Rapid diagnostic test readers are laboratory diagnostics tools used for the diagnosis and analysis of various diseases in health care facilities. These are used with various immunoassays and biochemical tests. Rapid diagnostic test readers offer several advantages over the conventional ones, such as, quick test results, easy-to-conduct diagnostics tests, time saving, precise detection, and less complications. Thus, rapid diagnostics readers are an emerging tool for diagnosis of various disease indications in limited resource settings and remote locations where conventional approaches are inadequate or not available.
The global rapid diagnostics test readers market is estimated to be primarily driven by technological advancements and their increasing applications in diagnosis of a vast number of infectious diseases as well as endocrinology disorders. The emerging trend of point-of-care diagnostics in countries, such as, the U.S., Canada, the U.K., Germany, Japan, and France is projected to fuel the demand for rapid diagnostics tests readers during the forecast period. Furthermore, high prevalence of infectious diseases, such as, hepatitis, tuberculosis, retroviral infections, and endocrine disorders, viz., diabetes, thyroid disorders, etc. is likely to drive the demand for rapid diagnostics test readers during the forecast period. According to the World Health Organization, in 2016, more than 71 million people were affected with hepatitis C infection globally. Also, according to the HIV.gov website, around 36.7 million people were living with HIV/AIDS worldwide by the end of 2016. Thus, high prevalence and rise in incidence rate of infectious diseases across the globe is a key driver of the growth of the rapid diagnostics test readers market.
The global rapid diagnostics test readers market can be segmented into five broad categories, viz. product, technology, application, end-user, and geography. In terms of product, the global market can be divided into handheld rapid diagnostic readers and desktop rapid diagnostic readers. Based on technology, the global rapid diagnostics test readers market can be classified into enzyme-linked immunosorbent assay detection technology (ELISA), chemiluminescent immunoassay technology (CLIA), fluorescent immunoassay detection technology (FIA), and others. Currently, enzyme-linked immunosorbent detection technology dominates the global market owing to its high adoption for the detection of various infectious as well as endocrinology disorders across the globe. The CLIA detection technology segment is projected to expand at a significant CAGR during the forecast period due to the specificity and promptness of test results provided by the technology. Based on application, the global rapid diagnostics test readers market can be segmented into infectious diseases, endocrinology, hematology, fertility testing, drugs of abuse, and others. The infectious disease segment is poised to hold prominent share of the global rapid diagnostics test readers market by the end of 2026. By end-user, the global market can be segmented into hospitals and ambulatory surgery centers, diagnostics laboratories, academic and research institutes, and others.
Geographically, the global rapid diagnostics test readers market can be broadly segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to hold the leading share of the global market owing to easy availability of rapid diagnostics test readers, early adoption of technologically advanced products, and rise in demand for point-of-care testing devices among health care institutions in the region. Following North America, Europe is projected to be the prominent shareholder of the global rapid diagnostics test readers market during the forecast period. Well-established health care facilities, emerging trend of preventive diagnostics, and increasing number of aging population in the region are estimated to drive the growth of the market in Europe. The rapid diagnostics test readers market in Asia Pacific is projected to expand at a significant CAGR during the forecast period owing to rapidly changing health care infrastructure in the emerging countries, such as, China and India, increase in per capita health care expenditure, and high incidence and prevalence rates of infectious diseases in the region.
The global rapid diagnostics test readers market is highly consolidated with a few manufactures holding prominent market shares in respective regions. Key players operating in the global rapid diagnostics test readers market include Abbott laboratories, QIAGEN, DCN Diagnostics, Detekt Biomedical LLC., Reagena Oy Ltd., Thermo Fisher Scientific Inc., Becton, Dickinson and Company, Danaher Corporation, Chembio Diagnostic Systems, Inc., and Erba Mannheim.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.