Rapid Medical Diagnostic Kits Market Trends, Industry | 2031

Report Description

Rapid Medical Diagnostic Kits Market Outlook 2031:

The global rapid medical diagnostic kits market size was valued at USD 14.64 Billion in 2022 and is projected to reach USD 19.61 Billion by 2031, expanding at a CAGR of 3.3% during the forecast period 2023 - 2031. The growth of the market is attributed to the rising number of infectious diseases and increasing awareness about early diagnosis of the diseases among people.

The global rapid diagnostic kits are primarily designed to identify diseases in patients that helps to offer about necessary and effective treatment of the patients quickly. These diagnostic kits provide quick results of the tests and are helpful in detecting the disease in a short duration.

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In addition to certain advantages such as cost effective and easily available, the kits can be applied without having access to advanced medical laboratories and equipment. These kits are often used for various applications in the healthcare industry and widely applied to determine organ function, physiological and biochemical conditions, disease transmission, and prescription medication efficacy of patients.

Several sample such as blood, urine, saliva, and others are used to detect the prevalence of chronic illness and infectious diseases. Several health agencies such as World Health Organization (WHO), the Centers for Disease Control and Prevention (CDC), and others are constantly implementing policies to boost up the process of extracting data and information related to the incidence and prevalence of diseases.

Moreover, numerous pharmaceutical companies have also collaborated with various research institutes to help develop innovative kits for effective treatment procedures. The significant growth of the rapid medical diagnostic market is closely related to the outbreak of the COVID-19 pandemic as the pandemic has created opportunity to the manufacturers to develop and produce rapid medical diagnostic kits supplies to control the spread.

These rapid testing kits are widely adopted for early identification of the coronavirus. Patients having chronic diseases are at a greater risk of exposing to the virus and the mortality rate among the aging patients are reported to be high globally.

Rapid Medical Diagnostic Kits Market Trends, Drivers, Restraints, and Opportunities

• Rising prevalence of chronic illness and several infectious diseases are key factors that raise the demand for rapid diagnosis tests. This is expected to boost the market expansion.
• Increasing number of health-conscious people and growing awareness about the benefits of early detection of diseases are projected to drive the market growth during the forecast period.
• Introduction of several user-friendly home diagnosis and treatment devices for patients and rising governments’ participation to boost clinical experiments including drug discovery are likely to push the market expansion further.
• Issues concerning low accuracy in the testing results and lack of high-skilled technicians handling the diagnostic devices are major challenges that can hamper the market growth.
• Rising development of new technology such as lab-based PCR and molecular diagnostics is expected to restrain the market expansion in the coming years.
• Ongoing R&D programs to improve the functionality and accuracy in the testing devices from several medical device manufacturing companies are projected to offer lucrative opportunities for the market growth in the long run.

Scope of the Rapid Medical Diagnostic Kits Market Report

The report on the global rapid diagnostic kits market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Rapid Medical Diagnostic Kits Market Segment Insights

Over the counter kits segment is expected to grow at a rapid pace

Based on products, the global rapid diagnostic kits market is divided into over the counter (OTC) kits and professional kits. The OTC kits segment dominated the market representing more than 52.5% of the global share in 2020 and is expected to grow at a rapid pace in the coming years owing to its easy availability, easy to use, and cost-effective nature.

These test kits can be used in home by the patient himself and provides an alternative to the expensive laboratory tests, which is anticipated to further boost segment growth. On the other hand, the professional kits segment is projected to register a healthy CAGR during the forecast period owing to rising demand for high sensitive tests and its adoption as a standard test for disease diagnosis.

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Lateral flow technology segment is projected to expand at a considerable CAGR

On the basis of technology, the market is segmented into solid phase, lateral flow, agglutination assays, and others. The lateral flow segment held a dominant share of more than 32.5% of the global revenue share in 2020 and is projected to expand at a considerable CAGR during the projected period.

The segment expansion can be attributed to the easy manufacturing and cheap development cost of the lateral flow technology and its rising applications in the early detection of the coronavirus. For example, in March 2020, Ozo Life launched of its new OZO COVID-19 rapid test kits by ensuring effective testing of the SARS-CoV-2 infection with more sensitivity.

Moreover, the lateral flow assays are used in hospitals, clinics, and diagnostic laboratories. However, the solid phase technology segment is anticipated to expand at a rapid pace during the forecast period owing to rising applications of the technology for various disease testing purposes.

Infectious disease testing segment is projected to constitute a major share

On the basis of applications, the global rapid diagnostic kits market is categorized as blood glucose testing, infectious disease testing, cardiometabolic testing, pregnancy & fertility testing, fecal occult blood testing, coagulation testing, toxicology testing, lipid profile testing, and others.

The infectious disease testing accounted for more than 40.5% of the global market share in 2020 and is anticipated to constitute a major market share in the coming years. The segment growth is attributed to rising prevalence of infectious diseases and the outbreak of the COVID-19 pandemic.

Hospitals & clinics segment to register robust growth

On the basis of end-users, the market is segregated into hospitals & clinics, homecare, and diagnostic laboratories. The hospitals & clinics segment represented over 45.4% of the global market share in 2020 and is expected to register robust growth in the coming years.

Wide availability of advanced diagnostic devices and presence of high-skilled medical staff including doctors, nurses, and technicians in hospitals and clinics. However, the homecare segment is anticipated to expand at a significant growth rate during the forecast period owing to rising preference for self-treatment and rapid introduction of Point of Care facilities for home setting to ensure easy use of diagnostic kits of patients.

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North America is anticipated to constitute a key market share

In terms of regions, the global rapid diagnostic kits market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America held a dominant share accounting for more than 30% of the global market revenue in 2020 and the trend is expected to continue during the forecast period.

The regional market growth is attributed to rising cases of chronic illness and infectious diseases, early adoption of diagnostic technology, and favorable government regulations. The US has emerged as the major market in terms of revenue share in 2020 and several diagnostics companies are rapidly developing their diagnostic tests regarding Covid-19 diagnosis due to high approval from the US Food and Drug Administration (FDA). For example, the FDA had approved a diagnostic kit, new Sofia 2 SARS Antigen FIA for rapid Covid-19 diagnosis in May 2020.

On the other hand, the market of Asia Pacific is anticipated to record a CAGR of 5.3% during the forecast period. Japan and China are the key markets in the region, generating a significant amount of revenues in 2020 and are expected to expand at robust growth during the projected period.
 

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