The global rapid medical diagnostic kits market size is expected to reach USD 18.0 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.4% from 2021 to 2028. Rapid medical diagnostic kits enhance the speed of etiologic diagnosis of patients affected with chronic ailments. Moreover, speedy diagnosis is of paramount importance in individuals affected with infectious diseases. Thus, an increase in the number of manufacturers keen on exploring this space is driving the revenue in the market.
Key players are focusing on introducing novel medical supplies that require limited operational training, offer convenient usage, and ensure effective analysis. This is expected to propel the demand for rapid medical care among the industry’s target audience, which is inclusive of a general population affected with chronic diseases, coupled with the healthcare professionals determined to recommend an appropriate rapid medical evaluation.
The gradual shift toward point of care (POC) testing is also an important factor boosting the adoption of these test kits. Moreover, the recent pandemic outbreak of COVID-19 has piqued the interest of healthcare professionals in this industry space. High demand for portable testing kits in COVID-19 diagnostics is expected to make a significantly positive impact on the market expansion during the forecast period.
Novel rapid diagnostic tests are being developed that are expected to facilitate the prevention of infections along with antimicrobial stewardship. Newly developed tests are combined with Antimicrobial Stewardship (ASP) to optimize antimicrobial utilization as well as patient outcomes. Moreover, test kits with a broad scope of diagnosis and swift turnaround time are entering the space, offering lucrative opportunities for revenue growth.
For instance, in January 2021, Trinity Biotech’s Captia SARS-CoV-2 IgG ELISA rapid test secured the CE mark. The company has also stated that it has significant capacity for ELISA associated product manufacturewithin their current operations, aiding in speedy commercialization of this test kit across the globe.
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Rapid Medical Diagnostic Kits Market Report Highlights
- By product, over the counter (OTC) kits dominated the market in 2020 with a share of 54.3%. This is attributed to the routine adoption of OTC rapid diagnostic tests to ensure timely administration of an apt therapeutic intervention
- On the basis of technology, the lateral flow segment held the largest share of 35.1% in 2020. Convenient manufacturing protocols, coupled with low costs associated with the development, have led to the expansion of lateral flow assays into the rapid medical diagnostic market space
- The blood glucose testing application segment is estimated to expand at the fastest CAGR of 4.1% from 2021 to 2028. The imperative need for routine blood glucose monitoring in diabetic patients has contributed to the segment’s revenue generation capacity
- Based on end use, hospitals and clinics accounted for the largest revenue share in 2020 owing to the maximum adoption of rapid medical diagnostic kits
- Market entities are actively participating in the development of rapid medical test products to address the current pandemic outbreak of COVID-19, further intensifying the market competition
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Rapid Medical Diagnostic Kits Market Segmentation
Grand View Research has segmented the global rapid medical diagnostic kits market on the basis of product, technology, application, end use, and region:
Rapid Medical Diagnostic Kits Product Outlook (Revenue, USD Million, 2017 - 2028)
- Over the Counter (OTC) Kits
- Professional Kits
Rapid Medical Diagnostic Kits Technology Outlook (Revenue, USD Million, 2017 - 2028)
- Lateral Flow
- Agglutination
- Solid Phase
- Other Technologies
Rapid Medical Diagnostic Kits Application Outlook (Revenue, USD Million, 2017 - 2028)
- Blood Glucose Testing
- Infectious Disease Testing
- Cardiometabolic Testing
- Pregnancy and Fertility Testing
- Fecal Occult Blood Testing
- Coagulation Testing
- Toxicology Testing
- Lipid Profile Testing
- Other Applications
Rapid Medical Diagnostic Kits End-use Outlook (Revenue, USD Million, 2017 - 2028)
- Hospitals & Clinics
- Home Care
- Diagnostic Laboratories
Rapid Medical Diagnostic Kits Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Asia Pacific
- Japan
- China
- India
- South Korea
- Australia
- Singapore
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
List of Key Players of Rapid Medical Diagnostic Kits Market
- ACON Laboratories, Inc.
- Abbott Laboratories
- 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.
- F. Hoffmann-La Roche AG
- McKesson Medical-Surgical, Inc
- Sight Diagnostics Ltd
- Trinity Biotech
- Zoetis
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About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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