According to a new market research report titled "Rapid Diagnostics Market by Product (Kits [OTC,
Professional], Readers), Platform (Lateral Flow, Serological, PCR), Application
(Blood Glucose, Infectious Diseases, Pregnancy, Drugs of Abuse), End User
(Hospitals, Diagnostic Labs, Home Care) — Global Forecasts to
2029", published by Meticulous Research®, the rapid diagnostics
market is expected to grow at a CAGR of 8.9% from 2022–2029 to reach $18.20
billion by 2029.
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A rapid diagnostic test (RDT) is a medical diagnostic test intended to
provide diagnostic results efficiently and immediately (within 1 hour). RDT
kits are widely used in hospitals, clinics, and diagnostic laboratories for the
qualitative and quantitative detection of specific antigens, antibodies, and
genetic material or proteins associated with a specific health condition or
disease.
The growth of the overall RDT market is driven by key factors, such as
the growing demand for POC diagnostics, the rising prevalence of chronic
diseases coupled with the increasing aging population, the growing necessity
for rapid decision making in emergency departments, and emerging technological
innovations.
Rapid Diagnostics Market: Outlook
The overall rapid diagnostics market is segmented based on product (kits
and test readers/analyzers), platform (immunoassays, molecular detection, and
other platforms), application (blood glucose testing, cardiac metabolism
testing, infectious diseases testing, coagulation testing, pregnancy &
fertility testing, fecal occult testing, hematology testing, tumor/cancer
markers testing, drugs of abuse testing, urinalysis, and cholesterol testing),
end user (hospitals & clinics, diagnostic laboratories, home care/self
testing, and other end users) and geography (North America, Europe,
Asia-Pacific, Latin America, and the Middle East & Africa). The study also
evaluates industry competitors and analyzes their market shares at the global
and regional levels.
Based on product type, the kits segment is estimated to account for the
largest share of the overall rapid diagnostics market in 2022. The large share
of this segment is attributed to the rising adoption and repetitive kits usage.
In addition, the growing portfolio of disease-specific kits for the early
diagnosis of chronic diseases and the increasing technological advancements are
other factors supporting the growth of this segment. However, the test
readers/analyzers segment is expected to witness the fastest growth rate during
the forecast period. The high growth rate of this segment is attributed to the
capabilities of these devices to simultaneously read multiple tests in one scan
and scale large volumes. In addition, healthcare facilities adopt analyzers for
quick analysis compared to centralized lab analyzers due to their features,
such as compact size, portability, and easy accessibility.
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Based on platform, the immunoassays segment is estimated to account for
the largest share of the overall rapid diagnostics market in 2022. The large
share of this segment is attributed to the capability of immunoassay kits to
provide fast and accurate results with high sensitivity in point-of-care
diagnostics. Countries worldwide require rapid and accurate SARS-CoV-19 testing
kits to tackle the COVID-19 pandemic. Thus, companies have started developing
immunoassay kits that provide results with higher sensitivity, accuracy, and
speed. For instance, in May 2021, Stream Bio (U.K.) and Chelsea Technologies
(U.K.) formed a joint venture, Brightline Diagnostics (DX), and created a
unique platform known as Claritas that couples fluorescent lateral flow
test with a highly sensitive handheld reader, delivering significant advantages
over existing assays. However, the molecular detection segment is expected
to witness the fastest growth rate during the forecast period. The growing need
for advanced diagnostic techniques and the launch of innovative technologies
are factors attributed to the high growth rate of this segment. In addition,
the high demand for rapid PCR diagnostic kits due to the COVID-19 pandemic
further boost the growth of this segment. For instance, countries such as Japan
and India rely heavily on RT-PCR kits to diagnose and manage COVID-19
infections. Also, numerous countries worldwide have made negative COVID-19
RT-PCR test reports mandatory for international and local travelers.
Based on application, the infectious disease testing segment is
estimated to account for the largest share of the rapid diagnostics market in
2022. The large share of this segment is mainly attributed to the rising
prevalence of infectious diseases and the growing demand for affordable
infectious disease testing in emerging markets. For instance, in the U.S., the
number of estimated new hepatitis A virus (HAV) infections increased by nearly
three folds in 2017 compared to 2014. However, the tumor/cancer markers testing
segment is expected to witness the fastest growth rate during the forecast
period. The growing incidences of cancer among the general population is the
major factor attributed to the high growth rate of this segment. According to
WHO, cancer was the leading cause of death globally in 2020, accounting for
approximately 10 million deaths. Furthermore, nearly 70% of deaths out of the
total deaths from cancer occur in low- and middle-income countries; therefore,
early detection is extremely important to reduce mortality, enhance survival,
and save treatment costs. Thus, healthcare workers utilize various rapid
diagnostic kits for the early detection of cancer.
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Based on end user, the hospitals & clinics segment is expected to
witness the fastest growth rate in the forecast period. The rising number of
hospitals worldwide and the increase in healthcare access & expenditure are
attributed to the high growth rate of this segment. For instance, the American
Hospital Association has reported that the total number of registered hospitals
in the U.S. was estimated to grow by 12% to 6,210 in 2019 from 5,534 hospitals
in 2018. Similarly, in India, according to the Health Management Information
System Portal (HMIS), as of 2018, there were around 37,725 hospitals, which was
an increase of 7.0% from 35,416 hospitals in 2013.
Geographically, North America is estimated to command the largest share
of the global rapid diagnostics market in 2022, followed by Asia-Pacific,
Europe, Latin America, and the Middle East & Africa. The large market share
of this region is mainly attributed to the high number of laboratory tests
performed annually in North America, the rising prevalence of chronic diseases
coupled with the increasing aging population, and the rising number of
inpatient hospitalizations. For instance, the U.S. Department of Health and
Human Services reported that the number of patients with HIV is growing with a
CAGR of 2.5% in the country. It is assumed that 40% of new HIV infections in
the U.S. are transmitted by people living with undiagnosed HIV; this boosts the
demand for related rapid testing products throughout the country.
However, Asia-Pacific region is expected to be the fastest-growing
regional market due to the growing geriatric population, the rising prevalence
of infectious & chronic diseases, and various government initiatives to
promote health awareness.
Key companies operating in the global rapid diagnostics market are
Abbott Laboratories (U.S.), Becton, Dickinson and Company (U.S.), Bio-Rad
Laboratories, Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), ACON
Laboratories, Inc. (U.S.), Creative Diagnostics (U.S.), Danaher Corporation
(U.S.), Thermo Fisher Scientific Inc. (U.S.), BioMérieux S.A. (France), Alfa
Scientific Designs, Inc. (U.S.), BTNX Inc. (Canada), Meridian Bioscience, Inc.
(U.S.), and Trinity Biotech plc (Ireland) among others.
To gain more insights into the market with a detailed table of content
and figures, click here: https://www.meticulousresearch.com/product/rapid-diagnostics-market-5240
Scope of the Report
Rapid Diagnostics Market, by Product
- Kits
- OTC Kits
- Professional Kits
- Test Readers/Analysers
Rapid Diagnostics Market, by Platform
- Immunoassays
- Lateral Flow Assays
- Serological Assays
- Other Immunoassays
- Molecular Detection
- Polymerase Chain
Reaction (PCR)
- Other Tests
- Other Platforms
(Note: Other Immunoassays includes flow through immunoassays and
agglutination assays; Other Tests includes microfluidic and microarray devices;
and Other Platforms include coagulation tests, glucose monitoring systems,
dipsticks, and other rapid diagnostic platforms)
Rapid Diagnostics Market, by Application
- Blood Glucose Testing
- Cardiac Metabolism
Testing
- Infectious Diseases
Testing
- Influenza Testing
- HIV Testing
- Hepatitis Testing
- Sexually Transmitted
Diseases (STD) Testing
- Healthcare Associated
Infection (HAI) Testing
- Respiratory Disease
Testing
- Tropical Disease
Testing
- Other Infectious
Disease Testing
- Coagulation Testing
- Pregnancy and Fertility
Testing
- Fecal Occult Testing
- Hematology Testing
- Tumor/Cancer Markers
Testing
- Drugs Of Abuse Testing
- Urinalysis
- Cholesterol Testing
(Note – Other infectious disease testing includes meningitis, norovirus
[stomach flu], hand, foot and mouth disease [HFMD], and pertussis)
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Rapid Diagnostics Market, by End User
- Hospitals & Clinics
- Diagnostic Laboratories
- Home Care/Self Testing
- Other End Users
Rapid Diagnostics Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East &
Africa
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