The Global Rapid Diagnostic Market was valued at USD 13.9 Bn in 2020 and is expected to reach USD 17.7 Bn by 2027, with a growing CAGR of 4% during the forecast period.
Global Rapid Diagnostic Market Definition
Rapid diagnostic tests are performed for emergency and preliminary medical screening. These diagnostic tests procedure are quick to perform. Tests include various conventional diagnostic tests such as rapid antigen tests, malaria antigen tests, and HIV tests. Rapid diagnostics is also used in detection of several non-neglected symptoms/diseases such as pregnancy, blood sugar level and strep throat.
Global Rapid Diagnostic Market Dynamics
The driving factors influencing the global rapid diagnostic market include rising prevalence of chronic infectious diseases such as coronavirus & influenza and growing awareness regarding early diagnostics procedures. Moreover, increase in number of laboratories centers, growing geriatric population, and rising advances in medical technology are expected to fuel the growth of the global rapid diagnostic demand in the market during the forecast period. Furthermore, growing number of highly sensitive diagnostic methodologies is expected to boost the growth of global rapid diagnostic demand during the forecast period. For instance, in February 2019, Abbott (Chicago, US) launched the most sensitive rapid diagnostic test named ‘DETERMINE™ HBSAG 2’ to accelerate the diagnosis of hepatitis B. Abbott received the CE mark from European regulatory bodies to commercialize and market the test in Europe, Asia, Africa, and Latin America. This product launch is expected to enhance the diagnostic tests product portfolio and would in business expansion of the company across the globe. Such ongoing advances in the diagnostics technology is expected to propel the growth of rapid diagnostic demand during the forecast period.
In addition, rising early identification and disease management, growing medical screening programs, and surge for inexpensive diagnostic testing procedures are expected to uplift the growth of global rapid diagnostic demand during the forecast period. However, lack of awareness regarding newer rapid diagnostic test hinders the growth of global rapid diagnostic demand in the market during the forecast period.
Global Rapid Diagnostic Market Segmentation:
By End User
Company Profiles and Competitive Intelligence
The key players operating in the Rapid Diagnostic Market are:
Based on product, over-the-counter rapid diagnostic test is expected to dominate the market during forecast period due to ease of availability of diagnostic kits and high acceptance
Based on product, rapid diagnostic market is segmented into professional rapid diagnostics test and over-the-counter rapid diagnostics test. Over-the-counter diagnostic test held the largest market share in 2020 owing to availability of substantial number of laboratory testing procedures and best alternative option in terms of cost-effective to expensive laboratory testing. In addition, over-the-counter rapid diagnostic test is expected to hold maximum market share during the forecast period as it eases the access of products to the consumers. These rapid diagnostic test kits are easily available and can be used as home care. These kits are used for saliva, blood, and urine samples. During covid-19 outbreak, over-the-counter rapid diagnostic kits has gained immense importance in diagnosis. There has been increase in revenue of OTC (Over-the-Counter) rapid diagnostic kits across the globe. For instance, in April 2021, Abbott (US) introduced new rapid diagnostic kit named ‘BinaxNOW Ag’ which is marketed over-the-counter platform for self-testing for symptomatic and asymptomatic covid-19 infected patients. Such availability of rapid diagnostics products on over-the-counter platform is expected to propel the growth of rapid diagnostic demand in the ecosystem.
Based on application, infectious disease segment is expected to account highest market share during the forecast period due to increase in number of infectious diseases such as HIV, coronavirus, and other infectious diseases
Based on application, rapid diagnostic market is segmented into blood glucose testing, cardiometabolic testing, infectious disease testing, pregnancy and fertility testing, coagulation testing, coagulation testing, lipid profile testing and toxicology. Infectious disease segment held the largest market share in 2020 due to increased prevalence of infectious diseases such as HIV. Moreover, rise in infectious diseases and growing awareness regarding covid-19 diseases management are expected to fuel the growth of the segment in rapid diagnostic demand during the forecast period. During covid-19 outbreak, more than 98 million covid-19 patients have been reported across the world, this contributes to the increase in segment revenue and demand generation for rapid diagnostic market.
Based on end user, hospitals & clinics segment is expected to hold largest market share during the forecast period due to increase in patient admission rate and availability of one-to-one patient care
Based on end user, rapid diagnostic market is segmented into hospitals & clinics, diagnostic laboratories, and home care. Hospitals & clinics held the largest market share in 2020 due to sudden rise in number of patient admission in hospitals amid covid-19 outbreak. Moreover, availability of appropriate medical reimbursement policies and growing number of hospitals and clinics further fuels the growth of this segment in rapid diagnostic market. Persistent change in healthcare facilities and industry led to increase in need for more clinics and hospitals. Further, rise in healthcare expenditure and disposable income contribute to the growth of this segment in the rapid diagnostic demand.
Based on geographical region, North America is expected to dominate the growth of rapid diagnostic market during the forecast period due to presence of large patient pool and key players in this region
Based on region, North America dominated the growth of market in 2020 due to presence of large volume for diagnostic centers and key players in this region. Moreover, increase in number of diagnostic centers, rising prevalence of diseases and availability of proper healthcare infrastructure in this region further fuels the growth of global rapid diagnostic market. Further, rise in research and development facilities in this region and fanatical government support for research in medical diagnostics fuels the growth of rapid diagnostic demand in North America.
The report also provides in-depth analysis of rapid diagnostic market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Rapid Diagnostic Market Analysis
Covid-19 has highly affected the industries in terms of growth, economy, health, and mental wellbeing of every individual. In this challenging situation, every industry is trying to give the best services in terms of quality and safety. Covid-19 has positively impacted the growth of rapid diagnostic industry. Sudden covid-19 outbreak led to increase in demand for rapid diagnostic kits and procedures. Many pharmaceutical and biopharmaceutical companies are actively focusing on development of innovative diagnostic procedures and kits. For instance, in March 2020, BD (US) and BioMedomics (US) launched rapid serology test for the detection of antibodies in the blood that would provide confirmation of covid-19 exposure of current or past. The kit will be manufactured and developed by BioMedomics and will be commercialized, distributed, and market through BD in the United States to expand the presence of BioMedomics in the US and to lower the diseases burden of the region. Such research and product development are expected to leverage the growth of rapid diagnostic demand in the market during the forecast period. However, there was decline in manufacturing process and supply chain of the market due to government guidelines on lockdown and restrictions on movements across the globe.
The report also provides an in-depth analysis of key trends in rapid diagnostic market
|1||Upsurge for development of rapid and self-diagnostics products and rising covid-19 cases are expected to drive the inclination of companies towards its manufacturing||Positive|
|2||Penetration of newer technologies in rapid diagnostics such as label-free biosensors, white-light reflectance spectroscopy, and surface plasmon resonance||Positive|
The report also provides an in-depth analysis of recent news developments and investments
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