LOS ANGELES, Sept. 21, 2022 (GLOBE NEWSWIRE) — The Global Rapid Medical Diagnostic Kits Market Size accounted for USD 19.9 Billion in 2021 and is estimated to garner a market size of USD 26.5 Billion by 2030 rising at a CAGR of 3.3% from 2022 to 2030.
Rapid Medical Diagnostic Kits Market Report Key Highlights
- Global rapid medical diagnostic kits market value was USD 19.9 Billion in 2021 and expected to grow at CAGR of 3.3% from 2022 to 2030
- According to the Our Health in Data Organization, WHO delivered 40,000 rapid antigen tests to the Ministry of Health for COVID-19 in Jan 2021
- North America rapid medical diagnostic kits market share acquired over 30% market share in coming years
- Asia-Pacific rapid medical diagnostic kits market growth registered fastest CAGR during the forecast timeframe from 2022 to 2030
- Among products, over the counter (OTC) kits occupied over 55% of the overall market share in 2021
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|Market||Rapid Medical Diagnostic Kits Market|
|Rapid Medical Diagnostic Kits Market||USD 19.9 billion|
|Rapid Medical Diagnostic Kits Market Forecast 2030||USD 26.5 billion|
|Rapid Medical Diagnostic Kits Market CAGR During 2022 – 2030||3.3%|
|Rapid Medical Diagnostic Kits Market Analysis Period||2018 – 2030|
|Rapid Medical Diagnostic Kits Market Base Year||2021|
|Rapid Medical Diagnostic Kits Market Forecast Data||2022 – 2030|
|Segments Covered||By Product, By Technology, By Application, By End-Use, And By Geography|
|Rapid Medical Diagnostic Kits Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||ACON Laboratories, Inc., Abbott, Artron Laboratories Inc., Alfa Scientific Designs, Inc., Becton Dickinson and Company, BTNX, Inc., bioMérieux SA, Cardinal Health, Bio-Rad Laboratories, Inc., Danaher Corporation, Creative Diagnostics, Meridian Bioscience, Inc. and F. Hoffmann-La Roche AG.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Rapid Medical Diagnostic Kits Market Dynamics
A large pool of local industry players coupled with intense competition among market players has a strong influence on the buying behavior of consumers. Rising prevalence of chronic diseases results in increasing the need for rapid disease diagnosis. This has a positive influence that impacts the buying behavior process of rapid medical supplies for diagnostic applications.
Some of the Key Observations Regarding Rapid Medical Diagnostic Kits Industry Include
- Abbott announced in March 2020 that the US Food and Drug Administration (USFDA) had granted emergency use authorization (EUA) for the fastest available point-of-care test for the detection of novel corona virus (COVID-19). It produces positive results in as little as 5 minutes and negative results in as little as thirteen minutes. Furthermore, the test will be run on the company’s ID NOWTM platform, which provides quick results in a variety of healthcare settings such as physician’s offices, hospital emergency departments, and urgent care clinics.
- In March 2020, The USFDA has granted bioMérieux SA a new emergency use authorization (EUA) for “BioFire Defense.” The new product is focused on COVID-19 testing and is used in CLIA moderate and advanced complexity clinical laboratories for SARS-CoV-2 detection. From a nasopharyngeal swab in transport media, the new product provides COVID-19 testing results in approximately 45 minutes. The test is easy to use and runs in completely automated FILMARRAY TORCH and FILMARRAY 2.0 platforms, requiring minimal training and molecular biology skills.
- In February 2021, Becton, Dickinson and Company announced a collaboration to develop an at-home COVID-19 rapid test using a BD antigen test and the Scanwell Health mobile app. As part of the collaboration, BD intends to develop a lateral flow antigen test that will be compatible with the Scanwell Health mobile app. The app is expected to provide step-by-step instructions for collecting and transferring a nasal swab sample, as well as using the mobile device camera to analyze and interpret results.
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Rapid Medical Diagnostic Kits Market Segmentation
The rapid medical diagnostic kits market is divided into product, technology, application, and end-user segments. The market is divided into two categories based on product: over-the-counter (OTC) kits and professional kits. The market is divided into technologies such as agglutination, lateral flow, solid phase, and others. The market is further divided into applications such as cardio metabolic testing, blood glucose testing, infectious disease testing, pregnancy and fertility testing, faecal occult blood testing, coagulation testing, toxicology testing, and lipid profile testing, among others. In addition, the end-user segment is divided into home care, hospitals and clinics, and diagnostic laboratories.
The OTC kits segment holds the bulk of the market share and is expected to maintain its dominance throughout the forecast period. The lateral flow segment will have a significant revenue share in the global rapid medical diagnostic kits market based on technology. Furthermore, based on application, infectious disease testing will contribute significantly to the growth of the global rapid medical diagnostic kits market during the forecast period.
According to the end-user, the hospital segment dominates the market and will continue to do so in the coming years. Regulatory bodies frequently collaborate with hospitals for disease surveillance because hospitals maintain and collect data on disease prevalence. This is regarded as one of the most important factors contributing to the global rapid medical diagnostic kits market growth.
Rapid Medical Diagnostic Kits Market Regional Outlook
The global rapid medical diagnostic kits industry is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa (MEA). North America has the largest market share in the global market for rapid medical diagnostic kits. Favorable reimbursement policies, established healthcare infrastructure, and easily available rapid medical diagnostic kits are the factors driving regional market growth. These factors increase the demand for rapid medical diagnostic kits in the North American market.
Asia-Pacific, on the other hand, is expected to have the highest CAGR in the rapid medical diagnostic kits market. The presence of prominent players, as well as the increasing penetration of medical test kits by key players, drives the rapid medical diagnostic kits market in APAC.
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Rapid Medical Diagnostic Kits Market Players
Some of the leading rapid medical diagnostic kits companies operating in the industry include ACON Laboratories, Inc., Abbott, Artron Laboratories Inc., Alfa Scientific Designs, Inc., Becton Dickinson and Company, BTNX, Inc., bioMérieux SA, Cardinal Health, Bio-Rad Laboratories, Inc., Danaher Corporation, Creative Diagnostics, Meridian Bioscience, Inc. and F. Hoffmann-La Roche AG.
Questions Answered By This Report
- What was the market size of Rapid Medical Diagnostic Kits Market?
- What will be the CAGR of Rapid Medical Diagnostic Kits Market during the forecast period from 2022 to 2030?
- Who are the major players in the Global Rapid Medical Diagnostic Kits Market?
- Which region held the largest share in Rapid Medical Diagnostic Kits Market in 2021?
- What are the key market drivers of Rapid Medical Diagnostic Kits Market?
- Who is the largest end user Rapid Medical Diagnostic Kits Market?
- What will be the Rapid Medical Diagnostic Kits Market value in 2030?
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