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Rapid Test Kit Market by Technology and By Region – Global Opportunities & Forecast, 2020-2027

01.06.2022 · Posted in Writing and Speaking

Global Rapid Test Kit Market

The GMI Research analysis projects that the Rapid Test Kit Market will expand at a constant rate of 8.14% during the tenure of analysis. The accelerating diabetic population has raised the need to administer blood sugar to control the disease which is the driving force of the market.

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Rapid Test Kit Market Dynamics

The global rapid test kit market is projected to come up against a remarkable surge primarily because of the intensified initiatives by the government on several research studies and the evolving need for quick diagnosis of diseases. The accelerating number of patients impacted from the spread of coronavirus will strengthen the market size. The pandemic has severely affected the overall population, thereby, raising the need for rapid test kits across the market. Several developing nations, such as India are emphasising on the establishment of rapid test kits to diagnose the coronavirus in order to curb the spread. The National Institute of Virology (NIV), India introduced an aboriginal antibody diagnosing kit for COVID-19. The test kit will possess the ability to test over 85 samples in a single run. Thus, this innovation will assist the healthcare professionals to move towards the next steps of the treatment which would largely contribute to the market growth.

Application Segment Drivers

Based on the application, the market is segmented into hospitals and clinical testing, home testing, and veterinary testing. Among these, the hospitals and clinical testing segment is expected to lead the market in 2019. This is due to the increasing number of chronic diseases across the world, which generated the demand for test kits in order to reduce the diagnosis time. Moreover, as per the rapid test kit market report, the home test kits would witness substantial growth during the forecast period. Home test kits are convenient for patients to use at home for rapid diagnosis, which saves costs and time invested in testing laboratories. Such factors lead to the growth of the segment.

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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