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Wellesley, MA (PRWEB) July 30, 2013 -- According to a new technical market research report, GLOBAL MARKETS FOR RAPID MEDICAL DIAGNOSTIC KITS (Report code: HLC007H) from BCC Research (http://www.bccresearch.com), the global market for rapid medical diagnostic kits (MDKs) was valued at nearly $18.4 billion in 2012. BCC Research expects the market to reach more than $24.2 billion by 2017 and register a five-year compound annual growth rate (CAGR) of 5.7% for the period 2012 to 2017.
The global market for rapid medical diagnostic kits is being driven by the need to quickly identify infectious diseases, potential cardiac and cancer problems, and women’s health issues such as pregnancy and menopause. Additionally, the explosion of Type 2 diabetes globally has increased the need for blood glucose monitoring systems that provide rapid and accurate results.
The use of rapid tests enables the clinician and the patient to receive test results quickly, usually within 30 minutes, and allows the clinician to prescribe the appropriate medications to treat an identified problem. The rapid diagnostic market, as defined in this report, includes MDKs that provide results in less than two hours without the use of automated equipment. These tests are especially useful in clinic, field, and home settings.
The clinical segment comprises rapid MDKs used in hospitals, clinics, physicians’ offices, and field work. According to BCC Research, the global market value for this segment was $3 billion in 2012. The market is expected to reach nearly $4.5 billion by 2017, registering a CAGR of 8% for the period 2012 to 2017.
The home-use market is dominated by blood glucose monitoring. However, it continues to expand with tests for human immunodeficiency virus (HIV), hepatitis, drugs of abuse, pregnancy, and diabetes. The global market value for home-use rapid MDKs was nearly $14.7 billion in 2012. The market is expected to grow to $18.9 billion by 2017, and register a CAGR of 5.1% for the period 2012 to 2017.
The current veterinary rapid MDK marketplace is also highly competitive with dominance by less than four companies, but faces expanded competition on a regional basis. The companion animal market dominates this market with nearly 70% of rapid diagnostic kit sales.
This report from BCC Research focuses on the rapid MDK portion of the overall MDK market. It includes an overview of the MDK global market and the position of rapid MDK within that market. The report includes a review of current and emerging technologies impacting the market, a breakdown of rapid tests for use in the clinical, home, and veterinary markets, and an overview of current regulations and economic concerns impacting the market.
This report will be beneficial to diagnostic industry participants holding marketing, management and technical development positions. It will benefit readers who are suppliers to this industry. Additionally, investors, venture capitalists, insurance companies, and those interested in diagnostic medical testing will also find this report valuable.
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