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

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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

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 Rapid Test Kit 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, as per the Rapid Test Kit Market report, 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 rapid test kit market is bifurcated into hospitals and clinical, home, and veterinary testing. Amongst these, the hospitals and clinical testing segment is projected to dominate the market over the forecast period. This is because of the accelerating number of chronic diseases, which resulted in a robust demand for test kits to decrease the diagnosis time. Moreover, home test kits will expand at a noteworthy rate 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.

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