Rapid Diagnostic sector is projected to create huge opportunities in the overall diagnostic market. Here's your chance to get an extensive understanding of this market.
The Global Diagnostic Market was valued at USD 70.0 Bn in 2020 and is expected to grow at a CAGR of about 11.0% during the forecast period. The market is expected to grow at a significant rate in the coming years due to increasing awareness among people about routine medical check-ups, Coronavirus spread since the last couple of years, availability of at-home tests, and investment by industry players to develop and commercialize innovative diagnostic tests.
Countries in the Asia Pacific and Latin America such as China, India, and Brazil are projected to observe the highest growth in coming years. North America held about 35.0% share of the global market in 2020 due to the local presence of major market players, supportive reimbursement scenario, and presence of well-equipped diagnostic laboratories.
The rapid diagnostic segment was a significant contributor to the market in 2020 and is estimated to reach USD 18.0 Bn by 2027 at a CAGR of 4.0%. Major players such as Roche, Mylab, and Abbott have already launched Covid-19 at-home test in 2021 and taking advantage due to early entry in the market. Mutations in Corona and other viruses further create opportunities for market leaders as well as new entrants.