Rapid Diagnostics: Industry Analysis, and Future Applications..!!
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.
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.
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Impact of COVID-19 on the Rapid Diagnostics Market
The COVID-19 pandemic positively impacted the rapid diagnostics market
in terms of revenue; however, the pandemic negatively impacted the sales of
routine testing kits used mainly to screen cancer, blood glucose, cardiac
markers, lipid profile, cholesterol, and other infectious diseases. The
COVID-19 pandemic led to a reduction in the number of overall diagnostic
testing conducted globally, which translated further into reduced instrument
installations and reduced sales of reagents and consumables, but the loss of
sales occurred in routine testing kits was compensated by high sales of
COVID-19-related tests. The loss of sales of routine testing kits was mainly
affected due to factors such as:
- The
restrictions on local travel and public gatherings discouraged patients
from visiting physicians, health practices, and hospitals. These
restrictions largely affected elderly patients.
- As
many hospitals diverted their resources towards treatment and management
of COVID-19 infections, it was observed that hospitals and health
practices experienced a certain level of operational disruptions leading
to delays or cancellations of patient visits, especially for non-critical
procedures.
- Companies
operating in the market reported an increase in forward purchases in the
first quarter of 2020 as distributors stocked up products in anticipation
of lockdowns, which resulted in supply chain disruptions. This led to a
higher level of sales prior to restrictions being imposed, followed by a
lower level of sales during the second quarter of 2020.
To tackle the pandemic, governments worldwide depended on rapid
diagnostic kits to diagnose COVID-19 infections. Also, various governments took
several initiatives to support the testing needs of their respective countries.
Some of them are listed below:
- In
May 2021, the Indian Council of Medical Research (ICMR) approved the
self-use Rapid Antigen Test for COVID-19 developed by Mylab Discovery
Solutions Pvt. Ltd. (India), designed for home testing to screen
symptomatic individuals and people who came in contact with infected
patients.
- In
April 2021, the Japanese Government launched a new COVID-19 negative proof
system known as, TeCOT (COVID-19 Testing Center for Overseas Travelers) on
smartphones, via which a certificate was provided to individuals whose PCR
test for COVID-19 was negative. The main aim of this application was to
support the smooth movement of people traveling overseas for work.
- In
December 2020, the French Government launched a mass COVID-19 screening
campaign in the French cities of Le Havre, on the Normandy coast, and
Charleville-Mézières to control the spread of the disease.
- In
November 2020, Chinese authorities ordered mass testing of the entire city
of Manzhouli after some suspicious cases of COVID-19 infections were
identified in the city.
- In
October 2020, the Italian Health Ministry announced rapid COVID-19
diagnostics tests to be conducted throughout the country to control the
rising incidences of COVID-19 infections.
- In
June 2020, to promote the number of COVID-19 tests conducted across the
country, the Indian Council of Medical Research (ICMR) encouraged other
manufacturers/developers of rapid diagnostics kits with antigen detection
assays to come forward for validation.
It was observed that during the COVID-19 pandemic, many diagnostics
products were launched to fulfill the demand for COVID-19 infection diagnosis.
Also, companies operating in the market started to hold web meetings and
webinars to interact with their customers and shareholders and provide product
descriptions, customer demonstrations, and applications training.
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Thus, the COVID-19 pandemic negatively impacted the sales of routine
testing kits globally, but high sales of the COVID-19-related tests compensated
for the loss of sales in routine testing kits.
Rapid Diagnostics Market: Future 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.
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.
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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)
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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