Owing to the Increasing Disposable Incomes and Life Style Changes in Asia and Latin America Fueling the Growth for Rapid Medical Diagnostic Kits (MDKs) Market
Monday 18 May 2015
Industry Experts has today published the new market research report on Rapid Medical Diagnostic Kits. As per the new global market report ‘Global Rapid Medical Diagnostic Kits Market – Applications and Technologies’, Asia-Pacific is expected to be the fastest growing Rapid MDKs market with a 2014-2020 CAGR of 7.9% to reach a market worth US$5.7 billion by 2020. North America estimated to be the largest market with 2015 market reaching to US$7.7 billion.
The global market for Rapid Medical Diagnostic Kits (MDKs) has been witnessing steady, albeit not rapidly accelerated, growth over the past few years, and this trend is likely to sustain over the coming years. One of the major factors that can be attributed to this is the quick time, typically inside of 30 minutes, within which test results can be made available. This helps physicians in expediting the therapy process for individuals by prescribing the appropriate medications within a short period of time. Gone are the days when doctors had to rely on out-of-office laboratories, which more often than not took days, if not weeks, in processing and providing test results. Now, a clinical test using a sample from the patient can be performed within a physician’s office, the specimen sent to an in-house laboratory and results obtained while the patient waits.
Rapid Medical Diagnostic Kits have also been finding increasing applications in home-based settings, more so in the areas of blood glucose testing/monitoring and pregnancy testing, with several companies offering easy-to-use home-based tests for a range of purposes. Developing regions of the world, such as countries in Asia-Pacific and South America, are taking the lead in home-based Rapid Medical Diagnostic Kits due to the convenience offered by them. Growing disposable incomes in these regions have led to rapid lifestyle changes among the population, which has been causing the onset of lifestyle diseases, such as diabetes. For instance, it is not feasible for an individual with diabetes, who has to undergo constant testing and monitoring for ascertaining her/his blood sugar levels on a daily basis, to make repeated trips to a clinic or hospital. Instead, she/he can self-perform the test using a home blood glucose monitoring kit within the four walls of her/his home and obtain the results within a matter of minutes, which can be conveyed to the physician for determining if any alteration in therapy is required.
Worldwide market for Rapid Medical Diagnostic Kits application segments explored in this study includes Clinical Testing, Home-Based Testing and Veterinary Testing. These broader application segments further analyzed for the applications areas of Blood Glucose, Cholesterol, Fertility & Pregnancy, Infectious Disease and Substance Abuse. The report also focuses on the technologies of Rapid Medical Diagnostic Kits comprising Agglutination, Flow-Through, Lateral Flow and Solid-Phase. The global markets for the above mentioned application segments and diagnostic technologies are analyzed in terms of USD. Global market for Rapid Medical Diagnostic Kits, estimated at US$19.4 billion in 2014, forecast at US$20.4 billion in 2015 and further expected to maintain a CAGR of 5.7% between 2014 and 2020 to reach a projected US$27 billion by 2020.
This report reviews, analyses and projects the Rapid Medical Diagnostic Kits market for global and the regional markets including North America, Europe, Asia-Pacific, South America and Rest of World. The regional markets further analyzed for 14 independent countries across North America – The United States, Canada and Mexico; Europe – France, Germany, Italy, Spain and the United Kingdom; Asia-Pacific –China, India, Japan and South Korea; South America – Argentina and Brazil.
This 510 page market research report includes 290 charts (includes a data table and graphical representation for each chart), supported with meaningful and easy to understand graphical presentation, of market numbers. This report profiles 42 key global players and 55 major players across North America – 39; Europe – 7; and Asia-Pacific – 9. The research also provides the listing of the companies engaged in manufacturing and supply of Rapid MDKs. The global list of companies covers addresses, contact numbers and the website addresses of 193 companies.
Hyderabad, India based Industry Experts is a multi industry focused business information provider.
For more details, please visit http://industry-experts.com/verticals/healthcare-and-pharma/rapid-medical-diagnostic-kits-a-global-market-overview