WILMINGTON, DE / ACCESSWIRE / June 16, 2023 / The global rapid medical diagnostic kits market was valued at USD 14.25 Bn in 2020 and is projected to reach USD 21.78 Bn by 2028 with CAGR of 5.3%.
Rise in demand for medical diagnostic kits among the patient population presents in countries with limited resources and laboratory equipment is expected to offer significant opportunities for companies in the market.
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Rapid development of kits that are faster and easier to use by healthcare professionals and patients is anticipated to augment market size in the near future. Ongoing research in developed countries to develop rapid medical diagnostic kits with high diagnostic accuracy and reduced turnaround time is likely to create new business opportunities in the next few years.
Key Findings of Study
- Rise in Adoption of Rapid Medical Diagnostic Kits in Home-use Applications: Surge in demand for affordable home health care kits that offer quick results is anticipated to augment the market. Increase in popularity of rapid medical diagnostic kits for at-home use in the treatment of dengue, malaria, influenza, and HIV is anticipated to propel market development. Pressing need for economical test kits in resource-limited settings in developing countries is anticipated to augment market size in the next few years. An instance is utilization of tuberculosis (TB) antigen detection kit in India.
- Considerable Demand for Rapid Medical Diagnostic Kits for Infectious Disease Testing: Rise in need for early treatment of infectious diseases is bolstering demand for rapid medical diagnostic kits in the next few years. Surge in demand for novel medical diagnostic kits and assays for emerging infectious diseases across the globe is anticipated to fuel market development. Companies are stepping up efforts to improve the diagnostic accuracy of kits used in the management of infectious and communicable diseases. For instance, increase in availability of rapid medical diagnostic kits that offer high sensitivity and specificity than enzyme-linked immunosorbent assay (ELISA) is broadening market outlook.
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Key Growth Drivers of Rapid Medical Diagnostic Kits Market
- Emergence of new disease-causing pathogens and rise in the elderly population are key factors expected to drive the rapid medical diagnostic kits market. Surge in awareness about the benefits of easy-to-use diagnostic kits with high turnaround time used in different healthcare settings, particularly at-home applications, is anticipated to bolster market growth.
- Rise in R&D activities on enhancing the efficacy of rapid medical diagnostic kits for early diagnosis of infectious diseases is expected to drive the rapid medical diagnostic kits market. An instance is extensive R&D in development of rapid antigen test kits for severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2).
Regional Growth Dynamics
North America is anticipated to account for the leading market share during the forecast period from 2021 to 2028. Rise in adoption of rapid diagnostic kits by healthcare organizations is anticipated to drive the market in North America. Surge in demand for novel medical diagnostic tests for disease caused by bacteria and viruses is anticipated to propel the market in the region.
The market in Asia Pacific is projected to record significant growth during the forecast period. Rise of prevalence of infectious diseases, especially in countries in Asia, is anticipated to fuel market growth. Rise in awareness about the benefits of rapid medical diagnostic kits in the early/timely treatment of a range of diseases is expected to drive the market in Asia Pacific.
Competition Landscape
Leading players are sharpening their focus on new product development and accelerating regulatory approval of novel technologies in order to stay ahead of the competitors. Prominent companies are engaging in product portfolio expansion and entering into strategic collaborations, such as licensing agreements, to consolidate their market positions during the forecast period.
Key players operating in the market are
- Abbott Laboratories
- Abaxis, Inc.
- Alere, Inc.
- Becton, Dickinson & Company
- BioRad Laboratories
- F. Hoffmann La Roche
- MegaCor
- Trinity Biotech
- Zeotis, Inc.
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Rapid Medical Diagnostic Kits Market Segmentation
The rapid medical diagnostic kits market is segmented based on
Application
- Clinical Testing
- Infectious Disease Testing
- Cholesterol Monitoring
- Substance Abuse Testing
- Fertility & Pregnancy Testing
- Blood Glucose Testing
- Home Use
- Infectious Disease Testing
- Cholesterol Monitoring
- Substance Abuse Testing
- Fertility & Pregnancy Testing
- Blood Glucose Testing
- Veterinary
Technology
- Lateral Flow
- Flow-through
- Solid-phase
- Agglutination Assays
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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