are working with contract manufacturing organizations (CMOs) due to increasing number of combination products such as drug delivery and smart devices. There is growing focus towards forward integration by the OMEs involved in providing diagnostics components.
According to a senior analyst at Technavio for in-vitro diagnostics research, “The growing expansion of OEM to develop rapid diagnostics products will certainly drive the market growth in future due to the availability of wide range of products offered by manufacturers as well as OEMs indulging in the manufacturing business through forward integration.”
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Global rapid diagnostics market segmentation
This market research report segments the global rapid diagnostics market by application (blood glucose testing, cardiometabolic testing, infectious disease testing, pregnancy and fertility testing, fecal occult testing, toxicology testing, and coagulation testing) and by end-user (hospitals and clinics, clinical diagnostic laboratories, and home care settings. Additionally, the report also presents an analysis of the market’s growth across geographical regions such as the Americas, APAC, and EMEA.
The blood glucose testing segment held the largest market share in 2017, accounting for over 63% of the market. Although the market share for this application is expected to decrease by nearly 5% by 2022, it will continue to account for the largest market share throughout the forecast period.
The global rapid diagnostics market is dominated by the Americas, followed by EMEA, and APAC. In 2017, the Americas accounted for the largest share of the market with a 43% share. Factors such as increasing technological advancements, development of rapid diagnostic products which are compatible with digital health technology and awareness of various chronic and infectious diseases will drive the growth of the market in the Americas.
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